Jul 21, 2021 17:41 UTC
Jul 21, 2021 at 17:41 UTC
Cryptocurrencies have attracted a growing following in recent years. Actually, it is estimated that there are approximately 100 million crypto users across the world today. What’s more, there is an increased adoption by the business and the public sector regarding crypto and also blockchain technology.
So, it’s safe to say that we have witnessed increased usage of cryptocurrencies and if you’re wondering what drove this kind of growth, keep reading.
Acceptance From the Business Sector
There was a surge in the number of businesses that accept crypto payments. Ever since Bitcoin was launched, the number of businesses that support crypto increased constantly. So, today there are famous businesses that also invest in crypto or accept crypto payments, including Tesla, OK Cupid, Square, Overstock, Twitch, Home Depot, Bloomberg, and many others.
Another reason why businesses accept crypto payments is that they don’t have any extra fees for supporting crypto transactions. This also applies to brick-and-mortar businesses as they can also accept crypto payments thanks to different technological advancements.
As businesses accept cryptocurrencies as a payment method, this drives the demand for crypto because it provides more options for crypto users to choose from different products and services online and offline when they want to make purchases with their cryptocurrencies. Furthermore, it promotes the global adoption of crypto.
Support From the Public Sector
The public sector also recognized the benefits provided by blockchain technology and cryptocurrencies today. There are a lot of blockchain-based solutions that are applied to different processes of governmental institutions- for example, voting.
But, mainly cryptocurrencies are also becoming an important part of the financial markets, and that’s why governments are finding ways to regulate crypto in their countries. Furthermore, there are governments like China that are looking to create their own cryptocurrency; more specifically, the e-Yuan is a virtual cryptocurrency developed by the Chinese government and represents a virtual currency of their national currency.
In case you want to invest in the e-Yuan, you can register on the YuanPayGroup.org, which is a great trading platform. It uses advanced technology to make trading acceptable to a great audience, while you can create an account on the website when you make a deposit of $250.
Furthermore, Argentina is one of the first countries to accept cryptocurrency for public transit fees. Also, in the USA, several states are showing interest in accepting Bitcoin for tax payments. It’s also worth mentioning that El Salvador became the first country to move a step further in the acceptance of cryptocurrencies, specifically Bitcoin, as it accepts Bitcoin as legal tender is since June 9, 2021.
Institutions have also shown support to the crypto evolution. They have considered the benefits of investing in crypto, and this why there are a lot of crypto trust funds on the market right now. Some notable brands include the Gray Scale Crypto Trust Fund, Arca Trust Fund, and others.
Otherwise, there are many other reliable options for institutional investors that want to make a larger investment and simultaneously don’t need to be involved in the crypto trading process.
One of the main reasons why there is widespread usage of cryptocurrencies is the accessibility of online trading sites. Today individual investors can register on an online trading platform, invest in crypto, sell or buy cryptocurrencies.
Without the availability of online trading platforms on both desktop and mobile devices, it would be impossible for the crypto market to develop and grow. Moreover, thanks to the great number of online trading sites, there is a huge demand for cryptocurrencies. In conclusion, all of these factors support the mainstream adoption of cryptocurrencies, and different government regulations will help crypto owners to use crypto on a day-to-day basis.