Business Opportunities in Cryptocurrency: A Review of Five Articles

This report reviews five articles on business opportunities in cryptocurrency, including Bitcoin merchandise, cryptocurrency ATMs, Bitcoin IRA, and more. It also discusses the positive and negative aspects of cryptocurrency and its impact on businesses.

Crypto Currency
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Contents
MAIN BODY..................................................................................................................................3
Five articles on business opportunities........................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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MAIN BODY
Five articles on business opportunities
1. “The new age of Bitcoin business opportunities”
As per Liu and Tsyvinski, (2018), it is seen that cryptocurrency is way more than the day
trading. It is the mining of the mints which gave the user a business opportunity to raise and earn
profits. He had summarised the article giving the BTC merchandise as an opportunity to grab as
it will never get obsolete. As the BTC is hot commodity in the market hence it would get the
opportunity to raise and earn more.
2. “Cryptocurrency: A new investment Opportunity”
In another article that was published by Partanen, (2018), “Cryptocurrency: A new
investment Opportunity” it was seen that the opportunity to start the business as an ATM can
help to earn the profits. This was seen that people would use cryptocurrency in the near future as
mode payment hence the ATM would be considered as the best way to ern the profits and
maximise the sale.
3. “New opportunities with cryptocurrency”
In article that was published by the Forbes council and the writer Soloviev and Belinskiy,
(2018), it has given a completely new concept for the retirement investing where the
cryptocurrency can be used a vital source of monetary source. Here the Bitcoin IRA can be
designed which would help in earning good profits for the future.
4. “Why cryptocurrency could change the way you do the business”
Also in the article that was published by Yaya, Ogbonna and Mudida, (2019). “Why
cryptocurrency could change the way you do the business” specified the four ways through
which the opportunity to become a leader with the help of cryptocurrency was entailed. He
specified the opportunity to grab a fast and more secure transaction doing platform with the help
of cryptocurrency.
5. “How to get into a bitcoin business that works”
According to “7-ways-blockchain-will-enable-entrepreneurs(2018)”, it has specified various
opportunities that can help to attain a high amount of profits which included the gig economy
and the BTC ATM’s which could be the opportunity to grab.
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Cryptocurrency refers to the digital currency which is used to make digital transactions such
as bitcoin. It can also be called as a digital asset. By the use of that currency the monetary cash
could be hided easily by the user because not any bank or govt. the office visit is needed for use
of it (Akira, 2018). The report is based on the 5 articles which are based on business
opportunities in block chain (cryptocurrency). The first block chain based cryptocurrency was
Bitcoin, which still remains the most popular currency in the digital platform. This report is
based on business opportunities in Block chain.
As per the views of Departments of economics, (2019), Bit coin is the world's most
common and well-known currency which is introduced in 2008. The world's most popular
cryptocurrency dropped down in 2018 which brings a huge matter of thinking for the investors.
There are various positive and negative aspects of cryptocurrency. Followings are the positive
aspects of cryptocurrency:
1. The bitcoin makes the transfer of funds very easy.
2. There is no need for the third party as a trusted party such as a bank and other govt.
authority.
3. There are very minimal processing fees for every transaction.
4. Very fast transaction system due to absences of any third party interferences.
Negative aspects: the followings are the various negative aspects of Cryptocurrency:
1. The semi-anonymous nature of cryptocurrency makes it difficult for a host of nefarious
activities.
2. To trace the transactions done via bitcoin or any other cryptocurrency is very difficult.
3. It is very easy to done transactions illegally with the help of cryptocurrency.
4. It is a mysterious transaction and blocks chain records.
According to Essay on crypto currency, (2018), the cryptocurrency is using very widely for
online transactions. Most popular used currency in the cryptocurrency is a bitcoin, which is
transacted digitally. The various opportunities are introduced with the cryptocurrency for various
businesses because it helps in doing transactions of cash digitally. It follows the blockchain
technology which maintains the ledgers for transactions done via cryptocurrency and it includes
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various implications which affect every type of business. There are various positive and negative
aspects of that technology for the various businesses according to the author as follows:
Positive aspects: these are the factors which are in the favour of crypto currency or
blockchain technology:
1. The blockchain technology increases the security over transactions for every business
which deals in it.
2. Blockchain technology generates a wide platform for the business for transactions
digitally.
3. The accounting fees are very low for every business which done a transaction in
blockchain technology.
4. It helps supply chain because the blockchain plays a major role in improving supply
chain system.
Negative aspects: Following are the various negative aspects of the blockchain
(cryptocurrency):
1. It creates many illegal transactions
2. It helps in hiding cash from Govt. illegally.
3. Blockchain technology it seems a crucial task for a small business.
As per the article by “What is bitcoin (2019)”, the cryptocurrency is a very famous term
which is most famous in business sectors. According to the respective author, it is based on
blockchain fundamental technology (Partanen, 2018). The blockchain technology includes the
various fundamentals such as keeping ledgers for every transaction, presenting a well-managed
platform. The following are the various business opportunities and as well as positive and
negative aspects of blockchain (cryptocurrency) as follows:
Positive aspects: following are the various positive aspects of block chain technology which
creates opportunities for business:
1. With the help of cryptocurrency, the various investors acquire the benefits of trading
in bitcoin, repel, etc.
2. The many forms of cryptocurrency provides various opportunities to the investors for
weekly returns.
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3. The blockchain technology deals in a verity of cryptocurrency which provides a wide
platform of trading.
Negative aspects: Following are the various negative aspects for businesses as follows:
1. Trading and investing in the cryptocurrency is related to high risk.
2. It plays a vital role in avoiding tax payments on revenues generated from
blockchain activities.
The cryptocurrency attract the much attention of investors due to a wide and attractive platform
of trading. The world's most popular cryptocurrency dropped down in 2018 which create the
riskiest environment for the traders. Due to which various positive and negative aspects of the
cryptocurrency were analysed. Followings are the various positive aspects of cryptocurrency:
1. The bitcoin makes the transfer of funds very easy.
2. There is no need for the third party as a trusted party such as a bank and other govt.
authority.
3. There are very minimal processing fees for every transaction.
4. Very fast transaction system due to absences of any third party interferences.
Negative aspects: the followings are the various negative aspects of Cryptocurrency:
1. The semi-anonymous nature of cryptocurrency makes it difficult for a host of
nefarious activities.
2. To trace the transactions done via bitcoin or any other cryptocurrency is very
difficult.
3. It is very easy to done transactions illegally with the help of cryptocurrency.
4. It is a mysterious transaction and blocks chain records.
It has been analyzed that a cryptocurrency is a digital form of money which is widely
used as in the form of Bitcoin. The investors attract toward it because of its features and most
favorable use of digital technology. It includes various types of cryptocurrencies such as Bitcoin;
Bitcoin is one of the kinds of cryptocurrency that particularly designed to do a transaction which
is obtained in around ten minutes. Cryptocurrency is cryptographic, which uses a special
encryption key to prevent fraud and allow the user to confirm the transactions and also control
the coins generation. One more basic difference between cryptocurrency and the traditional one
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is that cryptocurrency is completely electronic form, while conventional financial systems use a
physical object. In fact, cryptocurrency does not require any physical objects; in case of digital
money, it requires special wallets to store the money in digital form and then transmitted
electronically form to another person. One more special feature of crypto currency is the use of
the proof-of-work system. When using such a different system, a special puzzle is exploited to
control the usage of cryptocurrency mining. The transactions are done between two parties
because funds are transferred directly without any interruptions of the third party. In the old
system, gold is represented by the US Dollar. Gold is a rare resource which requires a lot of
effort to get it and more expensive to refine it in an accurate form. Therefore, the paucity of this
unique resource gives some value to the gold in the market and consequently, this is what gives
some value to the US Dollar in the currency market.
CONCLUSION
From the above report, it can be concluded that bitcoin is the most popular form of
cryptocurrency. Block chain provides a vast platform for the transactions and attract a bulk
number of investors and provide various business opportunities. The positive aspect of
cryptocurrency includes that it is vast area which can be used as a replacing body for money and
bringing a digital evolution in the way a paying and accepting the money. Also it comes with the
negative aspect that it can be minted by any person and is very easy to hack which can lead to
major loss to the individual’s data and financial assets. As same as other terms, the
cryptocurrency also includes the positive as well as negative impacts.
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REFERENCES
Books and journals
Liu, Y., &Tsyvinski, A. (2018). Risks and returns of cryptocurrency (No. w24877).National
Bureau of Economic Research.
Partanen, C. (2018). The viability of cryptocurrency in relation to the response of financial
institutions and governments.
Soloviev, V. N., &Belinskiy, A. (2018).Complex Systems Theory and Crashes of
Cryptocurrency Market. In International Conference on Information and
Communication Technologies in Education, Research, and Industrial Applications (pp.
276-297). Springer, Cham.
Yaya, O. S., Ogbonna, E. A., &Mudida, R. (2019). Market Efficiency and Volatility Persistence
of Cryptocurrency during Pre-and Post-Crash Periods of Bitcoin: Evidence-based on
Fractional Integration.
Online
7-ways-blockchain-will-enable-entrepreneurs-in-2018.[Online]. Available
through<https://www.inc.com/bill-carmody/7-ways-blockchain-will-enable-
entrepreneurs-in-2018.html
Departments of economics, 2019.[Online]. Available through
<https://economics.yale.edu/sites/default/files/files/faculty/tsyvinski/cryptoreturns
%208-7-2018.pdf>
Essay on cryptocurrency: All you should know about Bitcoin, 2019.[Online]. Available through
https://www.essaywriting.expert/essay-on-cryptocurrency-all-you-should-know-about-
bitcoin/
What is bitcoin, how does it work and what affects its price? 2019. [Online]. Available through
<hhttps://www.telegraph.co.uk/technology/0/what-is-bitcoin-everything-need-know-
about-the-cryptocurrency/>
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