Feedback has been one of the best ways to gain an insight about solving a problem and making right decisions. A recent poll by IMF has shown that the majority of people prefer Cryptocurrency payments to be mainstream in 2024, which is only about 5 years from now. Seems like the world is moving towards the adoption of digital assets and digital currencies. Well, at least that’s the preference of the majority of the people who have voted in this poll.
More than half of the respondents have said that they would prefer using Cryptocurrencies over Cash, Mobile Phone Payments and Bank cards. Out of 37,660 votes, 56% of them corresponded to the payments being made by Cryptocurrencies, 8% by Cash, 9% by Bank Cards and 27% by Mobile Phones. Since, bank card and cash payments are the traditional and still the most common ways to pay for the goods, it seems that people are prepared for another adoption of a completely different payment system. Slowly declining in popularity, bank card and cash payments only reached 17% combined, 10% lower than mobile phone payments that usually use payment methods such as Apple Pay, Android Pay, AliPay and others.
With the surging development of the Cryptocurrencies, we might see the payments with digital currencies might sooner than we think. On Wednesday April 10th, Coinbase announced the launch of their cryptocurrency Visa card which will allow their customers to spend Bitcoin, Litecoin, Ethereum and other cryptocurrencies via all the merchants that accept Visa payments.
Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.
Coinbase as being one of the most popular and most user-friendly exchange, trusted by millions of investors all over the world has always had an impact on the market movements, especially during the 2017 bull-run. The development of the projects such as Cryptocurrency Visa card is only the beginning and we might see something even more innovative coming from not only Coinbase, but other exchanges as well.
Cryptocurrencies are being adopted worldwide and multi-million dollar projects are being carried out in order to serve the general public and allow all of us to step forward towards another form of payments. As everything is becoming more digital, it’s only a matter of time, when we all will be paying with digital money. We are now witnessing a revolution in our financial system. What a time to be alive.