Global adoption of cryptocurrencies

Global adoption of cryptocurrencies bitcoin ethereum cardano ripple

It’s fair to say that the beginnings of Bitcoin (BTC), and the cryptocurrencies that followed, were quite painful in the eyes of the public. Few people treated the digital asset as something of value. Bitcoin was often ridiculed, called internet money that does not actually exist. Bitcoin holders were regarded as weirdos. Over the years, this has begun to change. Cryptocurrencies unexpectedly went beyond the Internet and began to affect our lives. Making purchases with their help has become increasingly popular. Let’s take a deeper look at how the adoption of cryptocurrencies is affecting the everyday life around us. 

Pizza for Bitcoins

If you’re an active participant in the cryptocurrency world, you’ve probably heard about the high-profile purchase that took place in May 2010. At the time, a transaction occurred in which 10,000 BTC was paid for two pizzas. Today, the story seems bizarre, but it has gone down in the annals. Every year, on the anniversary of the event, the media writes about the amount of money that these pizzas would have represented at the time. As you can easily guess, it keeps rising. This situation has a very symbolic meaning. It gives an example of how the virtual world can be combined with the real world. At the same time, it was one of the first proofs that purchases can be made with Bitcoin.

Cryptocurrencies are taking off

The progression of cryptocurrency adoption has brought us to a point where we can buy much more with Bitcoin. The number of restaurants that accept payment in virtual coins continues to grow. Of course, Bitcoin is not only linked to the restaurant industry. Travel agencies offer holidays for which you can pay with cryptocurrencies. The same is true for renting or even buying property. The more spectacular the place, the louder they are about it. Or maybe you have already used a taxi service paid in the same way?

The possibility of paying with cryptocurrencies can most often be observed in the virtual world. Online shops are massively adapting to the new standards. In turn, the competition does not want to stay behind and, in order to be perceived as modern, does the same. This fuels an adoption spiral that is progressing dynamically.

To make matters worse, as of recently you can also buy a car by paying for it exclusively with Bitcoin. This is the payment standard adopted by Elon Musk – the creator and owner of the Tesla brand. What is important, Musk also declared that Bitcoins, which will be used to pay for his cars, will never be exchanged for fiduciary currencies. We can speculate for what purpose they will be used. One hypothesis is to put them into permanent circulation. In this way, Tesla’s contractors paid in BTC could further deepen Bitcoin’s intrusion into our daily lives.

The cryptocurrency adoption is still progressing

Today, cryptocurrencies are used by us even unconsciously. Banks are increasingly entering the blockchain environment, so that the cross-border transfers we make are accelerating. Interestingly, bitcoin has also become a lifesaver. Its adoption is gaining particular momentum, in countries with difficult economic situations. Examples such as Venezuela, Argentina, Nigeria or Turkey show that cryptocurrencies are increasingly used by citizens to escape the mismanagement of their governments. They allow people not to lose the value of their assets because of inflation or deflation, and at the same time to lead a life at a decent economic level and just pay all the necessities of life with them.

Taking into account the above elements, as well as the pace of change that cryptocurrencies cause in our lives, it is safe to say that we are witnessing the introduction of a new standard. In a way, we are creating it ourselves. And if you are looking for more examples of Bitcoin’s interference in our lives, look around. You can probably find places in your area with a clear sign saying “Bitcoin accepted here”.

DisclaimerBlockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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