Cryptocurrency Adoption: Are There Any Perspectives?
Tags: Bitcoin, Blockchain, Storiqa, Ecommerce, Cryptocurrency

When money?

There are no doubts that cryptocurrencies were created in order to become a strong substitute to fiat money.

So, what do we have now?

In practice now, we got the money that are «Safer», «Faster», «Cheaper», but nevertheless cannot be called money because are not accepted anywhere except crypto sphere. The majority of people are sure that the only stumbling block in further development of crypto is the level of acceptance. The point here is that only when banks, cafes and shops start to accept cryptocurrency it will become a real alternative to fiat money as people will be able to widely use it in their day to day activities. Let’s take that point of view and find if there are any changes and progress in cryptocurrency payments adoption.

The hard way of adoption

To begin with, it is obvious that the first steps in the wider adoption of crypto have to be made in the e-commerce world as this sphere seems to be the most well prepared for such innovations. Thus, in the past two years, there has been rampant speculation that the biggest companies like Amazon, PayPal and other major players in the e-commerce world will start to accept cryptocurrencies.

However, while there have been subtle signs suggesting interest on the part of many of these firms, there has so far not been any definite plan for them to move forward with this approach. It is also important to note that most companies broke up into two camps on those who have taken a strong stance against the cryptocurrency space like Alibaba and those who believe in crypto but, unfortunately, not in a hurry to make any «hasty» decisions.

There is no bubble for blockchain, but there is a bitcoin bubble.

Jack Ma Yun — Alibaba Group Holding executive chairman

Other eCommerce giants were not so pessimistic but still not brave enough to start acting. Thus, for example, PayPal CTO John Rainey has suggested that his company is not yet ready to adopt bitcoin or other digital currency methods of payments for their platform as of this time. So, what is the reason for that? Well, it’s considered that the biggest problem of crypto is the volatility that even in a period of stagnations or flats (like in these several months) remains very high in comparison to fiat money and traditional assets.

What to do?

Despite all this skepticism from electronic commerce corporations about the adoption of cryptocurrency we still believe that somehow the system of crypto payments should and will work. For now, it is just the matter of time. Nevertheless, we do not want to just wait when one huge corporation start to perform something for it, on the contrary, we need to create the infrastructure that we want for themselves.

And this is exactly what all (practically all) these crypto companies do. They are full of optimism and energy and not tied by bureaucracy. They do something that seems so unrealistic now but will be considered normal in the nearest future. It is them who started and will continue this crypto revolution. Thus, right now in Storiqa, we are developing that same cryptocurrency which can be used for paying for services and products.

Read more about STQ here;

Buy STQ and change e-commerce with us: storiqa.com