Plenty of major companies like Subway, AT&T, Expedia, Dish Network, and Microsoft have recently decided to accept cryptocurrency. These are large corporations that have the resources to experiment with relatively new technology.
But should the average business, or small business, accept cryptocurrency?
A high population of the world has heard of or are familiar with Bitcoin. But that doesn’t mean they’re ready to use it. Only a few percentages own it. An even smaller number use cryptocurrency.
There are more than 40 million cryptocurrency wallets out there. Cryptocurrency usage has soared in places such as San Francisco, New York, and Tampa — and in places like Canada (the first country to regulate the digital currency), the Netherlands, Slovenia, Israel, Switzerland, and countries with volatile currencies, like Zimbabwe and Venezuela.
To give you a perspective, there are almost 300 million active users of PayPal worldwide and about 1 billion Visa and 900 million MasterCard credit cards in circulation. Cryptocurrency has to catch up when compared to these other digital ways to pay.
It is widely thought that if small businesses make the necessary investments in cryptocurrency infrastructure, then cryptocurrency usage will rise enormously. But there are plenty of pros and cons for businesses to consider before they take that leap.
Over the past several years, cryptocurrencies have suddenly become quite popular. People from all parts of the world trade and invest in it, and some even make millions. The market value of each cryptocurrency also bolsters the fact that they are not going anywhere soon.
There are more than 2,000 cryptocurrencies available in the crypto market, set at different prices. You can get familiar with the top 25 by taking a look at the infographic provided below.
The prices are determined by how popular the cryptocurrency is and how many people are trading with it. The more people that trade, the higher the value.
The most popular and oldest cryptocurrency is Bitcoin. It was created in 2009 by a pseudonymous cryptographer. It has the best value because one Bitcoin sells at over $6,500, making it the most expensive cryptocurrency. At some point in 2017, one Bitcoin sold for as much as $19,000. However, it seems to have stabilized at the current price.
You have definitely heard of Bitcoin and wanted to know all the details. Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. It was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.
Here are a series of lectures from Princeton University on Bitcoin and Cryptocurrency. The lectures are technical and address some important questions about Bitcoin, such as:
How does Bitcoin work? What makes Bitcoin different? How secure are your Bitcoins? How anonymous are Bitcoin users? What determines the price of Bitcoins? Can cryptocurrencies be regulated? What might the future hold?
After this course, you’ll know everything you need to be able to separate fact from fiction when reading claims about Bitcoin and other cryptocurrencies. You’ll have the conceptual foundations you need to engineer secure software that interacts with the Bitcoin network. And you’ll be able to integrate ideas from Bitcoin in your own projects.