Some experts believe that bitcoin and other cryptos are not cut out for being used as public currencies for carrying out daily purchases. For instance, professor of finance at the Stern School of Business at New York University Aswath Damodaran questioned the possibility of using BTC for covering expenses on a future one-year trip.
The difficulty is that there are high risks connected with cryptos and various obstacles like fees and long transaction time that prevent BTC from being easy to be sent or spent.
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Nevertheless, as CBNC points out, there are lots of people who are ready to adopt bitcoin and its ilks as means of payment. And their popularity grows as more places start accepting cryptos.
Cryptos – New Currency As Wider Adoption Shows
In 2017, people used BTC for merchant services much more than four years before that. In particular, the monthly average of those costs was $190.2 million, whereas in 2013 it was only $9.8 million.
And this index is expected to grow as long as more and more companies embrace cryptos as payment methods.
This fin-tech firm is soon going to open a crypto bank where people will be able to get cyber currency debit cards. The institution is anticipated to be launched just in a few months. With this card, Bitwala clients will be able to pay for various services and goods both online and in stores or cafes. The bank will automatically convert cyber currency into fiat.
According to the company’s CEO Jorg von Minckwitz, around 20,000 have already supported the project and signed up for the service. The undeniable benefit of this crypto-bank is that it is less confusing for ordinary users than cyber money exchanges.
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So, the future of cryptos is in the hands of ordinary users – not nocoiners.