UK Research Indicates a Better Awareness of Crypto assets
On the 30th of June 2020, the F.C.A. (Financial Conduct Authority) published its research notes about blockchain currencies consumers. The purpose is to…
“…encourage debate on all aspects of financial regulation and to create rigorous evidence to support its decision making”Financial Conduct Authority Research Note 30 June 2020 Unrestricted Cryptoasset consumer research 2020
Amongst this research data, it shows that of the 658 crypto consumers surveyed only 27% use electronic tender as a currency.
Travala Teams Up With Expedia
A few months ago Binance backed Travala merged with TravelByBit. This week the Travala’s currency expansion continues as it has teamed up with Expedia so that users will now be able to book their accommodation using Bitcoin, Ether, LTC, TRX, BNB, XRP, AVA token as well as others.
The Expedia Group “recognises innovation and the importance of allowing users to choose their preferred payment method.”Alfonso Paredes – Expedia Group Senior Vice President
Yet despite blockchain advances we still hear that the…
Giant Corporations Are Doubtful About Introducing Crypto Payment Options
At the end of June, we heard there was speculation that PayPal was considering the direct sale of alternate currencies. However, on the 1st of July, a PayPal representative refused to comment on the rumour.
There is a huge advantage to consumers should an international company such as PayPal permit payment via international currencies. Cross-border transactions will no longer be subject to ‘General Currency Conversion’ providing ease of payment for the world community.
“For all the promise of bitcoin and other cryptocurrencies, none of the largest online or traditional retailers accept them at scale. While bitcoin is used as a store of value, it has not become a medium of exchange for day-to-day commercial exchanges.”Gartner, a research and advisory firm
Financial Regulation and Tax
Major obstacles to blockchain currencies becoming a global exchange token as there appears to be the lack of clarity concerning tax, the lack of regulatory protection and ambiguous dispute processes.
Despite these problems, there is an increasing demand for international monetary payment services. In the USA Bitcoin is accepted among the nonprofit organisations, such as the American Cancer Society, CARE and Score. In Europe, the large jet charter GlobeAir has become the first operator to accept Bitcoin payments are just a few
Disappointingly there are still hundreds of global companies that do not accept payment by international currencies.
Are large Organisations To Blame For The Lack Of Crypto Acceptance?
We still have a long way to go and this isn’t completely down to the reluctance of global organisations.
According to the research by the F.C.A., 27% of the UK population have never heard of Bitcoin, altcoins or tokens. Also amongst the UK owners of these currencies, only 27% have spent them as a currency (as opposed to keeping it as an asset).
Confidence In Crypto
There are uncertainties and concerns regarding the safe storage of crypto. A crypto wallet needs to be secure and function like a bank account this can affect both businesses and customers alike.
Thousands of merchants are still unaware of the benefits of accepting crypto payments. They seem to be ignorant of the huge number of potential crypto customers. A few companies already pay employees in crypto, and this will likely increase. It is likely that the larger international companies will eventually choose to pay workers in crypto so as to avoid exchange fees.
But What About The Volatility of Cryptocurrencies?
Take a look at the Stock Market, Futures or Forex charts and it becomes evident that the words, instability and volatility go hand in hand with ALL markets. Fiat currencies and Stocks are just as unstable as crypto if not more so.
At present, there are thousands of Altcoins. The vast majority will fail but a few will rise to the top.
Price volatility seems to be more about market manipulation and a lack of common procedures to gauge appropriate values. These aspects remain the key obstacles to universal adoption.
So whether it is Bitcoin, Ethereum, Tron, Neo or Stella the future currency is crypto. As more people are becoming aware of crypto so businesses large and small will have to adapt or lose out.
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