Crypto Boom!

January 12th, 2022

The rise of cryptocurrency!


Today’s blog is by Margaret Stewart, Director of HR, and Administration at SafeSourcing.

Possibly one of the biggest changes we have seen in the last 15 years or so, at least financially, has been the rise of cryptocurrency. Even in the last year or two alone, the number of different cryptocurrencies has soared. Perhaps you have wondered what it is, how you even begin, or what it all means economically.

Cryptocurrency is a digital currency that can be bought, sold, traded, or used electronically. In addition, it is also not issued by any country and therefore is not regulated by any origin country, which can allow for more freedom of use and less government regulation. This freedom from regulation and ease of transfer is a leading cause of the rise of cryptocurrency because all you need is a computer to make transactions. There have been downsides to the lack of regulation too. Often hackers will hijack a company website or database and demand cryptocurrency in exchange for the company information release. Because the nature of cryptocurrency being unregulated and secured by cryptography, it means it cannot be traced.

There are good things about cryptocurrencies too. Cryptocurrencies vary and there are a number of different ones out there. With some research, one can discern which currency they think will continue to grow and there are a number of different ways of beginning. One good way to begin is to choose an app or other platform from which you would like to buy, sell, and trade from. While most apps are free, there are varying fees for transactions and finding the right fee base is dependent on how much you plan on spending and how often you think you will make transactions. From there, you can link bank accounts or credit cards to purchase currencies and sell currencies. In some places – which are growing more common – you can even buy goods or services through cryptocurrencies, especially when linked to other pay platforms, like Venmo, PayPal, or others. SafeSourcing  now accepts Bitcoin and Ethereum as forms of payment for all of our services.

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