{"id":9153,"date":"2022-06-20T14:35:35","date_gmt":"2022-06-20T14:35:35","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=9153"},"modified":"2023-12-07T13:28:14","modified_gmt":"2023-12-07T13:28:14","slug":"why-small-business-owners-mostly-shouldnt-worry-about-crypto-and-nfts","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/why-small-business-owners-mostly-shouldnt-worry-about-crypto-and-nfts\/","title":{"rendered":"Why Small Business Owners (Mostly) Shouldn\u2019t Worry About Crypto and NFTs"},"content":{"rendered":"

It’s impossible to not hear about Crypto and NFTs. Even with enormous dips in value, market sizes for the two were once at staggering valuations. For example, Bitcoin had a market cap of over <\/span>$700 billion<\/span><\/a>\u2013\u2013 and it\u2019s just one of hundreds of crypto coins.\u00a0<\/span><\/p>\n

When you add NFTs, or non-fungible tokens like digital art or metaverse digital assets, into the equation, it’s hard to determine their true value and more importantly what you should do with them.<\/span><\/p>\n

However, the average small business owner doesn\u2019t really need to worry about them. Here\u2019s what you should know about crypto and NFTs, why there\u2019s no rush to jump into the market, and when you should pay attention to them.\u00a0<\/span><\/p>\n

A (very) brief primer on crypto and NFTs<\/span><\/h2>\n

In over-simplified terms: Crypto aims to be a digital currency and store of wealth, while NFTs aim to be a digital record of all things, both digital and physical.<\/span><\/p>\n

Both operate on the blockchain, which in its simplest terms is a digital ledger (like an accounting book) that tracks all transactions in perpetuity. What makes the blockchain unique is that it is functionally impossible to alter or hack due to its crowd-sourced <\/span>method of operation<\/span><\/a>.<\/span><\/p>\n

Crypto and NFTs are part of a new wave of technology and play a role in the concept of a fully digital world. In this world, commerce happens in a digital online space (often called the metaverse). Digital items are created, bought, and sold in this digital world. Physical items in our real world are codified and represented digitally within this digital world as well, creating a melding of the physical and digital.<\/span><\/p>\n

Within this digital world, crypto and NFTs have significant potential utility.\u00a0\u00a0<\/span><\/p>\n

Crypto is like digital money<\/span><\/h3>\n

Crypto entered the mainstream consciousness with Bitcoin\u2019s launch on January 3, 2009, but digital currencies and pseudo currencies have existed for decades in the form of merchant rewards and, later on, app-based rewards.<\/span><\/p>\n

Bitcoin gained notoriety and stirred excitement because each coin can be individually tracked on the blockchain, meaning it\u2019s nearly impossible to hack or forge. While a clever hacker could probably fake some Starbucks rewards, it\u2019s not possible with Bitcoin and (most) other cryptocurrencies. Further, each coin is infinitely divisible and trackable, meaning it can be used for any purchase of any value.<\/span><\/p>\n

As a result, Bitcoin and other cryptocurrencies built in a similar way have the potential to fulfill all three <\/span>obligations of a currency<\/span><\/a>:\u00a0<\/span><\/p>\n