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Are Cryptocurrencies Close To Mainstream Adoption?

by Pragati Shrivastava
, Are Cryptocurrencies Close To Mainstream Adoption?

The People’s Bank of China’s announcement of launching Digital RMB after Facebook’s announcement of Libra’s launch indicates that cryptocurrencies are more mainstream, and some might even say, competitive than they were even just two years ago.

There is an array of parallels between the initial days of the Internet and the prevailing state of crypto. Cryptocurrencies are evolving like the internet and though still in its infancy, crypto is becoming mainstream. One of the largest complaints about cryptocurrency from consumers has been that it’s too hard to use. Several startups have been working on fixing this issue with easy-to-use digital wallets and apps.

If you remembered the “old days” of internet, you might remember that dial up access gave way to DSL, cable and satellite and the browser wars competed for consumer use. The same movement is happening now with crypto.

With any new technology, it’s difficult to know when usage will flip from a niche market of early adopters to a mass audience of regular users. This is especially true for cryptocurrencies especially after the hype of 2017. But there are recent developments that are driving mainstream adoption of blockchain projects and cryptocurrencies.

Legality and regulation

Several U.S. states are moving towards accepting Bitcoin for tax payments. While the ultimate sign of adoption and legitimacy is when governments begin accepting cryptocurrency for tax payments, most governments are skeptical and don’t have a clear regulatory stand on it. Despite that, most governments haven’t exactly clamped down on cryptocurrencies. Several states in the U.S. are moving towards clear regulation. In fact, the state of Ohio already allows its residents to pay their taxes in Bitcoin. While Ohio may be the first, it doesn’t appear to be the only U.S. state opening the doors to cryptocurrency tax payments. New Hampshire, Indiana, California, and Arizona all have legislation under consideration for legitimizing cryptocurrency tax payments in some form.

Germany’s largest food delivery app now accepts Bitcoin payments

Several businesses have started accepting payments in Bitcoins and cryptocurrencies. Germany’s most popular home food delivery app, Lieferando, recently began accepting Bitcoin as a payment method. The app has millions of users and 13,000 restaurants to choose from, and its parent company, Takeaway.com, also allows Bitcoin payments in their other European markets: Belgium, Poland, Bulgaria, Luxembourg, the Netherlands, Switzerland, Portugal, Austria, and Romania.

You can buy Real Estate with Bitcoin

Cryptocurrency adoption is moving forward despite the extended cryptocurrency bear market and volatility concerns. Beyond pizza and coffee purchases, homeowners are offering their properties for sale in Bitcoin. The trend has been observed particularly in Australia. Recently, a prominent real estate company in Turkey, one of the biggest growing markets for cryptocurrency, also announced their support of Bitcoin for property sales.

Bitcoin ATMs by Central Banks

The Philippines Central Bank, Bankgo Sentral, recently partnered with Philippine retail bank UnionBank to launch an ATM allowing users to both buy and sell Bitcoin, recognizing the cryptocurrency’s “potential to revolutionize.” 77% of the Philippine population is reportedly unbanked, and this is driving Bitcoin to mainstream adoption faster than ever.

These are just some of the few most visible recent signs of cryptocurrency adoption. Across the world, people, companies and institutions are moving steadily towards acceptance of cryptocurrencies and they are not only legal tender but are also considered a store of value.

What have you bought with Bitcoin lately?

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