While crypto exchanges such as Rubix: The Social Exchange and its accompanying crypto coins may still be new and not as prominent as gold, it is slowly but surely gaining traction and be become a standard way of doing business in the next few years.
Due to certain economic uncertainties, it will increase in popularity. What needs to happen is to make it easier for massive scale adoption, which requires to include protecting and safeguarding the interest of investors and buyers. In the foreseeable future, people would confidently shove their monies under this virtual mattress and know that wherever they go, they will have access to their money.
Without a doubt, the inventor, Satoshi Nakamoto, didn’t in his wildest dreams imagine how much traction cryptocurrencies would gain over the years. He made numerous attempts to set up a digital cash system that would attract a vast amount of users. At times it feels like it is some kind of a religion in the way it provoked fascination and enthusiasm amongst individuals the world over.
What especially comes to mind is the estimation that mobile payments is expected to hit the $142 million mark by the end of 2019. For what reason are digital payments so popular?
Due to the following features, it presents its user with:
- Peer-to-peer – The type of transfer that occurs when one person makes a payment to another person through using a mobile device. The device would either utilize a preloaded app or a browser-based app to initiate the transaction, authenticate, or transfer the funds.
- In-person – Purchases, which are initiated by using a mobile device where the buyer and seller are in-person, usually while at a brick-and-mortar retail location so they may have the product or service delivered to them immediately.
- Remote – These payments are carried out once a buyer makes a purchase through using a mobile device without being physically present with the seller, while the goods would not immediately be made available as is the case with eCommerce.
Cryptocurrencies are seen as digital gold, which is safe from any political influence. It is considered as money that would both preserve and increase its value over time. Also, it is a comfortable and much quicker way of making the payment that is anonymous and private enough to serve as a payment method for black markets or any other outlawed economic activity.
Even though crypto coins are used to effect payment, it gave birth to an incredibly fast-growing market for speculators and investors. Exchanges such as shapeshift, poloniex, or Okcoin makes it possible to trade in hundreds of different cryptocurrencies to the extent that it exceeds major European stock exchanges.
What is more, because of ICOs that are facilitated by Ethereum, it made it possible for various crowdfunding projects to succeed with their idea of collecting millions of dollars for a specific cause.
Known to be among the more popular cryptocurrencies would be Bitcoin. This is for the mere reason that it turns out to be the first to serve a certain digital gold standard within the entire cryptocurrency sphere. Many use it as a global means of making payments. They call it the de-facto currency. Did you know that its transaction volume shot through the roof to over 200,000 daily transactions? There is no doubt that Bitcoin will stay.
Then, there is Ethereum that follows suit. Unlike Bitcoin, the blockchain it accommodates would also process complex programs and contracts.
There isn’t any doubt that cryptocurrencies have gone wild and fast in that daily, new currencies come to the fore and old ones die. As a result, early adopter becomes seriously wealthy while investors lose out. Every new cryptocurrency has its own set of promises in that they present a huge story to turn the world around. Only some would survive for the first few months. This shows that caution must be displayed in all cases if you hope to see a return on your investment.
In only two years from now, during early 2021, it is predicted that cryptocurrencies will gain legitimacy for use as micropayments and various business transactions. It may even overtake the Western Union as a preferred remittance method.
Concerning business transactions, you will notice two paths:
- Businesses using it due to paying no fee, and the instant availability to move virtually any amount of money around
- Others will utilize it for its blockchain technology that offers smarter contracts and trustless auditing.
Maybe it’s time to approach your trusted exchange and make some inquiries regarding the use of cryptocurrencies.