Understanding Cryptocurrency and What It Means To Your Business

Cryptocurrency Explanation

If you’re like me, the whole idea of cryptocurrency is overwhelming. What exactly is it? How do you spend it? And even more so – where do get it? The whole idea sprang onto the scene a few years ago and honestly it is still a bit confusing to me. But even as a digital income source, there are major fortunes to be made with cryptocurrency, and if you’re willing now is the time to strike while the iron is hot!

What is Cryptocurrency? 

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Like all currencies the values can fluctuate with the market, but unlike others it is not a tangible item. Its value can change quickly, but for some people that is part of the fun of the game.

How do you Mine it? 

This for me is the hardest part to understand. If you can’t physically touch it and it’s not a set value – how do you actually mine it? There are a lot of complicated explanations out there, and some better ways to understand it. But the long and short of it is this, computers are used to break through different codes to “find the coin” at the end. There is a heavily encrypted “block chain” that people need to break through using their computers. Think of them as extremely hard math problems that only a computer can get through. Once completed you are rewarded with the prize, or coin. But there are thousands if not millions of people trying to break the chain at the same time.

How Can You Use Cryptocurrency with Your Business?

Since Cyrptocurrency is an actual income stream you can use it to have customers pay for your services or products. However, keep in mind the cryptocurrency market is still fairly new and the fluctuations in the market can make it a bit harder to predict the value of any bitcoin at any point. So be sure that you make sure the value of your services is covered.

Cryptocurrency appears to be the income of the future and it’s up to you if you choose to embrace it now or not. It’s still a bit of the wild west when it comes to values, but several people have made fortunes with mining the right coin. Still have questions about Cryptocurrency? There are experts like Mark Dukas who not only has bitcoins of his own, but invests it for others. Learn more about Mark Dukas (Charlotte) and how he turned cryptocurrency into his number one income and career!

 

 

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Becky

Owner and Editor at Week99er
Becky is an interior designer, an adjunct professor, a foodie, a product reviewer and a gluten free blogger in Detroit, Michigan. Week99er is a family friendly site featuring products, events and recipes for your family. Contact her at [email protected]

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