This is a question on the lips of many who have watched the last 18 months complete with surging prices and so many new entrants to the sector. So, when can we expect to see crypto taking over from fiat currency and being used for our daily transactions?
The fact of the matter is that this is already happening, depending on who you speak to. There are already many providers such as these who will provide us with many required services through cryptocurrency. They are certainly not limited to some dark underbelly either. Even Expedia offers Bitcoin payments on vacation bookings.
Speed of Payment
Whilst the options above are fantastic, cryptocurrency has far from become a dominant force in our daily lives…yet. One of the issues behind this is certainly the transaction speed. As wonderful and pioneering as Bitcoin has been, many will agree that the transaction speed is much too slow to suffice in daily life. Luckily, there are currencies such as ripple and others which offer wastly improved transaction speeds.
Cost of Payment
Another issue which afflicts this question is the cost of transactions. This has become more and more of a problem with both Bitcoin and Ethereum as network traffic spikes. The cost of these payments at certain times, and combined with the speeds, simply mean they are not viable. There are many options though, and more arriving every day. Again in this category, Ripple and Tron emerge as relatively low cost in comparison.
The fact is that there are still only a very small number of businesses or locations which will accept crypto payments. This is changing though, slowly but surely. We are starting to see the continued emergence of currencies who supply their users with crypto-linked debit cards. This is one of the key elements in encouraging and achieving daily use. If the current trends continue, it’s inevitable, we will eventually reach a point where cryptocurrency is out most widely used payment method.