3 Reasons Why You Should Still Consider Crypto for Your Small Business
While most people have heard of Bitcoin, only 10 percent of people understand how cryptocurrencies work, let alone how they came into existence. While you don't need to fully understand the technology, it's critically important for you to understand how cryptocurrencies can benefit your small business. Some of the small business benefits of "cryptos" include improved workflows, lower operating costs, reduced fraud, and increased trust among vendors and customers.
As background, the creation of cryptocurrencies in 2009 was a direct result of the financial crisis of 2008. That crisis developed in large part due to years of questionable promotion and use of financial instruments such as underfunded credit default swaps, subprime housing loans, and mortgage-backed securities. Traditional banks, investment firms, and financial institutions drove those assets up and then down-- cratering the U.S. economy and others around the world.
Staving off a complete economic collapse required hundreds of billions of dollars in bailouts and artificial resets of interest rates to zero or less, courtesy of central banks spanning the globe. Those Herculean efforts were taken to prop up economies and save big banking institutions that were deemed "too big to fail."