In January this year Elon Musk announced that Tesla merchandise stores will accept Dogecoin as payment. This shot the coin price up by 14 per cent, though it fell back later. Similarly, last year, Bitcoin prices also jumped manifold after Tesla announced it had invested in it and would soon allow customers to buy their cars with this cryptocurrency. The company later scrapped that idea, citing unrealistic energy usage to keep the Bitcoin blockchain functioning.
These irrational crypto price fluctuations may not be good for businesses but there are definite patterns suggesting companies should start accepting payments in cryptos and take their ventures global. Transactions on blockchain don't involve a centralised banking system, which even after existing for centuries is still not truly meant for global businesses. Transaction limits, foreign exchange fees and charges, unpredictability of time in transferring funds are the very reasons cryptocurrencies have become a great alternative for businesses to build a global presence. Not to mention that these work the same around the world, with all the transactions recorded on a decentralised public ledger called blockchain. Whether you sell software services or digital products or airline tickets, you can leverage the power of Web3 to truly operate your business on a global scale. But price fluctuations remain a challenge.
Enter Stablecoins
This story is from the October 2022 edition of Open Source For You.
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This story is from the October 2022 edition of Open Source For You.
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