Crypto being only payment method in the future
Being in the crypto world we all have lots of dreams. Today I thought maybe someday Cryptocurrency might have 100% adoption and it can become the only payment method. There can be several types and several cryptocurrencies but when everyone embraces this technology, would this become the only payment method? This was just my imagination and I started thinking about the pros as well as cons of this.
The future of crypto is very bright. There have been adoptions everywhere. Recently Indian government also released CBDC. Even though it is not completely a cryptocurrency, I'm glad that they are taking the right step. Having something like this can clear the path forward for the future in my opinion. We might as well start accepting cryptocurrencies as the payment method. I heard that countries like South Korea are already using similar things for toll collection and other use cases. The same can happen in many countries.
Digital to crypto transformation
It can take several years to transform from digital to crypto. Currently, the biggest challenge here is that not all people are used to digital transactions, and taking that to the people themselves is becoming a big challenge. Some people embrace this technology and some people find it very hard to understand this and adopt digital transformation. Using crypto is also a part of digital transformation.
Some countries like Singapore are crypto-friendly countries and some countries even have the crypto transaction in their official transaction list. I'm glad that many banks have identified a way to transact with crypto faster compared to that the old way of doing transactions that used to take a few days. XRP plays an important role in this.
Possibility is very low
I would be very happy to say that it is definitely possible to have crypto as the only payment method. But the sad thing is that we would always have people who would be against technological advancements and there would always be people who would be against digitalization and would love to have everything done with the help of cash transactions. If that is the case, it can be hard to convert everything to digital.
I have a close friend who personally does everything in cash transactions and he never likes to do anything with digital wallets or UPI. Many people might have friends like that who don't want to turn digital. I do have some hopes for these people because they still use bank accounts and try to do fund transfers from the bank account. It is a part of digitalization actually. But they don't want to learn more than that. But one fine if the whole world is pushing them towards crypto, is it not obvious that every individual will have to learn more about crypto and start adopting this technology?
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As long as governments exist crypto can’t be a universal form of payment.
No doubt Crypto is spreading like Fire in the Jungle. There may not be 100% of Crypto, but I'm hopeful that, it will capture 70 to 80 % of our future to come.
They will have to use more of technology when it becomes more present in the world. I think crypto could become the most preferred payment method in the future and possibly the most used. It is digitally native and the world is becoming more digital.
The way we are now seeing countries all over the world using it as payment for this reason is a very good thing and the future is going to be very good the way we are now. Seeing that in the coming time we will get their prices very high because bull market starts soon.
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The gradual transformation from digital to crypto will undoubtedly take time, and one of the key challenges lies in familiarizing people with digital transactions. However, as you mentioned, some countries, like Singapore, are already crypto-friendly, and banks are making progress in facilitating faster crypto transactions, with XRP playing a significant role. It will be intriguing to observe how the world navigates this digital transformation and embraces crypto as a mainstream payment method.
Very informative and well written article. Crypto is definitely the future, adaptation is already started at many places.
Technology has that gravitational pull that attracts everything, crypto is making its place and will soon expand to everywhere. (may be not really soon.. but yes will time it has to happen :))
Keep posting such good stuff :)