Can you guess how many cryptocurrencies do exist on the market today? 50 maybe? Or 250? Stop wild guessing, here is the answer – more than 530 cryptocurrencies available for trade in online markets and more than 740 in total. However, only 10 of them had market capitalizations over $10 million.
Bitcoin is far away from the competition with market cap of almost 3.5 billion dollars, Second place is for Ripple with 313 million dollars. Next to them we can see Litecoin, Darkcoin and BitShares. 740 cryptocurrencies in total.
Dealing with cryptocurrencies is a win-win scenario for both sides involved as it can help boost the public status, reputation and legitimacy of the digital currency as well as the vendor. It means that when you and your company decide to work with a particular type of cryptocurrency, both parties benefit from the arrangement. Issuers of the currency are eager and proud to name the businesses that accept their product as a financial tool while you advertise in-store or on your company’s web page that you accept a certain digital currency and it offers them more exposure.
Virtual wallets and online banking as well have changed financial environment. What we have here is more freedom for the customers to manage their bank accounts than before.
However, another benefit of cryptocurrencies is the anonymity of customers. When you use traditional currencies merchants can track your purchases and know everything about you in details – what you eat, what movies you watch, what you wear, etc. Digital currency offers an alternative. All cryptocurrency transactions are secure, but they don’t carry any personal information at all.
The main question “Can we trust cryptocurrencies?” stays open because everyone will answer for them. Have in mind that security is the most important part of dealing with cryptocurrencies and companies keep improving in this area. To learn more about the future of money, if we will stop using the well-known paper with certain value and some other tips and tricks, book your ticket for CEEDS’15 by Webit.