The Rise of World Bitcoin Adoption
With the bitcoin price rising every year, the adoption of bitcoin as a currency is increasing. Moreover, the crypto currency has also become a popular alternative to traditional credit cards. It is currently a widely accepted medium of exchange in most countries, while it has remained illegal in many other countries. This has made it a difficult currency to get into. Nonetheless, the rise of cryptocurrency is an exciting trend. But it still has several challenges.
During the past year, the rate of Bitcoin adoption has grown by more than 113% per year, a record for digital currencies. This impressive growth is a significant step forward, as virtual currency is gaining acceptance in international financial centres and smaller towns alike. As more people learn how to use Bitcoin, we will see more companies and consumers adopting it as a primary currency. Let’s take a closer look at the various stages of Bitcoin adoption.
The first step is to understand why cryptocurrency is so much different from traditional cash. Using a card with a dedicated Bitcoin wallet and a specialized app to buy and sell it is a great way to increase the adoption of the digital currency. Unlike the traditional paper money, a digital coin has its own value and can be converted into dollars. It is a great way to buy goods online or at the local supermarket. However, the downside of using a card with a cryptocurrency wallet is the lack of freedom it gives you.
The main drawback to Bitcoin is the lack of a secure way to transfer money, which makes it an unappealing form of payment. Nevertheless, there are many ways to use cryptocurrency to purchase products and services. The major problem is the reliance on central centralized wallets that can prevent users from receiving the rewards they deserve. The good news is that the Visa credit card is one of the most secure ways to use Bitcoin, and this has become a key factor in its rapid adoption.
Despite the shaky beginnings of bitcoin adoption, the U.S. credit card giant, Visa, is planning to boost adoption with a co-branded debit card that offers 10% cash back in bitcoin instead of the traditional reward points. Fold’s research shows that 90% of its users would switch to a Bitcoin-branded card with a bitcoin-reward program. In fact, if the company could get the market share from these behemoths, it might just be the perfect time for the emergence of cryptocurrency-backed rewards.
Besides being an alternative to traditional credit cards, the bitcoin credit card has some distinct advantages over traditional credit cards. The price of a bitcoin is tied to its price and its demand. Moreover, it is easy to convert into another currency, such as the euro or US dollar. In a dollar-denominated economy, a small amount of bitcoin can go a long way. This is why the currency has the potential to steal market share from the behemoths.