Crypto Is Everywhere But We’re Still Not There Yet
Adoption is gradually increasing, but the volatility of the crypto market creates a stressful environment for big and small businesses alike. While their profits from sales could grow thanks to accepting cryptocurrency, they could also plummet. It is risky business, to say the least, and this is probably one of the main forces holding crypto adoption back.
Many know Bitcoin was launched in 2009, but only a few truly realize the hardship and history it took to get to an all-time high of $68,789.63. We have seen significant growth in these last thirteen years, but we still have a long way to go.
Merchants in countries across Central and South America are leading the way by means of accepting crypto for goods and services. It’s only a matter of time before (more) European counterparts follow suit and incorporate digital payments into their payment options.
More Than 36,000 Bitcoin ATMs Worldwide
There is some good news though, Bitcoin and other cryptocurrencies are still holding their own in the financial industry with more than 36,000 Bitcoin ATMs worldwide. This is incredible in comparison to only 12,000 in 2021. There is clearly a demand for cryptocurrency, whether it be for conversions or otherwise.
Obviously, as a digital currency, it is most likely going to be used within digital landscapes, but these numbers bring hope forward. You may not be able to buy your cappuccino with your BTC yet, but you can withdraw your Bitcoin into cash, which is accepted everywhere. If you are a citizen of El Salvador then you are in luck.
El Salvador Makes Bitcoin Legal Tender
El Salvador made cryptocurrency history in September 2021 when it officially announced it would be accepting BTC as legal tender. Since then, the Central African Republic became the second country to accept BTC as legal tender. Both these countries see Bitcoin and cryptocurrencies as a means to provide their citizens with a better economic climate.
El Salvador has gone above and beyond to show its crypto support as the president publically tweets about how much BTC they have bought. The country currently hodls over 2,300 BTC. There’s more, El Salvador is also creating a Bitcoin City which would be powered by volcanic geothermal energy which would make them a crypto miners’ dream.
Cryptocurrency Vs Fiat Currencies
There are many reasons why cryptocurrency adoption is rising, the main being its benefits over traditional banking. One of the initial goals of Bitcoin was to avoid intermediaries and third-party applications, and this is what crypto does. DeFi, or decentralized finance, is exploding and ready to make life, and investing, easier for your everyday person.
Merging the best of both worlds, stablecoins have become an integral part in the crypto adoption movement. With several stablecoin options on the market, these coins are pegged to an underlying fiat currency, which the company issuing the coin is required to hold in reserves on a 1:1 basis.
USD Coin, for example, is pegged to the US dollar and the company operating the coin holds one US dollar for every USDC coin in circulation. These coins have enabled individuals and businesses around the world to harness the benefits of digital currencies and blockchain technology without having to deal with volatility.
Companies That Accept Cryptocurrency
All these benefits, and more, are the reason so many are turning to cryptocurrency for their payments. These benefits have even inspired many other companies to explore the possibilities of blockchain technology. Even payment processors such as Venmo and PayPal have found ways to integrate cryptocurrencies, showing how the traditional banking systems are waking up to the innovation these digital currencies provide.
If you want to spend your crypto, there are a variety of companies that will accept your payment.
You can use crypto when paying for goods or services from Starbucks, Etsy, Microsoft, Twitch, Burger King, KFC, Virgin Galactic, Express VPN, and more. After 13 years, we finally are seeing companies, countries, and people embracing blockchain technology.
This is just the beginning of cryptocurrency adoption, we are merely at the forefront of the future. It may take some time, but one day Bitcoin and other cryptocurrencies will lead the financial industry into freedom and provide people with a better means of transacting.
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