According to Vitalik Buterin, creator of Ethereum, cryptocurrencies will completely replace payment cards in just a few years. High scalability, speed and security of blockchain based transactions will make digital currency payments commonplace. Payments made with cryptocurrencies have many advantages. This is an extremely convenient transaction type because it doesn't require any intermediaries. Funds go to the destination account immediately, no matter where the recipient is located. Paying with virtual tokens is therefore not only very fast but also safe and completely anonymous. If paying with cryptocurrencies has so many benefits, why, despite the passage of time, are they not used as a payment instrument on a larger scale? What limits their adaptation? The first reason is the volatile exchange rate. Cryptos' price volatility makes it difficult to assign fixed values for a given good or service. Virtual tokens have not yet achieved relative market stability, unlike fiat money. Therefore, they are not really that useful in everyday transactions. The problem may be the supply of cryptocurrencies, which often do not adjust quickly enough to offset the fluctuation of their demand. Another complication is legal regulations that are not uniform in the world. In many countries, they are not regulated at all. However, you should not cross out Bitcoin and other altcoins from the market. The aforementioned advantages - mainly security, anonymity and speed - can convince traditional users to use crypto frequently. In consequence more stores, restaurants, clubs etc. will want to add the possibility of such payment. Although it's difficult to say when this will happen, one thing is certain: cryptocurrencies will not disappear from the market and with a large degree of probability it can be assumed that they will be the money of the future.
The blockchain technology will change the tech and IT sector in the coming years, much like the internet did in the 90s and early 2000s, "says John Zanni, CEO of Acronis. Technology based on blockchain has the potential to drive huge changes and grant new opportunities across industries
The central bank of Russia is skeptical about cryptocurrency acquisitions and does not support expanding access to the cryptocurrency market for Russian investors, the bank's deputy chairman told Prime business news agency this week.
Bitcoin (BTC) rewards company GoStats recently introduced a new cashback rewards card for customers in India mostly giving out a platform for wider mainstream adoption of digital assets in the world’s second-most heavily populated country.
Venmo a pay-pal owned payment firm has now introduced a new crypto ‘cash back’ attribute which has zero transactions on crypto purchases. Based on an announcement made on August. 10, Venmo’s new ‘cash back to crypto’ feature went live yesterday it lets credit card customers to spend their cashback rewards on digital assets held on the platform.
Are the beauty brands going to drive female adoption by accepting cryptocurrency payments and is there even a demand to pay with crypto other than stacking stats? Even though Bitcoin (BTC) is mentioned as a store value for many, many customers from across the globe might be thinking otherwise.
Many central banks around the world are considering their own digital currencies to start competing with cryptocurrencies such as bitcoin. Some countries have speeded up their work on this technology after Facebook announced its plans for the global digital currency Libra in June 2019, but only a few have taken real steps in this direction, while France has just successfully tested its CBDC central bank currency, the digital euro.
Shopify - Canadian e-commerce giant, which offer to easy create own online shop will accept crypto payments because it has signed a contract with the company that offers crypto payment processor - CoinPayments
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