London, UK, Binary News Network, FinancialCentre Broker Alex Bergmann says that cryptocurrencies have been around for a while now, but their popularity is astronomically increasing. Not only because it’s profitable to do so (in most cases), but also because the technology behind them opens doors for new and exciting possibilities. The blockchain technology that powers Bitcoin and other cryptocurrencies is a perfect example of this – it has the potential to revolutionise how we do business, how we interact with others, and even how we think about money.

The blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions. It works by recording all transactions on a public ledger, allowing everyone on the network to see them. This prevents any one person from controlling the blockchain or altering its data. As a result, the blockchain is incredibly secure and resistant to fraud.

Mr Bergmann thinks that the benefits of the blockchain go beyond just security though. It also allows for trustless transactions – meaning that you don’t need to trust the person you are sending or receiving money from. This has the potential to upend our entire financial system, but it doesn’t stop there. People are starting to find uses for blockchain technology outside of finance too.

Big Companies Stepping into crypto

Large companies are starting to take notice of cryptocurrencies and the blockchain technology that powers them. IBM, Microsoft, and other tech giants are all exploring ways to use the blockchain for their own purposes. This is a huge shift, as up until now the blockchain has been largely used by startups and tech enthusiasts. The fact that big companies are getting involved means that the blockchain is entering the mainstream. This could be a sign of things to come, as large companies have the resources to make a real impact on the world.

Companies that are keeping from entering the crypto world seem to be suffering in many ways. One of the most common reasons is that they want to wait until cryptocurrencies become more stable. Despite the fact that Bitcoin is experiencing an ever-increasing rise in value, its price can still vary dramatically from hour to hour. This makes it difficult for large companies to find a use case for currencies like Bitcoin.

Mr Bergmann thinks another reason is because of how many unknowns are still there. Blockchain is a relatively new technology, and it’s still difficult to understand how it works fully. This can leave large companies on the sidelines until they are confident enough in crypto to use their resources for exploring its possibilities.

Skilled individual’s loss

This is why it’s becoming critical to incorporate crypto-based strategies into their business. More than just getting on the bandwagon of the most promising trend in decades, businesses are making themselves more competitive by doing so. But these companies are having their fair share of suffering too. It has been seen that skilled labour and talented individuals are being heavily attracted to the crypto world. Every large company that enters into the cryptocurrency space will hire a number of people who have been working with these companies for some time now. This will reduce their talent pool, which is already small enough as it is.

Sandy Carter, ex-vice president of Amazon’s cloud computing unit, left her job and later announced that he will be serving a crypto startup from now onwards. She posted a link for some other job openings in the new company and more than 300 people clicked and opened the link to apply. This is just one of the many stories, which are coming out every day. Apple is also one of the many companies that are reluctant to enter the crypto world and hence they are losing their talent to the crypto world lucrative startups.

Mr Bergmann says that despite these challenges, large companies are starting to see the potential in cryptocurrencies and the blockchain. They are starting to explore ways to use them in their businesses. This is a sign of things to come, as large companies have the resources to make a real impact on the world. He said “I believe a lot of people are attracted to the bright lights and fast-paced world of crypto, which means it’s going to be harder for companies to find talent – especially top-notch talent. This can force larger corporations back on their heels as they face stiff competition from startups with fewer resources but more agility.”

The takeaway

Cryptocurrencies are still in their early days, and it’s difficult to know what the future holds for them. However, large companies getting involved is a good sign that they will continue to grow and develop. Their growing popularity means that many more people will become interested in them, which will drive their value higher. The sooner businesses get on board with the blockchain, the better it is for everyone involved.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.