The usage and issuance of cryptocurrencies is a thorn in the side of central banks and governments. Having the ability to break out of a siloed environment needs to be a basic right for anyone. Entrepreneurs can especially reap the benefits from an all-inclusive financial system, rather than one with boundaries and exclusivity.
Innovation and transformation
While most people see Bitcoin and other cryptocurrencies as a speculative investment, their true value lies elsewhere. Entrepreneurs worldwide have shown an interest in this technology. One experiment conducted in Barcelona resulted in more people helping one another by introducing a virtual currency as a reward concept.
Even though the virtual currency created for this effort had no real value, the concept triggered a mind shift. After rolling it out to nearly 70 countries, the currency continues to motivate people to help others. It is just one example of what this new and innovative technology can trigger without the involvement of governments or banks.
Instead, banks are clearly interested in maintaining their control by issuing domestic virtual currencies. Experiments are taking place in Russia, Japan and other countries in an attempt to keep entrepreneurs and consumers from achieving financial equality.
Related: Is Cryptocurrency Coming Back or Going Away for Good? 6 Experts Weigh In.
The beneficial aspects of cryptocurrency
Several good reasons exist to embrace cryptocurrencies as an entrepreneur. First, it can be used to raise capital or strengthen your brand. Unlike the traditional financial system, cryptocurrencies do not require anyone's approval. Any entrepreneur can create their own cryptocurrency, which may provide a utility or economic benefit to those who buy it. Depending on these benefits, you may need to adhere to some regulatory compliance. Even then, it is still an essential alternative to dealing with a restricted financial system today.
Second, cryptocurrencies allow for daring entrepreneurs to break free from boundaries imposed upon them by an inefficient system. Intermediary services, providers and other participants introduce their own siloed environments, stifling any entrepreneurial growth. Under the guise of "lending a helping hand," these brokers and consultants are only there to ensure that you, as an entrepreneur, don't venture outside their narrowly defined boundaries.