Friday, January 24, 2020

Cryptocurrencies Are Slowly Going Mainstream

Ten years after the first cryptocurrency was introduced, cryptocurrencies are slowly going mainstream. Today, it’s common to find news of cryptocurrencies and the blockchain on the TV every day.

In this piece, we are going to look at a few reasons why we believe cryptocurrencies and the technology behind them are going mainstream.

Cryptocurrencies Are Frequently On TV

The media is how people get access to new information on what is happening around them. It plays a crucial role in shaping the opinions of people. These days it is not uncommon to find the topic of cryptocurrencies and the blockchain on the news every day.

It’s not only news, but popular game shows are also increasingly featuring cryptocurrency projects. A good example is M6’s Who Wants to Be My Partner, a popular French TV show that is the equivalent of America’s Tank Shark.

According to Cryptoast, the show recently featured Eric Larch, CEO of Ledger Nano S cryptocurrency wallet as a judge representing the cryptocurrency sector. Larch sat in a panel of six judges who, in their own right, are successful entrepreneurs and listened to pitches from budding entrepreneurs from different fields.

If any of the judges like the ideas, they can opt to invest in the business for a percentage of the new company, consequently becoming “business angels.”

Also, recently cryptocurrencies received their first big television moment in India during the “Kaun Banega Crorepati,” a televised game show where one of the contestants was asked a question about Facebook’s Libra cryptocurrency.

The incident had Nischal Shetty, the founder of WazirX, an Indian cryptocurrency exchange ecstatic.

In a tweet, he expressed his joy at crypto receiving its first “big recognition” on Indian television.

He was also happy since the contestant knew the answer to the question. He went on to add that every youth in the country was getting involved with crypto since it was the future of finance and innovation.

More People Are Using Cryptocurrencies For Remittances

According to a recent report by a blockchain-focused research company, the number of people using virtual currencies to send remittances is on the up. 

The growth has been fueled partly by the high costs that are incurred by users when they opt for traditional methods such as PayPal.

As the world becomes more interconnected, more people are moving to foreign countries to work and send money back home. 

To avoid being overcharged by banks and other intermediaries, migrants are seeking more accessible ways to cut costs when sending money to their loved ones.

The remittance market was projected to reach $551 billion in 2019, and based on research conducted by Clovr, a blockchain research firm, 15.8% of those surveyed use cryptocurrencies to send money back home.

Even though the sample consisted of less than 1000 people, its quite impressive given that cryptocurrencies have only been in existence for a short period.

Also, data from Statista shows that the number of blockchain wallets has been growing since the birth of Bitcoin. By September 2019, there were over 42 million Blockchain wallet users. This means more people are carrying out their transactions using cryptocurrencies.

Localbitcoins is another platform that offers insight into the growing use of cryptocurrencies. On the platform, users can send and receive crypto coins and trade them for local currencies in a matter of minutes.

Data from the exchange shows that the number of new wallets created on the platform and the transaction volume has steadily been on the up since the platform began operations.

Among those using the platform are freelancers who offer various services from content creation to web development and many other services.

According to a survey conducted by Humans.net, 18% of the participants said that they preferred receiving payments in crypto.

Slow payment processing and high costs associated with intermediaries were the two chief reasons why many freelancers preferred their pay in virtual currencies.

More Governments Are Launching Their Own Digital Currencies

Cashless societies are becoming a reality by the day as governments invest funds into researching the viability of offering state-backed digital currencies.

The move has been inspired by the rise of cryptocurrencies and the fact that transferring funds digitally is considered a favorable payment solution.

According to a report by Bank of International Settlements (BIS), of the 63 central banks that participated in a survey, 70% were actively researching the issuance of Central Bank Digital Currencies (CBDC).

Many of the participants cited financial inclusion as the chief reason for exploring CBDCs.

Also, recently, Ugur Ibrahim Altay, the mayor of Konya, which is the seventh most populous city in Turkey, confirmed that the initial steps necessary to launch a “city coin” had been taken.

Details on the project are yet to be made public. However, the coin will help settle everyday transactions more efficiently, mainly sales taxes.

Conclusion

Money remittance, government-issued digital currencies, and appearances on popular game shows are just a few examples of how cryptocurrencies and the blockchain revolution is going mainstream. The fact that many governments have also been working on regulations for the industry shows that virtual currencies are now seen as part of our future.

Image(s): Shutterstock.com

The post Cryptocurrencies Are Slowly Going Mainstream appeared first on NullTX.



Cryptocurrencies Are Slowly Going Mainstream