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For instance, the cryptocurrencies, like Bitcoin, were meant for transactions initially. But later, as the digital currency got popular, people saw great potential in it, and it could be used as a hedge and investment. From there, the purpose of Cryptocurrencies and newly evolved Blockchains have changed a lot, and that’s also for good. But now, in a recent survey by Cantaloupe, it came to be known that most of the people who had bitcoin at the time think to use Bitcoin as a payment medium.
All the people who took part in the survey were between the 18-54 age bracket. They recalled the reason for the origin of Bitcoin, which was for using it as a digital currency for transactions and payments so that every individual would have total control of its own money. Bitcoin is decentralized digital money with a lot more potential than the traditional money we use, either paper money or digital form of money, which is also regulated with the interference of banks and exchange authorities, who keep an eye on every transaction happening.
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But here, with Bitcoin, people can have the perks of playing online and using digital currency for payments, and do transactions without compromising their privacy. Other than that, it can be accessed from anywhere, and anyone can use it. With no authorities in between and no government regulating its use and value are totally in control of its users.
However, having a lot of comfort in Bitcoin, there are still some issues related to payment in crypto. The Retail market is skeptical of accepting Bitcoin payments for many reasons. Consider the transaction speed of Bitcoin, which sometimes could take 24 hours. From a buyer who sent $50 worth of Bitcoin to a retail shop, if it would take this much time and since it’s volatile crypto if it came down to $40, the seller would face loss automatically just because of payment in Bitcoin.
Although some regulations can help reduce these issues and ultimately, those who want to use it as a payment medium can do so without any problem. If we have this life-changing technology that can drastically change our payment methods, we should try to use it at its full potential.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
