Getting in on the Crypto Craze
Consumers like cryptocurrency because it represents a direct exchange of value between individuals, and because virtual currencies and exchange rates aren’t controlled by governments or central banks. Each transaction is also recorded on secure digital ledgering software (the blockchain) that’s encrypted, spread across multiple computers, and hard to replicate, serving as an effective deterrent to virtual fraudsters. Even if it’s just to incorporate support for cryptocurrency-based payments into your sales channel, businesses won’t be able to avoid eventually jumping on the bandwagon. Whether this trend truly holds the potential to move the needle for your business will largely come down to the following factors:
Mind you, cryptocurrency-based exchanges still represent just a fraction of all digital payments. But it’s also becoming clear that consumer technology leaders cannot afford to ignore the cryptocurrency space in the years ahead. Bearing this mind, it only makes sense to start experimenting now.
Remember you don’t have to overspend or overinvest in R&D — sometimes, mixing and matching preexisting solutions in new or novel ways is the most cost-effective way to innovate. But it’s also apparent that cryptocurrencies are here to stay — and you’ll need to make investments in them to invest in your company’s future.
Industry experts will discuss the evolving cryptocurrency landscape at CES 2022.
Consumers like cryptocurrency because it represents a direct exchange of value between individuals.
I3, the flagship magazine from the Consumer Technology Association (CTA)®, focuses on innovation in technology, policy and business as well as the entrepreneurs, industry leaders and startups that grow the consumer technology industry. Subscriptions to i3 are available free to qualified participants in the consumer electronics industry.