Cryptocurrencies have become one of the most interesting emerging technological trends in the recent few years. Google search interest for Bitcoin, the most well-known cryptocurrency, has risen substantially in recent years – as well as it’s price. And whilst the value of bitcoin and other cryptocurrencies is an important aspect for many people, it is crucial to remember that their greatest value lies in their functionality and the potential to completely reshape foundations of our economy, especially finance and banking. In order to stand at the forefront of these developing blockchain technologies you should understand the principles of cryptocurrencies and how they will disrupt the existing business models.
The implications for current business models may become huge – mainly due to the decentralised nature of cryptocurrencies. The lack of requirement for the middleman when carrying business interactions is already changing the concept of money as we know it. Cryptocurrency transactions are authenticated cryptographically, therefore, it is almost impossible to tamper, alert or reverse any transaction that has been recorded on blockchain. In simple terms, cryptocurrencies are decentralized alternative to existing financial solutions, they are offering radical solutions to rearrange things – and this is exactly why they have such a disruptive potential.
Bitcoin and other cryptocurrencies are increasingly becoming accepted as a payment method for common goods and services. The more popular they are, the more they achieve mainstream adoption. So in foreseeable future using an e-wallet on your phone may be as common and as easy as paying by a debit card or by cash. Did you know that you can pay for your holiday on Expedia or buy your favourite LUSH body wash for Bitcoins? The most popular companies accepting Bitcoin payments today are :
- Microsoft
- Wikipedia
- Overstock
- ATT
- Subway
- KFC Canada
- Virgin Galactic
- Namecheap
As it is a relatively new phenomenon, there are also many technical challenges and obstacles, and they need to be overcomed so we can fully benefit from this model. However, as more individuals have interest and also invest in cryptocurrencies, there’s also a greater need for immediate improvements. The bottom line is that, like any emerging technology, cryptocurrencies will take time and effort to be adopted.
So if you want to adapt with the upcoming changes – now it’s a definitely good time to learn about cryptocurrencies .
