Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin, for example, can be used to purchase goods and services on Overstock.com, Expedia, and other online retailers.
Cryptocurrencies are often viewed as investments due to their volatile nature. Bitcoin, for example, has been known to experience sharp price swings. In December 2017, the price of Bitcoin reached an all-time high of $19,783.21, only to fall to $6,482.11 a few months later.
Why Use Business Cryptocurrency?
There are a number of reasons businesses might choose to use cryptocurrency. Here are a few:
1. Cryptocurrencies are secure. Cryptocurrencies are encrypted, which helps ensure the security of transactions.
2. Cryptocurrencies are decentralized. This means businesses do not need to rely on third-party providers to process transactions.
3. Cryptocurrencies are global. Cryptocurrencies can be used to purchase goods and services around the world.
4. Cryptocurrencies are transparent. Transactions are recorded on a public ledger, which helps ensure transparency.
5. Cryptocurrencies are volatile. This can be a good or bad thing, depending on your perspective. Volatility can lead to large profits or losses, making cryptocurrencies a high-risk investment.
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