Unless you’ve been living under a rock, which is plausible given current times, you have definitely heard of Bitcoin and cryptocurrency. The Bitcoin uprising has been in the works for close to half a decade, and believability is rising.
When it first began, most people were doubtful and outright ignored it, but then it redeemed itself. Today, Bitcoin is perhaps one of the best investments you can make. This industry has not escaped Austin Zelan’s radar as he always has an eye out for what’s happening in various industries.
Having worked in the banking industry, Austin has some insight into the slow but sure shift into digital payments and digital currency. Various businesses are also beginning to accept Bitcoin as payment.
Through his observation of the cryptocurrency industry, Austin Zelan is certain that this payment mode might become the norm in the near future. He has, however, cautioned businesses from jumping into the rave without understanding how it works.
The way to go about any new technology is to understand how it works before jumping into it. This goes for both individuals and businesses. Austin also mentions that Bitcoin is here to stay. Looking at what has happened due to the pandemic, the cryptocurrency industry has made a comeback, and bitcoin is at the cutting edge.
Commenting on the notion that cryptocurrency is a ‘rogue’ industry, Austin says that every new technology has faced this. It is that people don’t understand it enough yet, he says, and people tend to shun anything they don’t understand.
Austin’s advice on Bitcoin and the cryptocurrency industry to entrepreneurs and individuals are to:
- Watch out for new players: Though bitcoin is the best known at the moment, there are other players in the market. Entrepreneurs should keep an eye out for the new entrants and observe their growth potential.
- The government is now taking notice – up until now, the cryptocurrency industry has been unregulated, but the more it grows, the more government attention it attracts. This means that the industry might undergo some major changes in the near future.
- Don’t ignore the disadvantages: Bitcoin is not foolproof, and you should not assume it to be. Everything has a downside, and it is in recognizing this and preparing accordingly that businesses thrive.
As he continues to dive deeper into the industry, Austin is excited to see where it goes next and what changes it’s set to undergo in the future.