Cryptocurrency adoption is gaining speed all over the world, the latest being Columbia where 1,000 stores will be accepting crypto payments through POS of Pundi X while Australian citizens get to pay their household bills in multiple cryptocurrencies and unstable economies with high inflation go crypto as well.
Cryptocurrencies make their way into Columbia
Crypto adoption is the key to the future of cryptocurrencies and its long-term value. However, today, the market is running rampant with speculations, the anticipation of an ETF and expecting institutional investors. But time and again experts have emphasized that crypto adoption is what the market needs which will be a gradual process. And lately, a number of countries are experiencing a surge in this crypto adoption.
The latest partnership between the Colombian investment firm Manticora Capital and Pundi X (NPXS) now allows about 1,000 stores in the country to accept a number of cryptocurrencies as a payment option.
In this partnership, the point-of-sale device of Pundi X will be put at each of these stores that will allow them to accept Bitcoin (BTC), Ethereum (ETH), Verge (XVG), Stellar (XLM), NEM (XEM), Achain (ACT), and Qtum (QTUM).
Moreover, the customers can also either purchase or sell these cryptos right at the counter. Pundi X supports payment from crypto wallets as well as traditional mobile wallets along with XPASS cards.
However, this is just the beginning as Pundi X aims to deploy more than 10k of these POS devices in over 12 countries.
Also, read: Buckle up, Bitcoin Getting Ready to Crash
Meanwhile, Australia going pro-crypto
Another real-world usage came into the form of another partnership that allows Australian cryptocurrency holders to pay their bills in cryptos. Cryptocurrency exchange Cointree has joined hands with Gobill, an automated billing platform that enables the crypto holders to pay their household bills in a number of cryptocurrencies in Australia.
Australia has been favorable towards cryptocurrencies by taking steps to boost the growth of this nascent industry. Hence, Cointree is also a licensed exchange under AUSTRAC while Gobill has the license to provide financial services under ASIC.
Excited to finally announce our partnership with @gobbill , this partnership will enable automated bill payments with cryptocurrency! More via https://t.co/ZDyEhmtc1e #bills #crypto #fintech #blockchain #cryptocurrency #gobbill #cointreeau #AI pic.twitter.com/PJxdtd98ha
— Cointree (@CointreeAus) August 20, 2018
According to the co-founder of Gobill, Shendon Ewans,
“Digital currencies are becoming mainstream, and our view at Gobbill is to support customer choice and convenience. We anticipate a surge in the number of customers who would like to pay their bills in crypto in the coming years.”
Currently, Gobill the exchange supports about 40 cryptocurrencies that include the top ones like Bitcoin (BTC), Ethereum (ETH), XRP among others. Ewans further shared,
“Fast forward into the future and what we’re seeing is, like it or not, this will be part of our daily lives. Gobbill already let people pay bills from their cards or bank accounts, so now they can pay in cryptocurrency too.”
Countries with unstable economies turning towards cryptos
One of the most prominent adoptions of cryptocurrencies can be seen in countries where economies are going through tough times and their national currencies are losing their values exponentially. Venezuela is one such country that is suffering from hyperinflation and turning towards cryptos.
Starting with creating its own digital currency called Petro, recently, President Nicolas Maduro devalued the national currency Bolivar 95% while pegging it to Petro. However, Dash is making a lot of headway into the country as well as stated by the CEO of Dash Core Group, Ryan Taylor:
“We are seeing tens of thousands of wallet downloads from the country each month. Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”
Taylor further shared with Business Insider,
“Venezuela is unique, it’s the only country in the world with what can be called hyperinflation. But there are other high inflation countries. We’re seeing this with Turkey right now. Ukraine, Argentina, these are countries with very high inflation rates with of 20-30% or something. 20-30% we think is enough to get people to try something new. We’re going to try and be successful first in Venezuela before branching out to try this in other countries.”
We are certainly looking into a future where digital currencies will be intricately involved in our daily lives.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com