The young concept of cryptocurrencies have started to evolve in to whole ecosystems and industries. Like with fiat money, the currency started with very little use, little application and little versatility in terms of payments and saving options.
Now ATM’s are available that help convert crypto-funds into physical bills. There are exchanges available to turn it into dollars and other currencies.
You can filter your Yelp search to look for products that can be purchased with cryptos.
Then there is Purse.io, where you can shop online with cryptocurrencies, and even buy products from Amazon. A tool for retailers, e-commerce businesses and other businesses is GoCoin, this helps merchants become bitcoin-friendly.
Restaurants in various holiday spots show a sign saying it accepted cryptocurrencies. Some people are even paying their rent with bitcoin.
Then there is ManageGo, this is ‘a New York-based rental platform that offers payment and maintenance services to landlords and tenants, accepts the cryptocurrency for its 400,000 units across the country.’ This is how people have been able to manage their rent in cryptos.
Then, Chainalysis, provided service calculations. These track cryptocurrency data. They explained that the consumers used bitcoin on merchant services for a monthly average of $190.2 million in 2017, compared with just $9.8 million a month in 2013. This is phenomenon growth, are you a part of it too? Let us know below!
Bitwala, is a financial technology company. This is opening a cryptocurrency bank to provide a digital currency debit card to account holders. Users can pay for a restaurant meal with their card, and the bank will automatically convert their bitcoin into currency. This is an easy tool to understand and see yourself using in the times ahead.
Such things fuel the love and energy for newer tech. This is the gateway to the future that we talk about here so often.
Cryptocurrency services should be nothing short of a bank account. So, any time that people to feel it is hard and too-much-effort to use then the service providers should focus and fix the channel to make it easier. Sounds like such a duh-thing to do. And it is being worked on. So this leaves us with no choice but to adopt this amazing currency.
Although, here is a heads up. There are still some issues.
It is currently doable but, If you convert your bitcoin into cash to buy a cappuccino, you’ll need to pay taxes at your capital gains rate. This is true for all countries. This is held true for U.S. because, the IRS considers cryptos as an asset, not a currency.
Then there’s the issue of transaction costs. These are high more than your homie. At one point in December 2017, the bitcoin transaction fee was more than $50.
So like, should i wait for better times? What do you think? Is it okay to GaGa just yet?