Why are Cryptos So Popular?
Cryptocurrency is going more mainstream than we think and seems to be here to stay. So it makes sense that plenty of many companies are starting to adopt the use of crypto as payment for goods and services. Cryptocurrencies becoming more popular is an important trend as there are countless investment opportunities and money moves much more quickly.
Many pundits are warning potential investors to exercise caution before entering this market, sharing their concerns that the cryptocurrency market is just a bubble waiting to burst. Despite this advice, governments, traditional banks, financial regulators, as well as both commercial and hobby investors, are increasingly investigating how they can participate in the market. Adopting the technology is only a matter of time. And we start to see how cryptos is a topic a vast majority talks about. Below you read why this is the case.
First reason why cryptocurrency is becoming mainstream in our daily lifestyle is that now you can pay with digital currency instead of paying with cash. There are platforms which offer fast transactions for various services and more and more online and offline market places are embracing it too.
Expedia – One of the largest travel booking sites in the world teamed up with Coinbase in 2014 to offer hotel bookings in Bitcoin. They plan to offer bookings for flights and car rentals as well. Imagine your holiday can be sorted out using your tokens. And there’s an even better solution coming up!
Dish Network – This popular American telecommunication provider offers customers the option to pay for satellite TV and internet with Bitcoin given one has a Coinbase account. And as you probably know, Fashion TV will be implementing PumaPay as a payment method soon.
Microsoft – Customers can buy content via Xbox or Windows Store. It makes sense Microsoft accepts Bitcoin since they were early adopters of this new technology.
Starbucks – In a partnership with iPayYou, a method Bitcoin users can use to make purchases, to have their method of payment work through the coffee shop’s application. Starbucks’ application allows them to buy a number of things off of their menu.
Some restaurants – Papa Johns accepted Bitcoin once. So did a Pennsylvania Subway. So did a Burger King in the Netherlands. And the number is increasing.
Small businesses and internet-based business across the world – For a while, it was common to accept Bitcoin in small businesses like coffee shops. Today Bitcoin fees can be high, and it often doesn’t make sense to accept Bitcoin. Still, some independently run small business whose owners use Bitcoin are likely to accept it as payment. Likewise, it is not uncommon for internet-based services, like premium online groups, to accept Bitcoin.
It is worth pointing out that Bitcoin is a great proof of concept that cryptocurrencies can work, however, Bitcoin payments lack flexibility and come with major drawbacks. PumaPay intends to solve these issues with its PullPayment protocol.
Second reason why cryptos are so popular is that, for good and bad, ICOs have been a hot topic throughout 2017 and continuing 2018. The potential for return is both unbeatable and undeniable, with a 2017 report detailing a mind-bending return of 1,320% on average. The year of 2017 has seen unimaginable success for a number of ICOs, with several raking in hundreds of millions of dollars in a matter of days or few weeks. As ICOs rapidly become the number one smart choice for any new company looking to raise funds, the growth of cryptocurrencies is inevitable as they become cemented into the fabric of the global economy. Everyone wants to be part of an ICO project as quirky ideas are becoming real with no real bureaucratic and legislation headaches.
Third reason is that despite the headline grabbing hacks on digital wallets, blockchain – the technology that underpins cryptocurrencies – is inherently secure. The platform contains decentralized ledgers of all transactions which cannot be altered or deleted. This means that theft or fraud is insurmountable, in part, because they are encrypted but also because of their distributed nature, whereby many copies of each blockchain are distributed throughout a peer to peer network. In contrast, traditional banking systems, which are often based on vulnerability-ridden legacy technology, have always been a prime target for the cybercriminal underworld. Thus, if you keep you crypto wallets safe and don’t fall for scammers (see cybersecurity series) you are enjoying the perks of this innovative technology.
Fourth reason is that people all over the world, irrespective of their professional background are joining the crypto world in various ways – from buying digital currencies to attending events or getting involved with the crypto markets.
Finally, not every new crypto coin on the block is legitimate and there is no denying that cryptocurrency is in its early days. Yet, it took decades for the internet to be adopted, and we are still on a continuous journey of realizing its seemingly limitless potential. A year ago, very few people could imagine Bitcoin’s growth during 2017. What 2018 will bring is unknown. However, increased interest from regulators coupled with mainstream financial brands incorporating blockchain technology into their daily business operations, can signal that change is on the way, with virtual currencies on the edge of moving from the niche to the mainstream.
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