Mass-adoption of Crypto: Bringing Innovations to Something Familiar

It can be tempting to focus solely on the price of a cryptocurrency or better yet, its market capitalization, when we try to fundamentally assess the value of cryptocurrencies. The goal of cryptocurrencies is to provide a decentralized alternative to current forms of money, and a core part in making that happen is to achieve mainstream adoption. This entails the widespread use of cryptocurrencies as a medium of exchange for common goods and services. It could therefore be established that retail adoption is the main driver for mainstream acceptance.

 

Though Bitcoin and other coins may have fallen in value since the start of 2018, retailers are increasingly accepting Bitcoin – and other cryptocurrencies – as a payment method. After all, cryptocurrencies were created to be a more decentralized and efficient form of money.

 

The first retailers to accept Bitcoin as a payment method were Overstock, a major e-store for electronics. They have recently added over 40 altcoins to their roster of options. Electronics and computing retailer Newegg were quick to follow, as they introduced Bitcoin payment methods in 2014. Other established giants that accept cryptocurrency include Amazon, Microsoft, Apple, Expedia and Cheap Air.

 

Pearsville is one of the latest to adopt crypto currency(bitcoin and ethereum) as a method of payment. When the general public are concerned, one of the main limitations stopping them from discovering Bitcoin as a valuable commodity is the inability to conveniently spend it on everyday goods and services. Payments with crypto currency is simple and fast when compared with fiat payments giving way for hassle free payment options and greater liquidity for crypto traders.


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