What is up with bitcoins and cryptocurrency and why is it all the rave in the financial world? With all the discussions, debates and forums across social media platforms, financial articles and news segments, what does this mean for merchants and payment security? More specifically, what will it mean for direct selling, MLM and party plan modeled companies and technology providers that support the space.
Being a novice myself, I decided to do some research into this financial phenomenon to learn what type of impact this type of currency may have on the direct sales industry.
Where to Begin
To begin, we need to educate ourselves on what digital currency is and what is the technology behind it. From that point, we can identify the possible implications it may have on our industry and unique business model. Some of our partners have excellent articles that will help us build our knowledge base. Let’s start with understanding the technology called “Blockchain.”
Excerpt #1
Blockchain is a technology that allows for the creation of a history of data that is immutable, meaning it can never be changed, either accidentally or intentionally. This data that has been added to a blockchain is extremely resistant to hacking or other attempts to tamper with it. This makes it especially suitable for situations in which parties want to be in a position to prove what actually happened, i.e. what data or content existed at a particular point in time, with no possibility of changing history after the fact. Read More…
Excerpt #2
Bitcoins and blockchain are among the buzziest words in the fintech world. Both have been making recent headlines given each’s impact on the payments industry. But will either be hangin’ tough and able to withstand the scrutiny that comes with new innovations and disruptors? While the debate rages on about the value and ultimate longevity of each type of technology, many organizations are considering the pros and cons of each and considering how they may fit into their larger processes in the future. Read More…
In a later article, I will summarize my finding and publish what it may mean to our MLM industry. Stay tune!
