Cryptocurrency was introduced on a small scale in 2009 in the form of Bitcoin. Since only those close to the project where able to participate, the new currency was not readily available or made aware of. Due to increased media attention, the future of transferring value has increasingly gained attention on both the local and global scale. While this appears to be another step in the evolution of which consumers assign and transfer value, it is increasingly causing disruption and animosity:
- What is cryptocurrency?
- Does it rival our current method of transferring value?
- Will cryptocurrency eventually displace our economic units for value?
- How will this impact the viability and operations of our businesses?
- How should I proactively respond to this developing trend?
At surface, it is easy to make the false assumption that the development and growth of cryptocurrency is only be applicable only to those involved the financial industry. In reality, crypocurrency has far and wide reaching impacts beyond consumers and financial institutions. Global management must be prepared to respond in the event that cryptocurrency takes grasp and becomes the accepted medium or even additional mode of transferring value.
- What is my exchange rate for this new method of currency?
- How do I regulate and monitor my flow of cryptocurrency?
- What decisions must I make in order to stay current with the demand?
- How will the implementation of cryptocurrency impact the expenses of doing business?
- How will my business market, sector, or even organizational structure be transformed by this change?