THE RISE OF CRYPTOCURRENCY IN BUSINESS

Cryptocurrency is a digital or virtual currency that uses cryptography for security. Every unit has it unique features, making it difficult for infiltration and hackers, due to block-chain technology. The block-chain technology uses a decentralization ledger to keep and record every transactions, making it transparent and secure. Blockchain offers a number of advantages over traditional financial systems, including security, efficiency and greater transparency.

Cryptocurrency is gotten by mining (digital gold mining), involving the use of powerful computers to solve complex algorithms and verify transactions on the block-chain. The miners get Bitcoins from their mining, there is no physical Bitcoins. 

Bitcoins is a transaction that is recorded in a “block” the moment your Bitcoin wallet account is been verified, you can buy from another Bitcoin account or mine your gold. 

Why Consider Crypto

Cryptocurrency is a new form of money, they don’t require a bank or a third party to move money around. Crypto is recognized worldwide as government all over the world are involved. Crypto can be used for online transaction like, shopping, receiving and transferring of funds overseas cheaply and quickly via (Paypal and Venmo).

Cryptocurrency is not backed by any government, or organization, meaning it’s highly volatile and subject to large fluctuation in value.

What it can do for you

1. Crypto allows you make extra money via cryptocurrency exchange, trading or mining.
2. Serves as your e-banking space, where your worth and wealth are known to just you.
3. Making transactions easier, faster and transparent. 
4. Cryptocurrency has helped to democratize access to financial services, allowing people without the traditional bank have access and also participate in global economy.

Factors that contributed to the Rise of Cryptocurrency in Business

When dealing with cross-board payments or processing expenses, the dividend are numerous. Across board there are several reasons why cryptocurrency is a superior payment channel to fiat cash as we walk through the reasons for the rise of crypto

1. The increasing distrust of traditional financial institutions in the wake of the 2008 financial crisis.
2. The increasing popularity of blockchain technology that underlies cryptocurrencies like Bitcoin.
3. The distrust of central banks and other financial institutions. A lot of people see crypto as a medium to avoid the control of these institutions, which they view as corrupt or ineffective.
4. The increasing demand for alternative forms of investment, as traditional assets like bonds and stock have become less valuable in recent times. 
5. Due to the cultural shift in how value can be received and transferred, financial institution have also adopted the use of cryptocurrency.
6. Third-party interface between cryptocurrency and the control of money, using the blockchain to store information and identities can be used during transaction.
7. The decentralization nature of crypto challenges the traditional banking system’s centralized approach.
8. The increasing use of digital technology daily. As many people rely on the internet and digital services, the tendency of adopting digital currencies like Bitcoin is very high.

Blockchain technology is here to stay, due to its potential to revolutionize everything from real estate, to healthcare, to art and collectibles, to education and every other sectors.

Bitcoin is currently the most well-known cryptocurrency, though there are other types of digital currencies out there that are gaining popularity.