CRYPTOCURRENCY AND SMALL BUSINESS Florida Entrepreneurs Embrace the Digital Future
by Patrick Evans-Hylton
As digital transformation continues to reshape the way transactions are conducted worldwide, small businesses across Florida are increasingly viewing cryptocurrency not merely as a tech trend, but as a practical tool for everyday operations.
From payment flexibility to digital assets like NFTs, cryptocurrency presents opportunities for entrepreneurs along Florida’ s Fantastic Coast— and across the Sunshine State.
But it starts with understanding what cryptocurrency is.
What Is Cryptocurrency?
“ Cryptocurrency is a type of digital or virtual currency that uses cryptography for security, making it difficult to counterfeit or double-spend, says Guangzhi Shang, associate professor of Operations Management and Jim Moran professor of Business Administration at Florida State University’ s Department of Business Analytics, Information Systems and Supply Chain.
“ A related concept, blockchain, describes the technology that powers the cryptocurrency system.”
In other words, cryptocurrency is a decentralized form of money that can be used to pay for goods and services, invest in digital assets, or even create unique collectibles called NFTs( non-fungible tokens).
Payments Made Simple: Why Stablecoins Stand Out
Shang notes that the first consideration for small businesses in Florida is whether cryptocurrency can streamline payments.
He points to stablecoins— cryptocurrencies like USDC, DAI and USDT that are pegged to the U. S. dollar and maintain a 1:1 exchange rate— as particularly promising.
“ If the main need is flexibility in payment options, they can consider stablecoin,” Shang said.“ The main benefit is that the exchange rate is very stable.”
According to Capital One, a U. S.-based financial group, approximately 2,300 retailers accepted cryptocurrency as payment in the United States at the end of 2024. The group says Bitcoin is the most popular crypto with retailers; 58 % of cryptofriendly businesses accept Bitcoin.
Adam Lyons, a business advisor for more than 500 brands, including PepsiCo and Nike, wrote in Forbes magazine, that he believes any company accepting cryptocurrency as a form of payment has a significant competitive advantage over the rest of its industry. Why? These digital dollars can be especially useful for
Guangzhi Shang
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