How Currency Exchange Is Currently Changing
Modern businesses, if they want to compete internationally, need to be prepared to deal with the multiple types of currency that exist in the world. For startups, this may be vital, as casting your net wide is a great way to increase your market share.
If you find yourself in this situation and are constantly struggling with the bank fees associated with currency exchange, it’s time you became aware of the advances FinTech is bringing to the table. One of these advances is digital currency. Naturally, as this is way the wallets of the market are moving, there are numerous options fighting for their business.
First, there is Bitcoin, arguably the most well-known digital currency. However, just because it is well known does not mean it is the only game in town.
Dash, a powerful player in the field (and the 7th most valued cryptocurrency), has recently paired up with Shake Debit Cards to provide people with easy access to the necessary currencies. A major bonus Dash holds over Bitcoin is the fact that it uses anonymization technology, ensuring transaction histories remain private. As well, Dash transactions are confirmed much quicker, a major asset when deadlines are looming.
If the culmination of fees is a worry in your startup, Litecoin aims to offer the lowest (“near-zero cost”) payment system. Open source and decentralized, Litecoin can handle a higher transaction volume than Bitcoin. It also offers wallet encryption, ensuring the safety of its users’ accounts.
On the opposite end of the spectrum (name-wise) is BlackCoin, a peer-to-peer currency with a decentralized public ledger. The network itself is run by the users and these users receive 1% yearly interest.
As the digital currency market continues to grow, the presence of cryptocurrency will become more and more important to businesses. Startups need to start to explore how they can include cryptocurrency in their plans so they are ready when the time comes.