Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Bitcoin Usage is Increasing Among Merchants

Is Bitcoin usage increasing among merchants worldwide at last? The question is right now more important than ever before because it’s more than 11 years since the launch of bitcoin in January 2009.

So, what’s happening in the ground, and what’s the future of cryptocurrency based on the merchant adoption rate in the real world? Let’s have a look here in this brief article as we are going to dig deeper to find out what’s lying in the future for the cryptocurrencies.

The clear signal: big financial giants are entering into the market

It seems that institutional financial giants, including, Goldman Sachs, Fidelity, TD Ameritrade, and many more are gradually entering the crypto space as we are seeing for the last one or two years.

The reason this is significant because just a few years ago there used to be a time when such mainstream financial giants would turn their nose up to cryptocurrency, but now all of a sudden it seems like there's a mad rush not to get left behind.

From the perspective of crypto investors, there's a lot of reason to think that big institutional money is going to enter the market, and when they enter the market, that will actually signal to the general public that now it's fine for the people to start investing. And that clearly translates into the numbers as we can see the whole market surpassing its previous year's all-time highs.

Now we can safely say that these are really exciting times to be involved with cryptocurrency because we're seeing all these institutional infrastructures being put in place.

Change of mindset is crucial: cryptocurrency is not an asset, but a mere tool of transaction

But bitcoin or cryptocurrency is not all about investment. The problem is, the crypto market is primarily dominated by the investors, not the enthusiasts. Of course, there’s a lot of people who really want to see crypto to be an alternative to the conventional currency and a realistic tool of transaction in the near future, but they are just a very few. From an enthusiast standpoint, or for the cryptocurrency to be a viable option for day-to-day transactions, we must look beyond the investment opportunities.

Cryptocurrency has the potential to improve and reshape society just as the internet did back in those days, but that is where we run into a roadblock. Because it seems most people involved in cryptocurrency at the moment, think of crypto as an investment and nobody wants to really spend it. People are very hesitant to use bitcoin for everyday transactions, like paying for a pizza or ordering an Uber ride, because, to them, bitcoin is like a deposit account.

For a lot of people, their crypto holdings are like blue-chip stocks, like an Apple stock or a Tesla stock, and nobody is going to pay for the food or settle a debt using an Apple stock, right? The plan for all of us is to have our assets grow in value, but at the same time, they are not going to grow if the widespread adoption doesn't happen.

Now, as we are seeing quite a few news of the mainstream institutions, large fintech, and other technology leaders are coming in the cryptocurrency and blockchain technology sector – let us discuss a few of them to understand their goal in this particular space and how bitcoin or cryptocurrency, in general, will be benefitted by the same.

1. Samsung cryptocurrency wallet: Samsung is reportedly going to include an in-built crypto wallet in its next flagships of galaxy note lineup with free coins inside, and that’s something huge we must say as this is the first time world’s largest smartphone brand is going to adopt crypto if rumors to be believed. However, Samsung is not bringing its own cryptocurrency – as per the sources, it will be KLAY, a cryptocurrency issued by another internet tech giant of South Africa, Kakao Corp., which is the developer of the popular messaging platform, “Kakao talk.”

2. Popular messaging platform LINE is getting a crypto exchange license in Japan: LVC Corp., which is a subsidiary of the popular messaging app LINE, is going to get a green signal from the Japanese government to start its crypto exchange soonest. They are working in the blockchain technology for the last few years, and it seems now they are officially stepping their first foot in the market. This is exciting news in the context of the fact that Japan banned cryptocurrencies in June 2019.

3. PricewaterhouseCoopers Luxembоurg started accepting bitcoin: PricewaterhouseCoopers’ Luxembourg subsidiary started to accept bitcoin as a payment method from October 2019. In the press release, they said that they decided to accept cryptocurrency for the convenience of their esteemed clients as they observed that the popularity of the bitcoin has grown exponentially in the last few years. They further mentioned that they are committed to the demand of their client base and the urban cryptocurrency culture overall.

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Jeudi 13 Février 2020

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