Cryptocurrencies are still a new and emerging technology, and as such they have not yet been widely accepted by the mainstream.
Whether you are part of the cryptocurrency wave or not, there has been a definite shift over the past couple of years in recognizing cryptocurrency as a valid part of several industries.
This can be seen through changes in institutional investors, such as hedge funds now investing into Bitcoin, as well as large tech giants, like PayPal offering its users to purchase cryptocurrency on its app.
But as far as the public is concerned, cryptocurrencies are still largely seen as an underground tool for hackers and dark web vendors.
Still, the trend towards adoption isn’t slowing down anytime soon, as more and more financial institutions start offering their clients the possibility to invest into crypto. Through this shift cryptocurrencies are more and more legitimized every day.
So, how exactly can cryptocurrencies become more accepted in the mainstream? And what can we expect to happen over the next few years?
Read this article to find out about the five most likely venues through which cryptocurrencies will reach mainstream approval.
1) Increase in demand for crypto-enabled services
Banks and financial institutions are always having to respond to the needs and demands of their clients. As more people choose to invest their money in crypto, crypto assets are getting more integrated into financial services. This will mean ease of use for cryptocurrency and will allow it to be exchanged and used in the wider global payment network.
2) Customer identity verification
The cryptocurrency industry is changing in response to existing regulators and changes in the law. As of 2020, the European Union’s Fifth Anti-Money Laundering Directive (AMLD5) recognized cryptocurrency as a financial service. This change in directive means that cryptocurrency has to comply with regulations and especially KYC-requirements, such as customer identification and anti-money laundering procedures.
This means that identity verification for crypto is becoming more prevalent and this, in turn, is providing potential users with safety and security measures they can trust.
Through working with A-I-based technology, alongside fraud specialists, it’s never been easier to verify the identity of customers and protect their crypto assets.
3) More B2B payment flow
There are now more products on the markets, such as crypto wallets and dedicated crypto exchanges, that allow traditionally non-crypto businesses to use crypto as part of their payment flow to business partners and vendors.
The immediacy of payment without significant time delays (especially if you are sending or receiving payments across borders) is an attractive method for many businesses to rely on in the future.
4) More major merchants are accepting cryptocurrency
There are plenty of large merchants and online shops that already accept cryptocurrency as a form of payment. It’s expected that this number will continue to increase, therefore establishing cryptocurrency in the mainstream.
Starbucks, Microsoft, Home Depot, Whole Foods, and Tesla are currently accepting cryptocurrency, and this number of retailers is increasing by the day.
5) The future of cryptocurrency and the mainstream
Experts are predicting that cryptocurrency is destined to be implemented and firmly accepted as a mainstream payment method in the upcoming years.
Its evolution into a decentralized, fast and secure payment method over the past decade has been monumental for global payments. One day soon, we could all be using cryptocurrency to do make everyday purchases. You can keep yourself up-to-date on websites such as learncrypto.com.
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