Crypto Is Coming, Whether You Are Prepared Or Not [Infographic]

Brian Wallace — March 30, 2018 Follow @nowsourcing

— March 30, 2018

It’s time to learn about cryptocurrency, if not for yourself for your business. Currently there aren’t a lot of businesses that accept cryptocurrency, but you can often find a few scattered furniture stores and restaurants even in your own town that accept Bitcoin, and major companies like Microsoft, Overstock, and Expedia do as well. Before you take the plunge with your business, learn as much as you can about what cryptocurrency is and how it works.

Cryptocurrency is a digital form of currency that is based on the blockchain, and there are dozens of different kinds to choose from. You can buy cryptocurrency on an exchange just like stocks, but unlike stocks there are few protections from theft and loss. Your storage method is also an important detail to pay attention to. Obviously if you are going to be accepting cryptocurrency as a form of payment for your business you will need a hot wallet, but if you want to keep your cryptocurrency safe from hackers and other forms of potential theft you will need to store it in a cold wallet.

There are even other applications of cryptocurrency and blockchain outside of payments. You can start your own currency and build an ICO around it, fundraising for projects or expansion through digital currency rather than stock offerings. Blockchain also has many different potential applications in different businesses, from smart contracts to decentralized security.

Even if there is no way you would ever consider incorporating cryptocurrency or blockchain into your business, it is still crucial to learn as much as you can about it. There’s a good chance that in the near future cryptocurrency will become an accepted part of everyday life, and it’s up to you to keep ahead of those trends so your business doesn’t fall behind. Learn more about cryptocurrency from this definitive guide to cryptocurrency.

Infographic image source: Best Accounting Schools

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