Thoughts on the cryptocurrency development
There have been talks about how cryptocurrencies can change our lives and the tremendous opportunities, usefulness and wealth cryptocurrencies can bring to society. Over the years the market has come to see thousands of ICO’s, and Blockchain development platforms, which has made the markets much bigger.
Most individuals are still not very familiar with the use cases and benefits of cryptocurrencies. Most people use them today for cross boarder transactions or for speculation through buying and selling the cryptocurrency. But cryptocurrencies have a much bigger role and impact than this in the global economy.
The need to use cryptocurrencies for daily payments as fiat currencies is becoming a recognized value and requirement. It is becoming globally adopted based on accepting the currency as payment. There are a few online and offline companies that accept crypto’s for payments and transfer, but it is still not in the mainstream as of yet.
Personally, I have tried using cryptocurrencies like Bitcoin to pay for a drink, but most will reject it, based on bad judgment or perception of the technology. So I would have to switch to a different payment method or just leave the purchase altogether.
This is frustrating to some users of cryptocurrencies who would like to see crypto gain real currency status. Once big businesses start accepting payments in cryptocurrencies then this will be a ginormous boost for the global economic markets.
How to push the technology forward
To get cryptocurrencies to vendors, merchants and users alike, they need to know the benefits of implementing this technology into their daily activities. In many cases, the perceived notion of these digital currencies can bring hesitation. There are currently a few downsides in accepting cryptocurrencies as payment, this can discourage big businesses from making the transition.
Depending on the kind of cryptocurrency you are using, transitions can take up to as much as an hour to complete. This could be a problem depending on where and when the businesses would like the transaction to occur or finalize. If you are paying for a cup of coffee, the customer would like that transaction to be processed as soon as possible.
Another one is the volatility factor of cryptocurrencies today, cryptocurrency markets have extreme volatility and can swing wildly from one minute to the next. However, this makes it great for trading in the markets but not for day-to-day payments, which builds up speculation. So, this makes it an issue for businesses that want a steady and reliable revenue.
Digital currencies being used by big corporations
There is a Blockchain startup by the name of T.OS, that have come up with a solution to the speed and volatility of cryptos. T.OS is focused on bringing cryptocurrency payment options to big businesses offline, in order to test the technology for themselves.
The organization has built two different crypto tokens, by the name TOSC, that can be purchased on online exchanges. As is designed to complete transactions quickly. TOSC is built on a public(open) Blockchain, which makes it susceptible to high-value swings. They solve this issue by allowing users to trade their TOSC in for TOSP, which is the second crypto of the platform and can be done on online exchanges.
The TOSP was built using a private blockchain and holds a fixed supply, that is pegged to a specific fiat currency. This makes 1 TOSP worth 1USD or 1 EURO globally. This way merchants can accept the cryptocurrency without losing the proposed fiat value.
Another Blockchain startup that has been trying to do this is Zeex a decentralized cryptocurrency shopping app(or Dapp), where users will be able to purchase discounted gift cards and vouchers through the use of cryptocurrencies. Zeex has already established partnerships with brands like Starbucks, H&M, Adidas and more. Projects like this are some of the best for bringing payment solutions to merchants. So buying a cup of coffee with your Bitcoin, Litecoin, Dash or any other cryptocurrency will become easier as the usage continues to increase.
What is your opinion on the ability to use crypto on a daily bases to pay for products and services? Please feel free to leave a comment down below.
