Cryptocurrency: The New Gold, The New Internet, and The New Payment
Cryptocurrency is the new gold or the new internet. Whatever it might soon become the new necessity. How does it sound to carry cryptocurrency in your digital wallet – all-time?
The world is already talking about cryptocurrency and using it to make payments. Is it like cryptocurrency accelerating the payments or creating a new way of handling money? It probably does both. Companies such as Tesla, JPMorgan, PayPal, etc., have started to accept Bitcoins and other cryptocurrencies for their payments.
However, Bitcoin has high volatility and so other cryptocurrencies. They are pretty not stable in value. In the last few years, Bitcoin has come a long way, and it was considered to be a store of value. But today, it is becoming a form of payment. This eventually is promoting the crypto world.
When Elon Musk announced that he would accept Bitcoins as a payment method for Tesla, it hit an all-time high in terms of price. However, he revoked his decision due to the hazardous impact on the environment of Bitcoin’s mining. Well, he is still contemplating on his decision if Bitcoin will move around sustainability concerns.
The tech giant Microsoft is encouraging payments in Bitcoin. As a result, users can redeem Bitcoin as credit, which can be used for various services such as Skype, Xbox, Live, OneDrive, Microsoft 365, etc.
While PayPal’s initiative to encourage the easy purchase of Bitcoin and accept crypto payments was a significant move, users can also hold and buy Ethereum and other assets in PayPal’s wallet. Furthermore, the company, along with other investors such as Bessemer, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google, has invested in TRM Labs, leading a US$14 Million Series A funding round. TRM Labs is a cryptocurrency compliance and risk management firm that helps financial institutions make a safe transition to a new financial system for the digital age.
Other companies such as Starbucks, Burger King, etc., are also accepting Bitcoins and other cryptocurrencies as payment modes. Taco Bell, KFC, Pizza Hut are a few others from the food industry that are embracing cryptocurrencies as part of their payment. In partnership with Centrepay, Coca-Cola is also accepting crypto-driven payments.
On the other hand, Amazon’s live-streaming platform, Twitch, also allows users to play by paying in Bitcoins and other cryptocurrencies. Also, Twitch’s in-game currency, Bits can be used to buy subscriptions to multiple streamers.
Now the travel industry is also trying to adopt cryptocurrencies. Flight companies, vacation service providers, travel companies are readily accepting payments in crypto, which is really fascinating. Other than these, beauty brands such as Lush will accept crypto payments on websites. Rakuten, a Japanese eCommerce company, is accepting payments in cryptocurrency like Bitcoin.
There is this big welcome for cryptocurrency. Most industries are trying to adopt and integrate cryptocurrencies into their payment methods. Sooner, a crypto-driven economy might be witnessed. Payments, exchanges, and other online transactions can definitely expect crypto-based developments.
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