Let's Talk About Crypto
If you’re like most of the world these days, the word “cryptocurrency” leaves you scratching your head a bit. Besides wondering what all the fuss is about, you’re probably also left wondering if you should even spend any time learning about crypto because frankly, is it even going to apply to you and your property management/vacation rental business anyway?
The payment processing experts at Ascent are here to tell you that yes — you would indeed be wise to start brushing up on your crypto knowledge. As a property manager/vacation rental business, cryptocurrency is on the horizon to become a valuable option to add to your payment processing toolbox.
But have no fear, Ascent is here. And we have a ton of information to share on this trending topic — mainly how you don’t have to be a tech wizard to grasp the concept of crypto. In fact, as a property manager or vacation rental business owner, we guarantee you’re already tackling much harder tasks than crypto. Also, you can rest assured knowing that Ascent, as always, is here to walk you through the basics and answer all your questions.
So— let’s start with the most basic question of all.
What is cryptocurrency anyway?
In a nutshell, cryptocurrencies are a particular type of funds that are held digitally and secured by complex encryption. While you may have heard of some of the most popular types of these virtual currencies such as Bitcoin and Ethereum, there are actually more than 10,000 different types in existence, covering a wide range of purposes including the storage of wealth and facilitation of secure payments for goods and services.
What’s so special about cryptocurrency?
While the acceptance of cryptocurrencies is exploding across the world and across many different types of businesses, the “decentralized” validation of cryptocurrency transactions has led to a significant increase in their use for paying for luxury goods and services by both domestic and international consumers. Crypto transactions are authenticated via one or more “blockchains”, shared digital records of historical transactional data. A blockchain may be compared to a bank’s accounting ledger, with the added security of being encrypted then duplicated and distributed across an entire network of computer systems used by other cryptocurrency holders. The computer systems solve complex mathematical equations simultaneously to validate each crypto transaction.
What’s next for cryptocurrency?
As crypto continues to gain in popularity, more and more consumers will continue to jump on the cryptocurrency bandwagon, which is already leading to speedy expansion into new markets like property management and vacation rentals. As cryptocurrency becomes a common method of payment at businesses, consumers will come to expect it as an option for deposits and payments on their short-term home rentals as well. It’s a natural flow of momentum that most established financial institutions are already preparing for.
What’s this mean for me?
For property managers and lodging industry professionals, cryptocurrency is something you should absolutely start thinking about. Ascent partners and clients have already taken a crucial first step towards staying informed and educated. Stick with us, since we plan to roll out additional articles and information that helps walk you through the cryptocurrency evolution with ease.
Want to talk about crypto? We do too! Reach out to us to connect at email@example.com .
Share This Content