How Cryptocurrency is Changing Global Payments System

Cryptocurrency is revolutionizing everything from payments transactions to how money is raised in the private market. Read on to know how this has been possible.

For over a decade, cryptocurrency has become one of the most innovative systems ever developed. Cryptocurrency, as we know it today, began with Bitcoin in 2009, but now there are over 8,00 crypto coins attached to different networks. Cryptocurrencies use blockchain technology to confer ownership, mining, and control of digital assets on individuals and institutions.

Today, the crypto market cap stands at over $2 trillion according to https://www.bloomberg.com/news/articles/2021-08-15/crypto-market-retakes-2-trillion-market-cap-amid-bitcoin-gains, which is more than most fortune 500 companies. Keep reading to know how cryptocurrency has shot itself into spaces we all never imagined.

Adoption by some Fortune 500 companies

Cryptocurrencies are always in the news for many great reasons, but one of the greatest is its constant adoption by many fortune 500 companies. These companies were proactive in making cryptos one of their approved payment methods for product purchases. One of such companies is Microsoft, which has not only adopted Bitcoin, Ethereum, and Ripple for payments but also launched Microsoft ION. The software is a two-tier authentication for initiating an online crypto transaction.

Tesla made the news in February 2021, after announcing their $1.5 billion investments into Bitcoin technology. The company also announced that their products could be purchased with Bitcoin, Ethereum, Ripple, Dogecoin, and more. Other companies to have adopted this innovative payment system include Apple, Amazon, AXA Insurance, Pavilion Hotels & Resorts, Coca Cola, Lush, Expedia, Overstock, Starbucks, Twitch, Rakuten, among others.

Financial institutions

Initially, it was thought that financial institutions would remain inflexible and rigid in maintaining the conventional ways of doing business. Some experts had even forecasted that it would take long before financial institutions gave the nod to cryptos. But, it didn’t take long before some top financial institutions added cryptos to their list of currencies for processing transactions.

For instance, in November 2014, PayPal began accepting Bitcoin as a payment method in addition to other fiat currencies on their platform. They have also added other crypto coins, such as Litecoin, Ethereum, Ripple, and others. Even more amazing is the fact that traditional banking institutions are now accepting cryptos.

Top-rated national and international banking institutions like Barclays Bank, Goldman Sachs, National Bank of Canada, Agribank, Revolut, Ally Bank, Chime Bank and so on. These institutions accept different altcoins and even offer crypto debit cards.

Tourism and hospitality

Whether you are going to Las Vegas, Ibiza, The Maldives, Dubai, or Paris, you will definitely find cool spots accepting bitcoin and other cryptocurrencies. Most tourist destinations usually partner with some exchange platforms to initiate crypto transactions in a safe and secure manner.

For instance, https://www.totalbristol.com/entertainment/ offers a professional guide to cool spots in Bristol and around England where you can pay with cryptos. Their directories comprise different tourist sites and events for optimum fun in Bristol. As a result, you don’t need to have wads of cash on you when touring different locations, crypto has simplified the whole process for you.

Crypto ATMs

Crypto ATMs have become an interestingly innovative way that cryptos are changing payment systems around the world. According to Coin ATM Radar, crypto ATM installations have risen by over 70% so far in 2021. Based on the info, over 11,000 crypto ATMs have been installed in 2021, bringing the total to 27,929.

Even though the US has the most crypto ATM installations, ATMs can be found in over 72 countries of the world. You can get crypto debit cards from many virtual and land-based banks around the world, including those discussed in this guide. You only need to create an account with them and request your crypto debit card.

Entertainment

The intersection between cryptocurrency and entertainment, especially gambling has remained dominant in recent times. We have seen a laudable rise in crypto-only casinos, sport betting sites and virtual betting sites around Europe and the world at large. The big news is that many fiat gambling platforms are also rapidly accepting cryptos too.

For instance, on https://www.vegasslotsonline.com/uk/bitcoin-casinos/ you will have access to a well-vetted list of reliable crypto casinos to play in the UK. Through the platform, you will be properly guided on how to choose the most suitable cryptocurrency casino for you to maximize your excitement. You will also learn different games that you can explore and how to stay safe while playing at Bitcoin casinos in the UK. If you’re satisfied with a platform, you can stake real money with cryptos and start playing.

Conclusion

Cryptos are getting more and more accepted by many top-tier, high-ranking businesses, organizations, corporations and institutions in the world. With over 8,000 coins, cryptos continue to permeate the payment system changing businesses and customers in many positive ways. You only have to ensure you transact safely on a well-recognized exchange platform.