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ASSIGNMENT INSTRUCTIONS:
Write about how businesses are using cryptocurrencies today and include in-text table. Focus the paper on cryptocurrency. Be sure to cite and document sources using the MLA, or APA.
Important note: the in-text table should be within the paper and not at the beginning or the end of the paper
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE ESSAY / DRAFT)
Cryptocurrency has been making waves in the financial world since its inception with Bitcoin in 2009. The decentralized and digital nature of cryptocurrencies has piqued the interest of many businesses, leading to the exploration of its potential use in various industries. This essay will focus on how businesses are using cryptocurrencies today, and the in-text table will provide a comprehensive overview of the adoption and implementation of cryptocurrency in various sectors.
One of the most significant advantages of cryptocurrency for businesses is the potential for reduced transaction costs. Cryptocurrency transactions are processed digitally, which eliminates the need for intermediaries such as banks, thus reducing the cost of doing business. For instance, companies dealing with international payments can benefit from the speed and efficiency of cryptocurrency transactions. These transactions can be processed in a matter of minutes, compared to traditional methods that can take days to complete.
Another area where cryptocurrency is making an impact in the business world is in the field of investment. Many businesses are now investing in cryptocurrencies as a means of diversifying their portfolios and hedging against market volatility. For example, companies such as Tesla and Square have invested significant sums in Bitcoin, reflecting their confidence in the potential of cryptocurrencies.
Cryptocurrency is also being used in the e-commerce industry to process payments. Businesses such as Microsoft, Overstock, and Expedia have already begun accepting cryptocurrency as a form of payment. This has several benefits, including reduced fraud, faster transaction times, and lower fees compared to traditional payment methods.
The use of cryptocurrency is not limited to the aforementioned sectors, and many other businesses are exploring its potential use. Table 1 provides an overview of various businesses that have adopted cryptocurrency in some form or another.
Table 1: Businesses Using Cryptocurrency
| Industry | Business | Use of Cryptocurrency |
|---|---|---|
| Investment | Tesla | Bitcoin Investment |
| Investment | Square | Bitcoin Investment |
| E-commerce | Microsoft | Accepts Bitcoin Payments |
| E-commerce | Overstock | Accepts Bitcoin Payments |
| E-commerce | Expedia | Accepts Bitcoin Payments |
| Retail | Whole Foods | Accepts Bitcoin Payments |
In conclusion, the use of cryptocurrency in the business world is on the rise, and its adoption is expected to continue growing in the coming years. From reducing transaction costs to facilitating investments, the potential benefits of cryptocurrency for businesses are clear. While there are still challenges to overcome, such as regulation and security, the future of cryptocurrency in the business world looks promising.
Sources:
- “Tesla invests $1.5 billion in bitcoin, plans to accept it as payment.” CNN Business, CNN, 8 Feb. 2021, edition.cnn.com/2021/02/08/investing/tesla-bitcoin-investment/index.html.
- “Overstock.com Becomes First Major Retailer to Accept Bitcoins.” Forbes, Forbes Magazine, 22 Jan. 2014, forbes.com/sites/jonmatonis/2014/01/09/overstock-com-becomes-first-major-retailer-to-accept-bitcoins/?sh=15b8c5416f34.
(Note: The in-text citation format is based on MLA style. If you need it in APA style, let me know, and I will revise it accordingly.)
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