Crypto as a Payment Method: Will crypto mass adoption happen? - Chainpals
Hi, I’m Chris, and welcome back to the Chainpals channel….Now there’s been a lot of buzz around whether or not we’re going to be seeing crypto as the norm in 2022 and beyond.
And before we even get started, we need to take into consideration that in 2017 cash was still king for the majority of Americans, even though plastic money was also widely used…And the reason why I want to mention that, as somebody that literally never carries cash, I was shocked to find that even today, cash is still a prominate payment method, which makes me wonder, after years of plastic money being in existence, cash has yet to become extinct….So right off the bat, could we really expect that people are soon going to be buying their big macs with crypto?
Well, many banks are still testing the waters with respect to virtual currencies—and many are hesitant to dive in too deep.
For instance, Jamie Dimon, chief executive, and president of JPMorgan Chase & Co., has publicly aired his concerns about bitcoin and digital currencies.
______________________________________
It might be hard to believe, but crypto is over a decade old!
That’s right, it all started back in 2009 when the most famous cryptocurrency was founded…Bitcoin, with a value of just $0.08!
From there we had the crypto boom in 2017 which saw the likes of bitcoin jump up to $20,000…but of course, as we all know, what goes up must come down, and down it did at the beginning of 2018 losing approximately 84% of it’s value. However, In April 2021, Bitcoin was the talk of the investing world as it roared past an astonishing $64,000 for a single coin.
Also in 2021 in which we see crypto payments becoming legal tender in El Salvador, making the once poor and poverty-ridden country a tourist hotspot for crypto enthusiasts!
______________________________________
However, There are positive indications, that virtual currencies are taking root. For instance, Burger King recently announced it would test WhopperCoin on a distributed ledger platform. Now, It doesn’t get more mainstream than fast-food burger chains!
And going back to what I mentioned at the start of this video…In September 2021, the country El Salvador made Bitcoin Legal tender by creating a government backed digital wallet which allows shoppers to send bitcoin and merchants to receive it for goods such as, shoes, bananas, rugs and well….anything!
This was a major deal, and for a while helped increase the tourism, however, after just 6months people started to drop off from the idea of digital currencies. You see, the lack of supported Bitcoin ATM machines in the country was a problem for those who wanted to withdraw their digital money into physical money…
Technical glitches saw merchants lose money and not receive transactions, plus the fluctuation of bitcoin was so huge that by the time funds had hit the merchants wallet from the shopper they had already lose money.
Indeed, industry watchers expect to see more adoption of virtual currencies over time, especially as digital currencies become more widely used outside the United States.
Companies like TenX and Monaco card that provide users with a physical cards to spend cryptocurrencies in the real world are already trying to bridge the gap between digital and fiat currencies, and honestly, I think we can expect many more companies to join this adventure in the near future.
So, will crypto be the new norm…I can’t see it happening anytime soon, but eventually yes, I believe it will. Whether it will be Bitcoin still leading the way at that point, time will only tell.
But let us know what you thing in the comments below…Are you already using crypto as a payment method? When do you think mass adoption will happen?
_______________________________________
If you enjoy this video, Please like, and share it.
Don't forget to subscribe.
press the bell 🔔 for updates.
Share your opinion in the comments.
🔶 Subscribe now! https://bit.ly/Chainpals
_____________________________________
✔️STAY CONNECTED WITH SOCIAL MEDIA:
🔵Instagram: / chainpals.io
🔵Telegram: https://t.me/chainpals
🔵Twitter: / chainpals_
🔵Discord: / discord
📧For General Inquiries:
►[email protected]
_____________________________________
📺 Watch More Videos:
🎬Best Escrow Service for Cryptocurrency
👉 • Chainpals - Best Escrow Service for C...
🎬Ukraine Crypto News & Business
👉 • Chainpals - Ukraine Crypto News & Bus...
🎬Top 5 Crypto Scams
👉 • Top 5 Crypto Scams & How to Identify ...
🎬Chainpals Referral Program
👉 • Chainpals Referral Program | Earn Mon...
🎬What is Chainpals?
👉 • What is Chainpals? - How do Chainpals...
_____________________________________
Thank you for watching this video, click the "SUBSCRIBE" button to stay connected.
🔶 Subscription Link: https://bit.ly/Chainpals
🔎RELEVANT HASHTAGS:
#Chainplas #CryptoPayments #CryptocurrencyAdoption
#PaymentMethod #CryptoAdoption #CryptoPayment
#PaymentGateway #EscrowPaymentMethod #CryptoTransfer
Смотрите видео Crypto as a Payment Method: Will crypto mass adoption happen? - Chainpals онлайн без регистрации, длительностью часов минут секунд в хорошем качестве. Это видео добавил пользователь Chainpals 02 Май 2022, не забудьте поделиться им ссылкой с друзьями и знакомыми, на нашем сайте его посмотрели 40 раз и оно понравилось 2 людям.