The online world is part of our social life, giving us access to entertainment and helping us find information anywhere in the world. It was only natural that it would eventually create money. This is not digital money like that in a video game account. It is real currency that you can use to buy goods off the internet. These are cryptocurrencies and entrepreneurs should be aware of that. Angelo Babb is a specialist in the field and explains why cryptocurrencies have a positive impact on entrepreneurs.
Unlike traditional currencies, cryptocurrencies mimic what we did with gold. These cryptocurrencies are stored in encrypted blocks and are only accessible by solving math problems. Anyone can mine cryptocurrency, find it, and then trade, sell, or use it on the market.
“At the moment, high-end computers are being used,” explains Babb. “There are many processors working day and night.” However, there are also pools of miners who combine their technological power to solve a problem and get the Bitcoin (BTC) they want. The creators of BTC have stated that mining is limited and will not be profitable forever.
Wikileaks and the Electronic Frontier Foundation were the first organizations to accept bitcoin. In the following two years, many foundations and organizations accepted BTC donations.
The currency experienced ups and downs in 2013 due to both positive and negative societal reactions to these events: bans on software updates in certain countries due to regulatory issues; Seized and confiscated BTCs by authorities due to illegal trading, the launch of BTC ATMs, and universities accepting the currency for paying college tuition.
Entrepreneurs are interested in investing in or accelerating their business. If you’re like most entrepreneurs, you’ve probably been approached by many people offering to mine BTC or start pyramid clubs. It is important to warn you that the first option is overexploited and you may lose more than you get in the long run. The second option is illegal and in most cases a scam.
The real advantage of BTC is the exchange. Just like buying dollars at a low price and then selling them at the peak of their rise, BTC can also be used to make money.
It has steadily increased in value over the past five years (with some non-losing declines), making it a good medium-term savings tool. Its value in 2011 was approximately $100. Today it’s more than $42,000. This means that you can not only save, but also earn significant interest.
If you decide to take this step, you should not invest all of your savings in this currency. The wisest thing to do is spread your money across different types of investments. This way you can save, earn and protect your money. Babb suggests that keeping everything in one place increases your chances of losing everything.”
Accepting BTC in your business is another way to profit from cryptocurrency and add value. It is important to keep up with the latest trends. Even the Japanese government has accepted BTC as legal tender.
One of the many advantages of cryptocurrency, especially BTC, is that there are no intermediaries and transactions are person-to-person. There is no commission on the transactions. Instead, 100% of the money goes to and from the sender.
You don’t need to be identified to manage it. All you need is a virtual wallet. There are no transaction limits, so you can send or receive any amount you want. It is impossible to trace the money, so it is not known who received, sent, when, where and how much.
“Buying Bitcoin is very safe for everyone, but it also allows criminals to keep their money anonymous,” adds Babb. He explains that bitcoin is legal regardless of how each individual uses it. Governments can’t even control it, so they try to attack it.
About Angelo Babb
Angelo Babb is a cryptocurrency and blockchain legal advisor who helps new and established organizations strengthen their interactions with digital assets. As a certified attorney and Scrum Master, he works with all categories of businesses to ensure cryptocurrency efforts essentially meet their commitments. When he’s not deepening his education in cryptocurrency and blockchain, Babb enjoys relaxing on the beach with his family.
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