The Emergence and Adoption of Cryptocurrency Payment You Should Know!
Cryptocurrency initially emerged in 2009 when the very first decentralized currency- Bitcoin was created. Since then its value is skyrocketing
The main aim behind cryptocurrency was to design a secure and anonymous means to transfer currency and since then it’s been heralded as “digital gold”. To nurture the anonymity, Satoshi Nakamoto (anonymous developer) developed a system; which came to be known as Blockchain- the digital ledger of Bitcoin transactions.
Since Bitcoin came into existence, there have been several cryptos that entered the market. Being available at a cheaper rate, they were considered a substitute of Bitcoin which was aptly named altcoins. Some popular alternatives are Ethereum (trading at £229.24), Litecoin (trading at £47.75), and Dogecoin (Random currency which recently had 100 million mined coins).
Let’s Get Deeper!
While 2017 experienced massive spikes in the value of cryptocurrencies, its value slumps down to extreme declined level. People who own substantial amounts of bitcoin are all moving for an investment rather than looking to utilize them as a new way to purchase things.
Nowadays, almost everything is available in cryptocurrency, in December 2013 a Tesla Model S was bought for 91.4 bitcoins, Starbucks are accepting cryptocurrency for food and drinks and also Ultimez are letting customers use the digital currencies from their web services.
There are a several benefits to allow customers to purchase with cryptocurrency. Let’s discuss some main reasons merchants should consider integrating cryptos to their payment method portfolio:
- Providing existing customers new means of paying
- Gain access to new customers who prefer using cryptos to buy goods/services
- Permit customers with a simple payment method (without any embarrassment of credit card statements)
- Reduces the costs that come with different payment methods- credit cards etc.
- Payments are retained indefinitely on blockchain ledger and are secured
- Help support the cryptocurrency revolution
What Crypto Needs?
The popularity of cryptocurrency as a substitute investment has brought strong networks with a large pool of traders who have digital coins to spend for retailers to kick-start taking the plunge. Cryptocurrency has attained some momentum, however most people yet aren’t ready to risk double-digit daily swings in value.
Let’s analyze some current reports on Bitcoins and Dash market cap value:
While analyzing Bitcoin and Dash, much fluctuations can be seen with respect to Volume and scaling.
Decentralization… Immediate payments… Little to negligible fraud…. If you know about cryptocurrencies, you probably are aware of the benefits of digital currencies which are not limited to these three, there are many more.
There are various factors which affects mass adoption of cryptocurrency which results in this fluctuations, let’s go through some facets:
The problems are a part of the reason why cryptos are not able to replace conventional currencies or credit cards.
Let’s consider the factors affecting mass adoption of cryptocurrencies:
1. Awareness/Education
Greater awareness with education about cryptocurrency surely enhances adoption and reduces situations where Keith said, people use it but don’t even know “how it works” or “what it is”.
2. Stability
Experts think unsure demand and fixed total supply remains the main cause of the price shifts. It is yet to be seen how this is curbed via the decentralized nature of cryptocurrencies.
3. Global events
November 2017- the State Bank of Vietnam prohibited the use of digital currencies for payments of products and services. September 2017- For China, the Wall Street Journal reports that they are shutting down Bitcoin exchanges.
However China remains the home to the largest community of Bitcoin miners.
Before concluding, outcome needs some research and you’ll realize that countries like Germany, Holland, Sweden, and Russia welcomes adoption of cryptocurrency activities and even some of them are trying to establish their own national cryptocurrency.
So it’s not all gloom and doom for cryptocurrencies.
The Main Concern- Cyber-Security
The level of security stays one of the biggest allures for those who are investing in cryptocurrency. Via blockchain, the virtual currency establishes a decentralized economy that guards the identity of the users.
If users remain anonymous, the hackers cannot target them based on the transactions they perform. Instead, if a hacker wishes to destroy or corrupt a blockchain, then they’ll have to affect the data hoard on individual user’s system, which is nearly impossible.
One of the setbacks of decentralized cryptocurrencies
Mark Frauenfelder wrote: “After the loss of his pin cost him nearly over $30,000 dollars’ worth of bitcoin”.
This explains that one should be aware and alert while using cryptocurrency in any sort of ways!
What are the Next Steps?
It’s hard to connect the dots looking forward; you can only connect them looking backwards. So you need to trust that the dots will somehow connect….
- Steve Jobs
Cryptocurrency is a hardly regulated space that survives on a collective user consensus of value. Whether the future will be Bitcoin, some amongst the existing cryptocurrency, or the one yet to come in existence, the reality is that the turbulent way of the crypto market is on the prompt track for a potentially wide transformation for innovation on a global scale.
Do Cryptocurrencies own the potential to enter the mainstream?
Cryptocurrencies are digital assets created to secure transactions by removing intermediaries from which they came to be known as the “currency of internet” and currently utilizes as payment processes. It’s very clear that they are already in the mainstream. For an instance, Bitcoin, Dash, ARK, NEO they are all cryptocurrencies that are currently being used as the digital payments.
Some Cryptocurrency Payment Gateways Of 2018:
1) TapJets
The Largest Private Jet Instant Booking Platform has started to accept Ethereum from its customers.
Official site visit here
Follow them on Twitter
2) Shopify
You can simply set up a personal online shop via other platforms like Etsy and eBay. In early 2013, Shopify stand out as one of the companies to accept bitcoin.
Official site visit here
Follow them on Twitter
3) Dish
Dish Network is an internet service as well as Satellite television provider that made its first payment of bitcoin in August 2014.
Official site visit here
Follow them on Twitter
4) Ultimez
UAE based company with branches in India has recently integrated cryptocurrency payment for their web services.
Official site visit here
Follow them on Twitter
This might get bigger and better; It seems we’ve only just hit the tip of the iceberg!
While we may not believe that cryptocurrency is widely utilized, just we are simply not noticing it in our daily lives. From purchases on Amazon to Starbucks, the digital coins are used like contactless cards or Apple Pay; it holds the power to soon become upcoming major payment method.
Very True!
Bitcoin has already shown the universe just how valuable cryptos can be and as the space begins to adopt them as a viable payment method, the chances for those with skills in development, design, or cyber security will surely come with increasingly high demand.
What the future looks like?
The philosophy of Digital currency is to cross and break all borders and barriers, at least in reference to finance and trade. Nearly a thousand coins are competing in the early stages of blockchain development.
The future can come with a single leader while others are rendered obsolete, or with 3–4 leading coins which will keep forth the entire payments, trading lending, and banking infrastructures globally.
Within the next few years, cryptocurrencies can also become famous enough for mainstream adoption of blockchain-based applications. It will come up being a new world, with a new light, in a new era.
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