Fintech Startups and Cryptocurrency in Business: Revolutionizing Entrepreneurship

Fintech Startups and Cryptocurrency in Business: Revolutionizing Entrepreneurship

Muhammad Usman Tariq
Copyright: © 2024 |Pages: 19
DOI: 10.4018/979-8-3693-1846-1.ch006
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Abstract

This book chapter explains the significant influence of cryptocurrencies and fintech startups on business models and entrepreneurship by examining their revolutionary junction. The chapter thoroughly examines fintech's birth and development, charting its disruptive path inside the conventional financial services industry. It simultaneously explores the history of cryptocurrencies, revealing the blockchain's technical foundations and growing popularity in the corporate community. The story highlights the explosive rise of fintech companies and identifies its driving forces, including changes in consumer preferences, legislative changes, and technology breakthroughs. The chapter's main focus is how companies embrace cryptocurrencies, use them for transactions, hold ICOs to raise money, and add them to investment portfolios. The chapter also discusses technological difficulties and regulatory issues when merging fintech and cryptocurrency solutions.
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Overview: Fintech Startups And Cryptocurrency In Business—Revolutionizing Entrepreneurship

Fintech firms and cryptocurrencies are seeing a dramatic junction in the ever-evolving environment of the modern business ecosystem. This chapter aims to provide readers with a thorough knowledge of the significant influence of these creative forces on company models, investment strategies, and financial transactions. As we investigate this junction, it becomes clear that the mutually beneficial link between fintech and cryptocurrencies is more than just a fad. Rather, it is a revolutionary force influencing the course of global enterprise.

Fintech's Development and Emergence: Upending Conventional Financial Services

It is crucial first to examine the formation and expansion of the fintech sector to appreciate the significance of this convergence fully. Fintech, a combination of “financial technology,” refers to using technology to improve and simplify financial services. This sector has changed quickly, using digital technological breakthroughs to upend established financial services (Smith, 2017). The chapter begins with examining how fintech companies, propelled by technology advancements, have questioned and transformed traditional financial conventions. We provide the foundation for comprehending fintech's crucial position in the modern corporate environment by outlining essential principles and charting the historical development of the industry.

Overview of Cryptocurrency: History, Blockchain Technology, and Increasing Acceptance in Business

Investigating the world of cryptocurrencies is essential as we embark on our journey. Since the launch of Bitcoin in 2009, cryptocurrencies have developed from a specialised idea to a central topic of conversation regarding the direction of finance (Narayanan et al., 2016). A review of blockchain technology, a decentralised, unchangeable ledger system, is part of an overview of cryptocurrencies. The chapter explains how cryptocurrencies are becoming increasingly accepted in the business sector, opening the door for novel financial practices because of their decentralised structure, cryptographic security, and transparency (Swan, 2015).

Fintech Startups' Rapid Growth: Technological Developments, Customer Demand, and Regulatory Shifts

After that, the story thoroughly examines the financial businesses' explosive expansion. The digital revolution has enabled these entrepreneurs to provide innovative financial services and solutions through technological developments (Arner et al., 2016). The elements contributing to their success are discussed, including the growing need for smooth and convenient financial experiences and the effect of legislative reforms that have made room for innovation (Zohar, 2015). The chapter sheds light on the ever-changing environment that financial firms operate in by examining particular examples and trends.

Businesses Using Cryptocurrencies: Investment Portfolios, ICOs, and Transactions

An important aspect of the research is how companies use cryptocurrency. A thorough analysis is conducted on using cryptocurrencies in transactions, their inclusion into investment portfolios, and their fundraising through Initial Coin Offerings (ICOs). The practical effects of Bitcoin adoption are highlighted in this part, providing insight into how companies use this innovative digital money to increase productivity, save expenses, and open up new funding sources (Catalini & Gans, 2016).

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