It is quite astounding to contemplate how fast the digital ecosystem has evolved over the past few years. From the growing presence of artificial intelligence to employing social media platforms as a means to influence elections, we are living in a brave new world. This is just as relevant when discussing how cryptocurrency payments are transforming traditional solutions. What are some reasons behind this shift, and why should consumers be ready to take advantage of the latest possibilities?
The Practical Nature of Cryptocurrencies
Thanks to multi-asset payment gateways such as Payment Provider Mountain Wolf, cryptocurrencies have become much more functional than in the past. Even if consumers are relatively unfamiliar with concepts including the blockchain, and DeFi, appreciating in-depth mechanics is not necessary.
Pre-paid Web3 cards have already entered into mainstream circulation. Not only will these expedite cryptocurrency-backed transfers, but they can provide an array of additional benefits. Available as both physical and virtual cards, other practical applications such as superior levels of security, and monthly top-up thresholds as high as 100,000 euros provide an edge that shoppers have been searching for.
Increased Recognition
Another driving factor is associated with western governments; the United States in particular. Newly elected President Donald Trump has signalled his fondness for mainstream tokens. This has already caused a significant stir throughout the wider cryptocurrency community. Although it is not yet certain whether he has his eyes set on any type of future governmental regulation, this is not the most important takeaway point. The simple fact that major economic powerhouses such as the United States recognise the utility of this currency hints that other countries could soon follow suit.
Global Politics
It is just as important to examine the “big picture” when evaluating the current state of affairs. One of the major downsides that has plagued fiat currencies for decades involves their vulnerability to economic and/or political instability. Notwithstanding relatively safe havens such as precious metals, consumers had few alternatives at their disposal.
The good news is that cryptocurrencies can now be used as buffers against scenarios such as interest rate hikes, and inflation. Citizens want to make the most out of their hard-earned money, so it is logical to assume that they may opt for crypto-backed holdings.
Safety and Security
We are now living in an age partially defined by cybercrime, identity theft, phishing, and similar forms of digital fraud. Although standard transfer options such as e-wallets and credit cards possess impressive security firewalls, these pale in comparison to what cryptocurrencies can offer. Thanks to the decentralised design of the blockchain (and other factors such as anonymous payment ledgers), it is quite difficult to alter transactions, or to otherwise obtain sensitive data. This allows cryptocurrencies to provide much more secure solutions; an advantage that has not been lost on the everyday individual.
These are some of the primary reasons why cryptocurrency-friendly payment options are here to stay. Although these assets still provide lucrative investment opportunities, their functional aspects are quickly becoming apparent.