At first, the development of cryptocurrencies was a sort of act of rebellion. Bitcoin appeared as an alternative to traditional transactions, with no fees and no banks involved. However, a concept that was born as a dream about a decentralized world quickly became a trend and made countless headlines all over the world.
The underlying technology — blockchain — has already found its numerous applications in different industries, and many governments have started to regulate cryptocurrencies. Although cryptocurrencies are unlikely to create a decentralized economic utopia, they are not going to disappear anytime soon. Cryptocurrencies are now mainstream, and here is why.
- JP Morgan issues its own cryptocurrency
JP Coin became the first cryptocurrency issued by a big U.S. bank. The cryptocurrency is intended for both regular transactions and cross-border transfers. JP Morgan also used blockchain to create its Interbank Information Network, which currently has 330 participants, including OCBC from Singapore and Deutsche Bank.
- Americans have to pay taxes for their crypto earnings
In 2019, more than 10,000 people received letters from the International Revenue Service with notifications about taxes on their unreported cryptocurrency gains. According to the U.S. tax law, all cryptocurrencies are property so they are no longer an abstract concept.
- Cryptocurrency ATMs are here
6.3 cryptocurrency ATMs are getting installed in the world every day. Currently, there are more than 6,700 crypto ATMs in the world, enabling people to exchange coins and fiat currencies.
- Governments develop national cryptocurrencies
Governments of Dubai (UAE), Venezuela, Tunisia, and the Marshall Islands have already launched their blockchain-based coins. Many more countries, including Russia, Japan, and Switzerland, are developing their own cryptocurrencies or consider recognizing Bitcoin as an official means of payment.
- Facebook launches its cryptocurrency
Cryptocurrencies are one of the most discussed topics on the internet. Therefore, many IT-oriented websites and blogs are looking for blockchain experts. For instance, you can find writers familiar with this subject on Online Writers Rating. Facebook, one of the most popular sources on the internet, has even created its own crypto coin. Libra has the potential to change the way we buy and sell things online, as sites like Spotify and Uber join the network.
- An exchange for crypto futures was approved by the government
Bakkt, an exchange for cryptocurrency futures, was created in 2018. Less than a year later, it won regulatory approval from the U.S. Commodity Futures Trading Commission. This is the first platform of this kind backed by the U.S. government so there’s no surprise that its popularity grows quickly.
- Businesses accept crypto payments
Just a few years ago, Bitcoin was accepted only by enthusiasts who sold things to each other. Today, you can pay with Bitcoins at Starbucks. Big companies, such as Apple, Microsoft, McDonald’s, and Tesla, as well as more than 75,000 retailers on Shopify, consider Bitcoin a legitimate method of payment.
As you can see, cryptocurrencies are no longer an experimental technology. They have already become mainstream. Banks, retailers, and governments actively explore the opportunities that blockchain and cryptocurrencies give. Although fiat currencies are not going anywhere, cryptocurrencies have already proven their disruptive potential, and it’s only the beginning.
Gregory is passionate about researching on new technologies in both mobile, web and WordPress. Gregory in love with stories and facts, so Gregory always tries to get the best of both worlds.