Crypto currency: What Is It, and Is It Right for Your Business?

Crypto currency is the latest way to transact with money but not in the forms of cash or cards, but in the form of tokens or coins. This technique uses cryptography technique that converts every transaction done by the user into an unbreakable code. Bitcoin is the first cryptocurrency developed and Genesis mining is the latest development for mining process. Though there is a genesis mining scam, if you invest in the right company.

How does it work?

In crypto currency legible information on transactions done by users are converted into unbreakable code by using encryption techniques resulting in a transaction carried with no chance to be cancelled.

So, what exactly happened is that one opens an account in crypto currency and adds some money that gets converted into coins or tokens. So, these coins/tokens are stored in a decentralized technology and are used every time they carry a transaction, they will be transferred to the seller, just like how we work with real money transfer. The transaction details are then available on the public ledger where it awaits confirmation from miners through the process of solving a complex kind of mathematical puzzle. This creates blocks which record the transaction on the public ledger. The identity of the owner can be found using cryptographic techniques and are not anonymous.

With cloud Mining In place, they mine the coins/token. With this, you can lease the mining hardware while you keep the profits to yourself. Genesis mining is the oldest bitcoin mining company since 2013. But you may need to pay them in order to help you with the hardware and mining process. But it is absolutely a safe process. Though there is a possibility of scam, genesis mining scam is not possible as they are the oldest company.

How is it helpful for your business?

If you are looking to start on Crypto currency, you need to have a community that is willing to transact through crypto currency allowing each other to transact through this process. So, here are some points to help you decide on how it works for your business:

  1. As there is no real money involved in this, there is no risk of money being stolen or lost. As there are no cards involved in the payment, tracking the payment source is also not possible and hence it is a safe way to transact.
  2. One can avoid the long queues and transaction fees is also very less (between 0-1%) as compared to credit cards (between 2-5%).
  3. With no restriction to the location, coins can be used worldwide with easy handling.
  4. Transactions also get confirmed almost instantly.
  5. With no permissions required for using the app, there is no need to pay also for using the app.

Conclusion:

Cryptocurrency is sure the best thing for a business with ease of tracing the transactions and with safety of money. These transactions are safe, secure, global, fast, easy and profits can also be made as you convert these coins into real money at the point when the currency value is good.

 

Post Author: Jennifer Slegg