As we move closer towards the end of 2019, it’s the perfect time to reflect on the enormous impact cryptocurrencies have had on business.
It’s perhaps been their most successful year so far, with more companies and business people choosing to make use of them. So, with 2020 on the horizon, what can we expect from cryptos in business moving forward?
The increased recognition cryptocurrencies such as Bitcoin continue to receive, the more likely people will take an increased interest, including governments. Beyond 2019, we could see , as well as a verified exchange-traded fund. Undoubtedly, this will have a positive effect on businesses as customers will have more trust in cryptocurrencies and how they work.
If you’re a business who embrace cryptocurrencies and the technology behind them, you’ll instantly become an innovator and a trendsetter, which is a good thing. As a result, a company will see its target audience grow substantially, primarily when operating in the online world, as some customers only feel comfortable when completing transactions with cryptocurrencies such as Bitcoin. This has been proven with the growing dominance of companies such as , which is being used by millions of people on a global scale.
Everyone in business associates cryptos with payments and transactions, and rightly so, as this is the area where they will make their presence felt the most. Payments complete at a reduced cost, and most of the time they’re free, which is immediately advantageous for all parties. They are processed instantly, too, so there’s no longer a need to wait for any period of clearance to begin and end.
Cryptocurrencies will be crucial players in encouraging a mobile-first approach when it comes to payments and transactions. The latest handsets from leading manufacturers such as , and as wallets can be downloaded and installed on smartphones, more customers will be keen to complete their business via their mobile device.
As cryptocurrencies such as Bitcoin are decentralised, and therefore there’s generally no interference from financial authorities, governments, or other third parties. Thus, this results in no personal or financial information needing to be shared by users, giving them anonymity. It’s one of the key benefits of using cryptocurrencies, as either an individual, or as a business, and it will likely have a more significant impact beyond 2019.
Governments in multiple countries around the world are looking at ways they can apply more tax, especially to the wealthier people in their jurisdiction. It has seen many people switch to cryptocurrencies as a way to keep governments hands off their wealth. It plays perfectly into the hands of businesses, as there will be more and more people looking to buy products and services with cryptocurrencies in those countries as time goes on, resulting in further growth.
Beyond 2019, cryptocurrencies will continue to grow in popularity, and their acceptance by the mainstream big boys edges closer. When it comes to affecting companies over the short to midterm, cryptos will do so in transaction security and anonymity, while also turning the spotlight on the business as a trendsetter keen on embracing the latest technology.