While, Master Card CEO Ajay Banga stated that the wildly fluctuating cryptocurrency values make it undeserved to be considered as a medium of exchange in the real time world, Coinbase has made it possible for its customers to be able to buy virtual gift cards. There has been a widespread problem of several stores not accepting cryptocurrencies. The spendable gift cards from Coinbase is just the beginning of debunking the myth that blockchain technology cannot be used in individual real-world transactions.
Converting your Cryptocurrency to Real World Requirements
Several fashion brands are accepting these cards. While these gift cards are being accepted only in UK, France, Italy and Spain this trend is expected to get viral to cover payment transactions in all retail sectors. Uber like services are customizable in several other crypto brands, one of the many is the XDCE. This kind of conversion is soon to be made a widespread routine transaction process providing customers with greater flexibility. Of note, there are 300+ cryptocurrency funds floating in the market.
Spending the Cryptocurrencies
An average investor is able to understand the concepts like tokenization of currency, the public ledger, the privacy concepts, and the digital money concept. When it comes to how they can spend the returns on investments they are still not convinced. When money cannot fulfil a real world purpose, the stored value does not make sense to an average Joe. Someone who is new to the crypto investment and conversions is in the end worried about a standard concern like, how do I cash out my investment?
How do I Spend or Cash Out
Some altcoins and tokens have great potential to make the spending easy. However, there are others that do not provide a clue as to how to cash out the investment. This is the wide spectrum we are discussing, where the possibility ranges from possible to spend through not possible to spend. It depends upon the individual features offered by the cryptocurrency brand and their market philosophy.
The bitcoin industry is yet to prove its purposefulness to the real time world. The coming of the virtual gift card is a nascent start to fulfil the purposefulness that individuals expect out of this currency type. Financial use cases in currency exchange and remittance, P2P transfers, ride sharing, data storage, application in trading platforms, and gaming is already a success. With increasing numbers of companies willing to accept cryptocurrencies for every kind of sale and service myriad of future financial projects will boom on this technology. Private lending and real estate investment loans are becoming a common practice with private blockchain technology.
The answers to the shout for what is the real world use for cryptocurrencies are being answered by companies in the form of new transactional concepts. XinFin, Ethereum and several other crypto wallet providers are here to map the market with smart contracts. Faster international payments, digital asset management and the crypto principles are finding their way to making it an everyday money.