Tuesday, September 17, 2019

Cryptocurrency Being A Driving Force Behind Traditional Industries

The importance of cryptocurrencies and the services and processes associated with them is growing every day. Just as we speak, another payment processor adopts a new crypto asset, an exchange lists another new cryptocurrency, and another store chain starts accepting cryptocurrencies. This news is making the headlines all the time nowadays.

But now, cryptocurrencies are aiding existing business (traditional ones) and slowly turning into an important part of their profitable sources. Just this week, two industries that traditionally profited from distinct sources, recognized that crypto related processes and products have helped in fulfilling their goals albeit not being their spotlight products.

The GPU industry is beginning to reap great benefits, especially the GPU industry.  NVIDIA and AMD had been helped by the thirsty cryptocurrency mining industry to reach its goals, even if they are not focused on the crypto business. Or so they say. There are no official numbers when it comes to the percentage of GPU bought only for mining purposes, but it is clear that the amount is huge. Even AMD declared that they could take a massive hit if the cryptocurrency market suffers a critical drop making mining unprofitable. The president of Nvidia, Jen Sung Huang has also declared that cryptocurrency is not their main product, but nonetheless, it is clear that more and more GPUs are being used for mining only.

The financial centers have añso shifted its view to cryptocurrencies. Some high critical organizations like Goldman Sachs, that previously declared that bitcoin was a scam and a Ponzi scheme, have now forgotten those declarations and started to offer cryptocurrency based investment products, due to the public demand. Almost every traditional brokerage business is also heavily invested in cryptocurrencies on at least plan to do so in the near future.

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Emerging markets stores where there are record hyperinflationary economies also are profiting from collecting payments in cryptocurrencies, avoiding two major problems: inflation, due to the nature of the currencies; and taxes, because most of these countries do not collect taxes for cryptocurrency sales. And in the remittance ambit, more and more banks are relying on cryptocurrencies to make safe payments all across the world. Ripple, a centralized blockchain has achieved a good number of partnerships with banks, and even Western Union has tested its tech for its own use.

So it is clear that cryptocurrencies are slowly becoming more and more intertwined with traditional tech and industries, and helping them achieve better results in many ways.

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