Capitalizing on Cryptocurrencies: A Guide for Business and Management Researchers
Financial services: The emergence of cryptocurrencies has brought innovation and transformation to the financial services industry (Tapscott & Tapscott, 2016). Cryptocurrencies like Bitcoin and Ethereum offer a new payment method while also providing investors with a new investment tool. As a business and management researcher, understanding and mastering the characteristics and development trends of these digital currencies is of great significance for the development of the financial services industry.
Cross-border remittance: The use of cryptocurrencies can reduce the cost of cross-border remittances and improve remittance efficiency (Maurer, Nelms, & Swartz, 2013). Due to the decentralized nature of cryptocurrencies, intermediate links can be reduced, lowering the fees for cross-border remittances. This is of great reference value for business and management researchers in international trade and multinational company operations.
Technological innovation: Ethereum introduced smart contract functionality, giving it the potential for broader application areas (Wood, 2014). Smart contracts can automatically execute preset conditions, providing convenience for supply chain management, copyright management, and other fields. Business and management researchers need to pay attention to the impact of these technological innovations on business models and management methods to adjust strategies in time and adapt to market changes.
Market positioning: The market positioning of Bitcoin and Ethereum is different, meaning that investors and companies need to choose the appropriate cryptocurrency based on their needs and risk tolerance. Business and management researchers need to delve into the pros and cons of different cryptocurrencies to provide suitable advice and solutions for clients.
In conclusion, as a business and management researcher, understanding the development trends and application scenarios of cryptocurrencies such as Bitcoin and Ethereum is crucial for grasping market opportunities and guiding practice.
References:
Maurer, B., Nelms, T. C., & Swartz, L. (2013). When perhaps the real problem is money itself!: The practical materiality of Bitcoin. Social Semiotics,