The crypto industry seems like it's on the verge of collapse. Should businesses be thinking about abandoning it? No, but they should refocus their interest in crypto and its related technology.
Ever since the dawn of the cryptocurrency movement, its advocates have touted crypto's revolutionary promise for businesses and individuals alike. It would, they said, liberate capital from the clutches of government and institutions. It would bring financial services to the unbanked. It would eliminate national borders as barriers to trade. In short — it was going to change everything.
But that was over 15 years ago. Since then, the business world went through a cycle of rushing to accept crypto payments and then rushing to stop. And many of the businesses that couldn't stop talking about blockchain in the early days have since quietly abandoned their plans for the technology. Making matters worse, the crypto market itself is undergoing a correction that would give even seasoned Wall Street Brokers a serious pause.
All of this begs a particular question: At this point, should businesses wash their hands of crypto and move on?
The answer is not exactly. There are still plenty of aspects of crypto as a form of currency and as a technology that businesses should continue to explore. The trick will be to take a strategic approach to the situation to embrace the good parts of crypto while avoiding exposure to the risky or detrimental parts. Here are the three areas where businesses should train their forward-looking crypto focus.
Continue reading: https://www.entrepreneur.com/money-finance/is-it-time-to-abandon-crypto/435557
Ever since the dawn of the cryptocurrency movement, its advocates have touted crypto's revolutionary promise for businesses and individuals alike. It would, they said, liberate capital from the clutches of government and institutions. It would bring financial services to the unbanked. It would eliminate national borders as barriers to trade. In short — it was going to change everything.
But that was over 15 years ago. Since then, the business world went through a cycle of rushing to accept crypto payments and then rushing to stop. And many of the businesses that couldn't stop talking about blockchain in the early days have since quietly abandoned their plans for the technology. Making matters worse, the crypto market itself is undergoing a correction that would give even seasoned Wall Street Brokers a serious pause.
All of this begs a particular question: At this point, should businesses wash their hands of crypto and move on?
The answer is not exactly. There are still plenty of aspects of crypto as a form of currency and as a technology that businesses should continue to explore. The trick will be to take a strategic approach to the situation to embrace the good parts of crypto while avoiding exposure to the risky or detrimental parts. Here are the three areas where businesses should train their forward-looking crypto focus.
Continue reading: https://www.entrepreneur.com/money-finance/is-it-time-to-abandon-crypto/435557
