Bitcoin, Dogecoin, and “insert” other random word and combine it with coin. That is all that most of us know about cryptocurrency. The world is watching this mystery currency that has been around for more than a decade but is now making people millions. The world including entrepreneurs are deciding to jump on the cryptocurrency bandwagon. However, what is it that they are really investing in. What would it mean to their business or just ways of doing business? With so many people investing and using the “new” currency every business owner must begin to understand it.

What is cryptocurrency really?

Digital wallet with cryptocurrency in it
Digital wallet with cryptocurrency in it

Cryptocurrency is defined as a digital asset that acts as a form of currency through a specified exchange. To obtain a cryptocurrency someone would need to exchange real currency in the form of cash. The allure of cryptocurrency is the fact that it allows privacy with purchasing in the digital market. Similar to how there are various forms of cash from country to country, there are various cryptocurrency options. In most cases, you will not see this as an accepted form of currency in a brick-and-mortar store. But as popularity grows, more stores may find it comparable to the Apple or Samsung wallet payment options.

Despite its popularity, there remain many unknowns about cryptocurrency. I recommend you research as much as you can, especially if you’d like to consider it as a future option for your business. Also, check out Chia Plotting Service.

To learn more about cryptocurrency check out this site.  

Is it too late to jump on cryptocurrency?

Business owner thinking about cryptocurrency
Business owner thinking about cryptocurrency

Cryptocurrency formally began in 2009 with Bitcoin, yet it hasn’t been until recent years that it really took off. Bitcoin currently stands at over $36,000 USD per coin; it could be costly to invest and might not seem worthwhile. The great news is that Bitcoin and Dogecoin aren’t the only options a person has to get into the crypto market. It seems like every day there is a new cryptocurrency developed or being traded. So, this means every day there’s a new opportunity to invest with low initial costs. There are over 4,000 different types of cryptocurrencies as of 2021, with so many, cryptocurrency is here to stay. Whether you seek to invest in cryptocurrency or not, it would be worthwhile to grow in your understanding of it. As if we didn’t have enough new items, there’s also the topic of NFTs.

What is an NFT?

NFT
NFT purchased with various currencies

Non-fungible tokens also known as NFTs are unique tokens or digital assets used to obtain access to a product online. NFTs are impacted by the cryptocurrency market but are far from being considered a cryptocurrency themselves. A person can purchase various shares of a specific cryptocurrency and even exchange them interchangeably. NFTs are used for products that can not be interchanged or substituted. Typically, an NFT acts as a digital access code for something of rare and significant value to the buyer. An example of this would be previously unreleased tracks from your favorite artists that would become yours personally for a price.

Now, how could this apply to your business? Whether you’re a musician, artist, or any other type of business owner, you could one day offer premium access to your art or unique and rare products. Placing these items on an NFT marketplace could be a way for you to do that.  

For more information on NFTs click here.

What could cryptocurrency or NFT do for your business?

Cryptocurrency as a new form of payment for your business
Cryptocurrency as a new form of payment for your business

Cryptocurrency and NFTs are newer and more uncertain means of possibly doing business. Though there’s much to learn, the two could become important factors to businesses in the future. NFTs could provide a new marketplace for special product offerings, disrupting various markets. Similarly, cryptocurrency has already proven to be an industry disrupter for the stock market and financial institutions. Researchers anticipate this could disrupt even more industries like real estate, agriculture, retail, and healthcare.

As companies and consumers become more comfortable with cryptocurrency, we could see it become a widely accepted form of payment for products. Overstock is a company that has taken the leap by allowing the purchase of its products using Bitcoin via Coinbase. If you operate an e-commerce business, you may find yourself considering the opportunity to follow suit in the near future.

Have any thoughts about cryptocurrency and NFTs? Share your thoughts in the comments below.

This article originally published on GREY Journal.