Cryptocurrency is digital currency built around a technology called blockchain, which is a public ledger that verifies, holds, and displays all transactions in one place on a peer-to-peer network.
This allows cryptocurrencies to operate in a decentralized manner, which means that they are independent of major banks and other traditional financial institutions.
In addition to verifying transactions, blockchain technology plays a crucial part in bringing cryptocurrency tokens, or units of currency, into the world economy via a process called mining.
Miners use powerful computers to solve algorithms on the crypto network, and when they successfully solve one, they get to add a transaction, or a block to the blockchain.
Each algorithm that's successfully solved helps verify a transaction, and in exchange for solving it, the user receives a token.
Bitcoin, the first cryptocurrency, hit the market in 2009 and paved the way for thousands of other cryptos in the years since, including Ethereum, Litecoin, and many more.
The value of cryptocurrency has caused governments, banks, businesses and individuals worldwide to take notice. Bitcoin alone has grown exponentially in value, rising by over $10,000 USD in one year:
Cryptocurrency adoption makes international transactions easy by minimizing the cost and time involved in processing them.
You can accept payments internationally with cost-effective fees and little to no processing wait times. This makes your business a go-to for many digital currency holders abroad.
By accepting cryptocurrency, you are also able to make payments to international vendors easily. This can cut international purchase costs for your products, impacting your bottom line in a very positive way.
There are a number of industries already benefiting from digital currency adoption. It is even profitable to have a cryptocurrency portfolio to create a passive income for your small business.
Companies large and small are accepting cryptocurrency. There are hundreds of thousands of businesses, online and brick-and-mortar, that accept digital currency from customers. In Japan, it is estimated that over 250,000 businesses accept Bitcoin. That's just one country!
Have businesses seen any benefits from accepting this new form of digital payment? Absolutely.
The following industries are adopting cryptocurrency. Microsoft, Sears, Subway, Home Depot, Tesla, Shopify, ReMax, OverStock.com, and more are all accepting digital currency. Currently selected cryptocurrencies are accepted by ethernom.com, investnest.com, merchantplanet.hk, domainbiz.org and wexb.biz and many more on the way.