While the rise in cryptocurrencies over the last year has been the source of excitement among advocates and consternation for its detractors, a look at prices alone hides the real value being unlocked within the ecosystem.
Cryptocurrency’s Real Value Lies in its Use, Not Speculation
With the pandemic weighing on the global economic outlook and confidence in legacy frameworks ebbing near an all-time low, crypto fills the void among investors, consumers, and merchants alike. While easy to look at the significant rise in crypto valuations as the harbinger of times to come, cryptocurrency’s real value lies in its use, not speculation.
The adoption of cryptocurrency is rapidly on the rise across industries and use cases. While the most high-profile moves are taking place on the financial stage as more funds and financial institutions pile into the nascent asset class, cryptocurrency’s primary hurdle has always been spendability. However, the increased financial allocations have overshadowed the true nature of momentum in the blockchain ecosystem, which is greater retail adoption.
For instance, since adding support for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin in October, Paypal now has 26 million merchants that can accept cryptocurrencies from Paypal’s universe of 300 million users. That 26 million reflects an enormous shift, especially now that there is a mechanism that helps merchants avoid the volatility inherent in cryptocurrency. To underline this point, Paypal is far from the only player participating in this rapidly growing arena.
Binance Pay, the latest addition to the largest cryptocurrency exchange’s suite of services, is designed to leverage Binance’s enormous crypto footprint in the retail space. In little under a week since its initial unveiling, Binance Pay has landed its first significant merchant partner for its digital payment service after blockchain-based travel booking service Travala announced an…