Cryptocurrency has gone beyond a speculative new trend and is being embraced worldwide by companies and investors. These digital currencies such as Bitcoin and Ethereum are rising in value and businesses are finding ways to benefit. There are many advantages these digital currencies provide to companies, whether they take small steps, such as accepting these currencies as a payment option, or adopt major strategies, such as creating their own ICO to raise funds.

Not only is the value of cryptocurrencies such as bitcoin rising rapidly, but more companies are accepting these digital currencies as payment. Accepting bitcoin provides a path toward global expansion, and many companies find that international exposure is the key to competing in a crowded marketplace. Companies find that a large number of customers prefer the convenience of digital currencies, which do not need to rely on transfer via central banks. The person-to-person nature of these transactions can reduce fees and eliminate delays due to banking glitches.

Major companies that are jumping on the bitcoin wagon and benefitting from the convenience and wider customer reach provided by digital currencies include: Microsoft, Overstock.com, Paypal, Intuit and many others. Overstock.com started accepting bitcoin as early as 2014, and held some bitcoin in reserve which has substantially risen in value. Microsoft customers have been able to purchase items in Xbox and Windows stores for several years via bitcoin. The company was also instrumental in the development of Azure blockchain which allows companies to easily manage financial information. Intuit, which produces tax preparation software not only accepts digital currency, but helps offset its volatility by settling transactions rapidly in customer’s accounts.

Another way companies are getting exposure to digital currencies is through mining technologies. Tech companies that are top performers in this space include Nvidia, Advanced Micro Devices, Micron and Intel. These established brands have been at the forefront of the development of chips and processors used to produce digital currencies. Virtual coins are created through complex mathematical formulas that regularly require updates and increasingly powerful hardware. These companies produce components for mining rigs, which include processors, graphics cards, memory and other items. As the demand for these currencies increases, tech companies stand to profit substantially.

Print Friendly, PDF & Email