The modern advancement of technology has given online interactions more time in the spotlight over the past decade. After the occurrence of the pandemic, people became more reliant on digital banking and commerce. With its growing influence, cryptocurrencies now have 300 million users worldwide, according to Triple A. More businesses are now accommodating cryptocurrency as payment, and others are considering doing so as well. This is a result of the rapid growth of the global ecommerce economy, which experts believe will reach $4 trillion in market value by the end of this year.
It simply makes shopping more convenient
Now that more consumers and businesses have switched from traditional to digital, ownership of cryptocurrency makes online transactions more effortless.
Paypal for example, as a pioneer in digital transaction, has made it accessible for people to make transactions with cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Visa and Mastercard, the two largest payment platforms, are now endorsing transactions using cryptocurrencies.
Visa has already started this transition to being blockchain-based by launching the Fintech Fast Track Program, releasing the Coinbase debit card and allowing the transactions with USDC stablecoins on the Ethereum blockchain. Mastercard will follow this development and will soon facilitate cryptocurrency by releasing a credit card in partnership with Gemini in the summer of 2021.
Now that more merchants are willing to accept select cryptocurrencies as payment, people are becoming more interested in acquiring them. According to an article by The Boston Globe, more adults are using cryptocurrencies and using it as an investment tool.
The incorruptible nature of blockchain makes transactions more transparent
Crypto mortgage is now possible because of blockchain’s transparency. Most blockchains being an open-source software allows a transparent trading system with its users. This system acts as a public ledger for every financial transaction you’ve done. The transparency that comes with using crypto also makes crowdfunding easier. Blockchain wallets are mostly open to the public which allows all parties to see the amount of donations that have come in. The transparency of these platforms is beneficial for multiple party financial transactions, like handling employee payrolls, and will likely continue to be used more in the future.
Mortgage lenders are now considering cryptocurrency profits as long as you can prove that there’s no evidence of money laundering on your part. Some lenders are still subjective when it comes to lending with deposits from cryptocurrency, so finding a mortgage broker will make it easier to find a lender that could accept your cryptocurrency profits as a deposit for a mortgage.
The acceptance of cryptocurrency as a legitimate form of payment opens new opportunities for it to be used in transactions other than digital exchanges. The transition of different businesses and payment networks to accepting cryptocurrencies will soon change the way it is perceived and become mainstream in the payment industry.
There are many arguments for and against crypto. But one thing we can be certain of is that it’s here to stay. It may take a while for it to cement its place in modern commerce, but it’s practically guaranteed to stick around. So it may be in everyone's best interest to get to know cryptocurrency a little better.
