Over the past couple of years, Cryptocurrency has gained momentum – from digital novelties to trillion-dollar technology. Cryptocurrency in technology has the potential to distort the global financial system. Buying and selling Cryptocurrency is now in the mainstream. Hundreds of cryptocurrencies like Bitcoin are held at investments, software, real estate, and illegal drug handling.
However, the opportunities to expand virtual currency are somewhat limited due to its volatility. Today, many companies, ranging from big tech companies to airlines, are embracing Cryptocurrency. They are being used as official payment methods by customers for purchasing goods and services.
Cryptocurrency At A Glance!
Cryptocurrency, by definition, is a digital currency exchanged between individuals for buying and selling goods and services – independent of third-party access, like banks. It allows consumers to connect digitally through the direct, transparent process – showing the monetary amount. However, the identity of the individuals remains hidden in the process.
The network comprises a chain of computers to approve cryptocurrency exchange and prevent duplication of the said transaction. Each transaction is confirmed through blockchain, a digital public ledger, and the mining process. Hence, this transaction type can reduce fraudulent potentials.
Cryptocurrency is somewhat similar to a global payment system like PayPal. The only difference here is that it’s not traditional money. Trade-in cryptocurrency is booming today. It involves speculating different cryptocurrency price movements through a CFD trading account. It may also be carried out via exchange – buying or selling underlying coins.
Cryptocurrency And Its Importance In The Modern Tech World
The emergence of Bitcoin in 2009 has skyrocketed its value in recent years. As of 2021, the price of Bitcoin rose to 60,000 dollars for the first time. The popularity of Cryptocurrency stems from the notion that it can be transferred relatively quickly with anonymous identities. These transactions may even move across borders without banks blocking the transaction or charging a fee.
Many companies initiate different blockchain projects to assess the feasibility of technological integration into their business. As a result, several factors have put Cryptocurrency in technology in the spotlight.
Mainstream Adoption Is Unparalleled
Today, cryptocurrency startups do everything possible to make the most out of this technology. The focus is on driving consumer awareness and the adoption of Cryptocurrency.
Having mainstream cryptocurrency adoption and awareness is imperative to industrial growth. Cryptocurrency experts may attest to this technology while companies and businesses utilize it to showcase their collectibles and earnings.
Volatile Price Point
Regardless of the price hikes or downsizes in Cryptocurrency, investors must be focused on making profits. The advantage is that adopting Cryptocurrency on a large scale may stabilize its prices. Therefore, the issue of price volatility may stabilize over time.
Several institutions are in charge of cryptocurrency regulations. They are undertaking several measures to develop guidelines and laws to make Cryptocurrency safe and fraud-free. These regulations may vary from one country to another, involving many crypto players.
For instance, cryptocurrency users may need to report their transaction if it exceeds a set limit. It is a necessary step to curb down any tax evasion. This, in turn, helps to minimize scam and fraudulent cases, making the cryptocurrency market a better place.
Looking Beyond Cryptocurrencies
More individuals and investors are looking beyond Bitcoin cryptocurrency. For instance, Litecoin, Monero, Ethereum, and Ripple. However, it may take some time to become acquainted with since they are accustomed to using banking transactions.
Websites And Services Accept Cryptocurrency As Their Mode Of Payment
Listed below are some of the biggest and most popular companies accepting Cryptocurrency for payments.
One of the largest software companies, accepting Bitcoin cryptocurrency payments from users. Bitcoin is usable for an array of services like Skype and Xbox Live. It can be redeemed for credit to top up user accounts. Microsoft has taken its interest in Cryptocurrency further by utilizing the blockchain mechanism.
This digital public ledger has been used to launch ION. It is an established two-layered authentication platform on the cryptocurrency network, Bitcoin. It has been in effect since late March of 2021. This technology is capable of creating digital IDs for authenticating online identities.
The CEO of Tesla, Elon Musk, has had a roller-coaster relationship with Cryptocurrency, Bitcoin. As of early 2021, the company announced the acceptance of Bitcoin payments for vehicles purchased in the U.S. However, Tesla has held Bitcoin transactions until 50 percent or more tokens are mined using renewable technology.
Starbucks has made it effective for users who may want to pay through crypto payment apps with converted Bitcoin in an extensive trial. Now, the Bakkt app could pay for drinks and goods at the coffee chain. The app creators mentioned around 500,000 to have taken the invitation-only early access program. It was done to test digital payment as a mode of payment.
It is a Latvian airline and the first aviation company to have indulged in the world of Cryptocurrency. It has been accepting Bitcoin payments for fares since 2014. Since its launch years ago, over 100 transactions have been processed.
Amatil is a giant bottler and distributor in Asia-Pacific, enabling cryptocurrency payment methods. Coca-Cola has partnered with the Centrepay platform. Around 2000 vending machines in New Zealand are gearing up to accept cryptocurrencies to pay for drinks.
Besides companies, crypto trading apps are in high demand today. Some of the famous crypto applications are mentioned below.
It is an auto trading crypto app offering customized bots to work on its users. Sign up for free and connect Pionex to the exchange. Common crypto exchange apps for trading are Public, Gemini, Interactive Brokers, Voyager.
It is a hybrid wallet offering software access to store coins. Link it with a crypto wallet like Trezor wallet to earn interest on stored coins. Ledger Wallet and ZenGo are other typical cryptocurrency wallet applications.
Future of Cryptocurrency
It may not be easy to comment on the future of cryptocurrency technology. However, Bitcoin’s popularity may be a triumphant indication of a bright future of the cryptocurrency market. Since July 2015, Cryptocurrency via Bitcoin has recorded phenomenal growth. Besides, Initial Coin Offerings or ICOs helped generate interest in the cryptocurrency market.
Today Cryptocurrency can be used as a source of capital in startups and companies. ICOs are capable of securing immediate and surpassing geographical boundaries. It can make the cryptocurrency model keep pace with today’s digital world and be a driving force for innovation.