These days, it’s rare for a country not to publish an official statement from their central bank declaring how cryptocurrency will move forward within their borders. Even the International Monetary Fund has their eyes peeled. The coin and its underlying technology, blockchain, have pervaded into the lives of average people as well, and many are wondering: what’s next?
Bitcoin needs to grow up
Bitcoin in its current state can be considered successful, but only by those who measure success with the price of the coin itself. Using these parameters, bitcoin is likely the best investment of the last decade, even better than Apple, Tesla, or Amazon. In the ten years since 2008, when bitcoin’s white paper was published by an anonymous developer using the pseudonym “Satoshi”, it has increased its value by a factor of thousands. The last year alone saw the price of a single bitcoin grow by over 600%.
However, many who have been fans of bitcoin since the beginning (and they are out there), will agree that Satoshi’s vision has not yet been realized. Despite the immense wealth of someone who invested heavily in 2011 (let alone 2015), they still have a lot to lose. This is because bitcoin suffers from a real problem—liquidity—that makes it frustrating to have it in quantities worth over a million dollars.
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Fiat currency is still more useful than bitcoin, for the single reason that more retailers will take a dollar than will take an equivalent amount of bitcoin. Grocery stores, car dealerships, real estate brokers, or just about any commodity or amenity is easier to acquire with fiat than with bitcoin. That exchanges put a limit on how much you can withdraw to your bank daily is also an issue. Accordingly, when people imagine themselves as “bitcoin millionaires”, it’s not that unique “B” symbol they envision behind all those zeroes – it’s a dollar sign. This is because dollars have liquidity, and bitcoin doesn’t.
A productive solution
Fans must remember that bitcoin was born to solve the problems of the current banking system, which were slow transactions, fees, and limitations when purchasing abroad, among others. Even after the internet was invented, banking just couldn’t quite live up to its potential. Thankfully, there are already bitcoin enthusiasts that are working on a solution. To industry leaders like CryptoPay, bitcoin will be regarded as successful once it can be spent with greater ease than fiat, and their product looks to be the answer.
CryptoPay understands that adoption means everything when it comes to bitcoin, and their bitcoin debit card is the perfect tool for the average consumer to use. With the card, people have a way to easily spend bitcoin and other cryptocurrencies at the register. This literally unlocks the value of bitcoin for everyone with the card, because they can spend it using older infrastructure, and on anything, rather than wait for companies to adopt bitcoin payment portals or a corporate wallet one by one.
Additionally, others will see how easy (and inexpensive) it is to pay with bitcoin, no matter where you are or what you’re buying, and look to participate themselves. They will need to buy bitcoin, and so this way, increased liquidity and use cases drives adoption, which drives price in turn.
To help further its goals and expand its reach, CryptoPay is in the process of opening an initial coin offering after recently closing its token presale. The company will continue issuing its CPAY tokens throughout October, aiming to raise enough money to create a broader ecosystem for its digital card, including bitcoin stock brokerage and banking services, and even a P2P platform depending on the success of their ICO.
Bitcoin “whales” will also have something to spend their vast sums of bitcoin on, rather than withdrawing it into cash piece by piece while the rest is exposed to market volatility. Alternatively, Cryptopay also allows customers to store their bitcoin in a unique FLEX account, which protects it from price swings before being withdrawn or sent to another person. Essentially, the company’s card is a logical, effective solution for both spreading bitcoin awareness and encouraging its use.
A real way to evolve bitcoin
Currently, the volume of those trading bitcoin is at a record high, and the cryptocurrency market is worth close to $100 billion. However, these figures are unimportant to the overall goal of the coin itself. Solutions like Cryptopay see an opportunity to push bitcoin using traditional financial tools, rather than waiting for the market to catch up. This mindset will be crucial in making bitcoin a central part of everyone’s daily life, rather than a technology that belongs on the fringes.