Over the past few years, adoption of cryptocurrency has grown exponentially, primarily because of its attractiveness to people looking to use alternative money. Because all cryptocurrencies are decentralized, anonymous, and electronic, they’ve been called the currency of the future. Let’s take a look at a few of the areas where cryptocurrency is having an impact on the world.
Bitcoin was the first cryptocurrency, and remains the most prominent. Because of its growing popularity, it’s now being used every day, for ordinary transactions. Well-known businesses such as Etsy and Subway accept bitcoins as payment. The BitPay Visa debit card allows you to transform your bitcoins into conventional money within minutes, and use the card anywhere that accepts Visa. Another platform, ChainTrade, is using blockchain to revolutionize the trade of food and raw materials. This financial sector represents more than $2 trillion annually.
It’s no surprise, then, that there have been movements to legitimize cryptocurrencies as real forms of payment in countries like Japan and Russia. Japan has already accepted bitcoin as legal currency with numerous major retailers. Russia is seeking to recognize cryptocurrencies as legal financial instruments, which will allow them to deal with the problem of money laundering.
Major investors are also starting to consider cryptocurrencies as an investment. As Ron Quaranta, Chairman of the Wall Street Blockchain Alliance, explains: “Bitcoin and Ether and all these cryptocurrencies are representing a different type of asset class; a different type of tradable commodity. Investment managers are our fastest growing demographic.”
Full story at http://bit.ly/2yQnfpv
Source: Forbes
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