Ever since the news that bitcoin is taking the market by storm was released, a new way of reinventing money has surfaced – cryptocurrency.
Cryptocurrency is an online currency that is not controlled by any government, not even a single company, and the monetary value is higher than in the traditional context. To simplify it, imagine a coin that is worth hundreds of dollars, not made of any precious metal, and that you cannot hold it in your hand. It exists electronically, exchanging value in a way that has never been done before. This coin is called a cryptocoin.
If you are wondering about security, there is also a network of people that makes sure all exchanges are safe by using cryptography and an innovative technology called: blockchain.
Why is blockchain technology better?
Blockchain is a digital ledger in which transactions are made in cryptocurrency and all data is recorded chronologically and publicly. All online activities are organized into chunks of data named blocks which are linked to one another forming a block chain.
This approach is better because computers, also called minors, monitor, verify and record the transactions, securing and solving issues in order for everything to be safe and functional.
Why start a business in cryptocurrency?
As stated before, the implementation of blockchain technology has revolutionized the financial climate because it uses a protocol that defines financial rules, having a clear cryptographic way of verifying transactions.
For instance, a successful digital platform that uses blockchain is the Nomad Community. They are innovative because they are based inside the Ethereum, an updated version of Bitcoin. The advantage they offer is that:
“Inside our platform you will find everything you need to live and work as a Digital Nomad or Remote Worker. Our platform is underpinned by our Digital Currency: The NomadCoin (DNX). All the financial transactions on this platform are maintained on the blockchain and therefore safe and transparent for everyone.”
CEO of Nomad Community
Therefore, their target audience also includes nomad or remote workers, that do not prefer to be stuck in one place, embracing a different lifestyle.
Any startup focuses on raising capital and reaching out to investors. When you are new on the market, it is challenging to get funding. Since cryptocurrency has many features, ICO, now, plays a crucial role, offering an alternative form of crowdfunding through the sales of cryptocoins. This opens new opportunities to build capital regardless of your context or where you live because you connect with stockholders online.
Managing your finances is not an easy task. On many occasions people need to go to the bank to cash in or cash out their money, incurring hefty banking fees. However, with cryptocoins or tokens, there is a better way to save and trade money – virtual wallets. Users can download this application on their phone, personal computer or tablet. All your expenses and financial activities can be managed through this application.
When you decide to start a business, with most cases, the process is delayed. This happens because you need to find investors, that in turn, would have to spend time reading all regulations. Also, the government would need to issue it, plus the banks to manage the accounts, and in the end, months and even years pass by, and your dream is on hold.
Fortunately, these digital platforms, eliminate these setbacks, supporting new entrepreneurs by the use of the ingenious systems (Ethereum, ICO) that have democratized funding and revolutionized financial services.
To sum up, every new startup comes with its risks and benefits, that is why business owners are constantly looking for the right strategy and the successful background that would boost their organization. Since its immersion, cryptocurrency has remarkably improved the economic community. Once people realize how easy it is and how significantly it changes their business, they never go back to the old ways.