Have you heard the word “bitcoin” any time recently?
What about “ethereum”?
Cryptocurrency—and blockchain (the system bitcoin is used for) has been dismissed as a fad…
But this system of currency and exchange is no trend.
It may transform the way the world’s financial systems run, the economy and the way that we buy and sell goods.
And here’s why:
#1 Cryptocurrency is superior to paper currency.
Cryptocurrency is faster, less expensive and safer than traditional paper currency—and countries all over the world are catching on.
For example, Venezuela plans to launch its own cryptocurrency, called the “petro.” This unstable socialist nation is making this decision in response to the collapse of its own paper currency. The value of the petro will be founded on oil and gas.
China, Russia and Ukraine also plans to create and implement their own forms of the digital currency.
#2 Cryptocurrency is decentralized.
Even though many countries are planning to launch their own versions of the digital currency, cryptocurrency can’t be controlled by central banks or government.
Bitcoin – the original cryptocurrency – is open-source, free…and it has a cap at 21 million coins. Governments can continue to print more and more money…but Bitcoin has a set limit.
#3 Anyone can create and trade a cryptocurrency.
One of the ways that cryptocurrency remains decentralized is that anyone can create and trade these digital assets.
There are thousands of different kinds of “crypto assets”—each with unique attributes and niches.
Bitcoin is the most frequently used and creates one-third of the worth of cryptocurrency ($693 billion)…followed by Ethereum, Ripple and Bitcoin cash. For this reason, it acts as a “reserve currency.”
Ethereum, on the other hand, is used for building “smart contracts,” as it has its own coding language. It’s used for initial coin offerings (ICOs), which are used to raise money from the public for new projects.
Even though Bitcoin and Ethereum are dominating the market now, expect the rise of new cryptocurrencies, that may eventually replace the top two.
#4 Cryptocurrency has a potentially infinite number of uses.
Cryptocurrency is being mined and explored for potentially thousands of usages, including:
- Advertising and marketing
- Dividend distribution
- Record keeping
- Profit sharing
- Voting
- Loyalty programs
- Health records
- Digital identity services
- And more…
Cryptocurrency can and will be used to make systems more efficient, faster and less expensive. It will revolutionize the way that we conduct business and make purchases.
In fact, the invention of cryptocurrency will most likely be remembered as being as significant as the invention of the printing press. In other words—this unique system of currency is going to change history.
My advice to you is to stay updated on new developments in cryptocurrency—and be prepared to eventually incorporate this powerful system of currency into your marketing approach and business.
Here are the rest of this week’s articles:
- 22 Surprising Marketing Trends for Political Campaigns [Update]
- Critical to Your Success: The Bookalog
