Similar to 2017 and the popular Cryptocurrency Bull Run, the past year caused a stir, especially in the world of Crypto and Bitcoin (BTC). The year of the pandemic has been exciting for cryptocurrency enthusiasts and believers, from new highs to various rounds of news and attention from mainstream finance.
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One conversation that might stand out in the excitement is the increasing activity of institutional investors in the crypto space. Companies, financial advisors, and institutions that mocked Bitcoin five years ago or during the Silk Road saga are now at the forefront of crypto investing. Notable financial giants like JPMorgan and Goldman Sachs have given up their previous stance and are now ready to bet on the future of digital currencies. With a market cap of over $ 600 billion, Bitcoin is rapidly rising ahead of gold as a popular choice for hedging against inflation.
Remember, Bitcoin wasn’t just another asset suggested as a hedge against inflation in Satoshi’s original Bitcoins White Paper. However, the whole idea of Bitcoin came from the failed financial institutions and third parties and a possible solution that would be effective in daily life.
Of course, the popularization of Bitcoin as an asset has become inevitable as every institutional investor and the big finance cannons flow into Bitcoin investments. However, here are some of the ideal, real-world applications that could challenge failing fiat currencies and propel Bitcoin into the mainstream.
In the past, Bitcoin was mainly viewed as a means of evading the government and engaging in illegal activities. However, the adoption of crypto has continued to increase tremendously, and many more companies are now open to accepting Bitcoin or other cryptocurrencies as a means of payment for goods or services.
With BitPay as a payment processor, Microsoft was one of the first technology companies to accept Bitcoin in 2014 to buy digital goods. In October 2020, the popular American payment company PayPal announced that it would enable cryptocurrency as a source of funding for purchases in 2021. With various fiat payment traders now recognizing Bitcoin, there is a growing likelihood that Bitcoin will soon be used by everyone in every corner of the world.
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Cross-border transactions and travel
If lessons are learned from the past year and the devastating global pandemic, the need for digitization is growing. While there are multiple ways to send and receive money around the world, cryptocurrencies are quickly becoming a preferred option. In addition to the fact that cryptocurrency is a global currency, factors like speed, convenience, and lower transaction fees make Bitcoin a popular option for cross-border transactions.
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Many countries that once banned Bitcoin are now open to it, and the mainstream media has been more than receptive in recent months. Some companies already offer travel packages that allow tourists and travelers to book flights, hotels and transport with cryptocurrency. Over time, the many drawbacks of the forex market can make traveling with crypto over local or fiat currencies popular.
To be honest, the goal was never to phase out local currencies, but rather to create a world where Bitcoin is as relevant as any fiat currency. Bitcoin ATMs are without a doubt a huge part of this goal. They essentially allow anyone to buy Bitcoin using a credit card. Some Bitcoin ATMs also allow you to sell Bitcoin for cash.
The number of Bitcoin ATMs worldwide is more than 13,000 in 71 countries. While these ATMs still have a long way to go, there is an increasing trend every year. An average of one ATM is added every hour. Without a doubt, Bitcoin ATMs are an important part of the crypto revolution and are only getting better in operation.
While cryptocurrencies are fast becoming part of our digitized world, the underlying blockchain technology has also played a crucial role in revolutionizing many industries. Supply chains, healthcare, and the food and auto industries have benefited tremendously from this revolution over the past 10 years.
This article does not contain any investment recommendations or recommendations. Every step of investing and trading involves risk, and readers should conduct their own research in making their decision.
The views, thoughts, and opinions expressed here are the sole rights of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Andrey Sergeenkov is an independent researcher, analyst, and author in the cryptocurrency niche. As a firm advocate of blockchain technology and a decentralized world, he believes the world calls for such decentralization in government, society and business.