The ability to sell, or rather the desire to, is the cornerstone of any economy. Any national economy depends on the ability to offer its goods and services for sale both internally and externally. This basic economic concept is what drives and motivates all national leaders and merchants to act. It is no secret that most wars start as a result of the desire to advance national economic interests. The casus belli is always readily available, be it some national question of security, the advancement of democracy or any other pretext, but the core underlying reason for aggression is always economic – based on human greed.
This sad but rather actual reality is what motivates average people to engage in business just as well, through the desire to earn more than what they already have. The given rat race for money is also what drives progress and national economic development – through the invention of new technologies, the exploration of new resources, and the collaboration with foreign partners for maximizing profits and increasing business efficiency. Such is the reality of economics and it is based on a buy and sell relationship. The sale of available resources and their purchase for an acceptable unit of account.
Though such a relationship may even be equated to its prototype in the form of barter, the modern economy has successfully blurred the illustration with more advanced principles, such as supply and demand. The development of new sectors of the economy is also being motivated by the desire to buy and sell. Let us take the example of the cryptocurrency industry to better illustrate how the relationship applies and how economics is progressing into new fields.
When asked whether one can use blockchain services, most average people will fall into a stupor and wonder what the fancy word means. However, statistics indicate that the blockchain is rapidly progressing and is being adopted by many companies that wish to step onto the path to digital transformation of their businesses. This term has several important aspects that can be explored, including:
- The penetration of the company’s services into digital space;
- The acquisition of new audiences of users;
- The expansion of product lineups and service offerings;
- The exploration of new opportunities offered by digital forms of business.
These and many other factors nudge businesses, both small and large, to enter the digital frontier and take advantage of the most recent technological developments applicable to it. Among them is the blockchain, which offers an immutable and fully transparent register of transactions that can be used to transfer funds instantly across multiple networks. The ability to sell Bitcoins instantly is what made the king of cryptocurrencies so popular in the first place. As a stark contrast to the delay-ridden baking system, Bitcoin is one of the payment methods that can compete with credit cards and many other instruments like payment gateways.
Cryptocurrencies use blockchain networks to record coming and going transactions by hashing their records into an immutable ledger. The ledger itself can be viewed by anyone who uses a blockchain explorer and wishes to confirm an operation or transaction. This makes the blockchain so versatile, as well as an ideal instrument for replacing any kind of ossified system that relies on centralization as a means of confirmations of operations.
In fact, the blockchain was originally designed to counter the negative effects of centralization. There are too many shortcomings to the established paradigm of using centralized platforms and structures in business environments. The given system is flawed and can effectively be used for corruption and many other ineffective and inefficient processes. As such, having an automated, transparent and immutable infrastructure that would exclude the possibility of human error or malignant intervention is so attractive as an option for business structuring.
Large corporations have long understood that Bitcoin is a major financial force to be reckoned with and have thus started integrating multiple services that would make its usage convenient. But they were too late, since many startups have long taken up the niche and have been offering convenient exchange and transfer services for years. However, one has to keep in mind that users are prone to trust the names they hear on a regular basis – another major advantage of established and centralized systems that have become commonplace and household names.
Bitcoin can now be used as a means of transacting using specialized crypto bank cards that allow their users to transfer any amount of digital currencies while using the benefits of fiat currencies. The many services that provide such cards have established partnerships with such popular gateways as VISA and MasterCard and are effectively leveraging their names for public relations and promotional purposes.
Users are not at all harmed by such relations, but are on the contrary the beneficiaries of the merger of traditional and decentralized environments. Most companies that seek to enter the online space are now taking note of decentralized finance as a clear entry point and are often on the lookout for partners they can either set up partnership with or simply acquire and develop. The latter approach is costly, but can yield considerable results if the business in question has a good reputation and its audience is wide enough to yield significant inflows of capital.
The blockchain and the cryptocurrencies that exist on top of it are an integral part of the modern business landscape. No company that wishes to enter the digital frontier can do away with the need for transformation and examples of both successes and failures in the given domain can be found among both large and small enterprises alike. The possibility of properly setting up an entry strategy is vital, but the users will always remain in focus as the end beneficiaries of any business operation. That is why businesses are constantly monitoring various industries and identifying the opportunities they can leverage to expand their user bases and earn even more. Cryptocurrencies like Bitcoin and their counterparts are ready made solutions in this regard, and integrating them can often be a silver bullet for businesses that want to expand their digital presence and attract new and aspiring users.