- Posted by Admin
- On November 15, 2017
- 0 Comments
Bitcoin and its multiple crypto off-shoots have become an international phenomenon that has taken the globe by storm. Many have said that it is the future of the worlds currency system.
What Exactly IS a Bitcoin Anyway?
Investopedia describes bitcoin as “a digital currency created in 2009 [that] follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whos true identity has yet to be verified.”
Bitcoin is a basically a digital currency that is based upon a transparent transaction system called “blockchain”.
The main benefit of this is to have a de-centralized digital economy where banks currently hold no control or influence on the way the currency is exchanged.
Why Should You Pay Attention?
Despite the multiple claims that crypto currencies such as bitcoin are nothing more than an empty digital fad that for all intents and purposes are essentially worthless, the trend doesn’t seem to be slowing down anytime soon to the obvious disdain of the traditional banking system.
CEO of Chase Jamie Dimon recently stated “I don’t have a problem with crypto currency…as long as it’s a dollar crypto currency. What I have a problem with is non-fiat crypto currency…” He went on to say, “I personally don’t understand the value of something that has no value” and “If you’re stupid enough to buy it, you’ll pay the price for it one day”.
While Jamie was of course wearing his corporate financial heart on his sleeve, he did mention that he is a fan of the blockchain and sees value in its use with US dollar currency being traded digitally.
Bill Gates on the other hand said in an interview with Bloomberg earlier this year that “Bitcoin is better than currency…”
Right now, Bitcoin is on an uptrend currently priced at $7,160 as of 11/15/2017. It recently rebounded from a dip after a much anticipated hard fork was cancelled. You can read more about what a hard fork is here.
Should My Business Start Accepting Bitcoin?
In short, possibly. Bitcoin is rising at such a rapid rate that obtaining it as payment would be a wise move for businesses to start obtaining Bitcoin.
More and more businesses are starting to accept bitcoin as payment. Today, you are able to book a hotel room with Expedia using Bitcoin.
Our Skycraft Team is currently working on adding Bitcoin as an acceptable payment method for our services however you need to do what is right for your business and consider all of the options and risks that come with accepting a new payment method, let alone a whole new form of currency.
Overall, we see Bitcoin potentially rising steadily well over the $10K mark before the end of the 2017 year or slightly after, but just as with any stock price, anything can happen. Some say Bitcoin is unstoppable, others say it’s in a bubble.
We are in no way advising that you invest or don’t invest in cryptocurrency for your business, instead, read up on the current state of Bitcoin and the history of cryptocurrencies before you make a sound decision.