How Cryptocurrency Will Transform Business Forever
As a breakthrough technology, cryptocurrency has reshaped the way businesses and startups operate. No wonder it's described as the most "disruptive innovation of the 21st century." According to Statististica.com, firms and businesses in commercial hubs in New York, Berlin, Melbourne, and Vancouver are taking the lead in this race. Business owners' interests in Cryptocurrency have skyrocketed this year, thanks to thousands of start-up founders and established business owners like Elon Musk. Although cryptocurrency is widely associated with investments and payment systems, many still ignore its potential to transform the future of various businesses. So, just how disruptive is cryptocurrency? How will it change the way we do business?
In these articles, we will discuss the following points:
- Current cryptocurrency trends and speculations about how Cryptocurrency will transform business
- Short-term cryptocurrency predictions
- Long-term cryptocurrency predictions that will transform how businesses are conducted in the future.
First, let's see how cryptocurrency is currently faring globally.
Current Cryptocurrency Trends that affects the Future of Business:
- The total cryptocurrency market cap is $2.16 trillion as of September 2021. That's about the eighth largest economy in the world! But, of course, it's not stagnant, so this value may become inaccurate in days.
- The average 24-hour trading volume of all cryptocurrencies is $111 billion.
- Stable coins' average 24-hour trading volume is $77.86 billion, about 70% of the total cryptocurrency trading volume.
- There are 409 cryptocurrency spot exchanges globally.
- There are 15,000 Bitcoin ATMs around the world.
- Bitcoin remains the most popular Cryptocurrency with dominance at 42%.
- The number of cryptocurrency payments surpassed 700 billion in 2019.
- About 70 million people worldwide own a cryptocurrency wallet.
These trends reveal that the future will be conducive to the use of cryptocurrency and blockchain technologies. But which aspects of business exactly can we expect to be impacted by cryptocurrency in the future?
Impact of Cryptocurrency in the Future of Business
Cryptocurrency's increasing popularity and adoption pave the way for the technology to disrupt the financial sector, especially in terms of payment and retail. Considering recent trends in these sectors, we could say that the future has already begun. Here's what we know:
- Major retail companies such as Overstock now accept cryptocurrency as payment in some or all of their outlets.
- Travel agencies and airline operators such as Virgin Galactic and Norwegian Air now accept payment in cryptocurrency.
- The American football club Miami Dolphins will now allow fans to purchase tickets for the team’s 50/50 raffle using cryptocurrency.
- Restaurants and other food outlets such as some Pizza Hut and Burger King outlets now accept cryptocurrency as payment.
- Walmart and Amazon recently teased their intentions to adopt cryptocurrencies by posting a digital currency and blockchain expert job advert.
The upcoming launch of Facebook's USD-tethered stable coin, Diem, and governments' fast-increasing interest in creating cryptocurrencies tethered to their currencies such as the Canadian MintChip all point to the dawn of an era where cryptocurrency is much more standard and secure.
Knowing all of this, what then are some short-term cryptocurrency predictions set to impact businesses in the future?