Adoption of Cryptocurrency
Cryptocurrency adoption is the process by which individuals, businesses and organizations adopt cryptocurrency as a payment method or form of investment. While still in its early stages, it has been speculated that cryptocurrency could eventually become widely accepted on a global scale.
The majority of current cryptocurrency users are speculative investors who buy and sell digital currencies for profit-making purposes rather than using them to purchase goods or services directly. As more people become aware about cryptocurrencies, however, some governments have begun introducing laws intended to encourage greater usage within their respective countries. This includes initiatives such as tax breaks for miners/investors, increased ease-of-use solutions (such as mobile wallets) and government recognition of certain coins (or “stablecoins”) backed by fiat currency reserves held in the country’s central bank.
In addition to governments encouraging wider use cases for cryptocurrencies, other industries are also beginning to recognize their potential benefits over traditional payment methods such as credit cards and wire transfers:
• Financial institutions – Banks around the world are starting to accept Bitcoin payments due to its low transaction costs compared with traditional banking fees; they may also be able to offer customers access into an emerging asset class through crypto trading activities at custodial exchanges like Coinbase Pro & Gemini Exchange
• Retailers – Companies such as Microsoft Azure now allow customers pay with Bitcoin when purchasing cloud computing services; many others have followed suit including Overstock’s retail website accepting major cryptos alongside Apple Pay & PayPal
• Online gaming sites – Gaming websites like Steam now accept Bitcoin deposits from players wanting instant withdrawal options without having wait days before funds arrive back in their accounts after processing via banks or card networks
• Travel industry providers– Airlines like AirBaltic now issue tickets booked online using various forms of digital money while HotelsCombined allows travelers book accommodation worldwide utilizing popular cryptos
