When conversations about cryptocurrencies arise, the question of how crypto can be used is often the common denominator. Despite beliefs that cryptocurrency is illegitimate because of its digital existence and lack of a “real” asset-backing, people often forget that the U.S. dollar ditched the gold standard decades ago, and that the value of the dollar is based solely off of a supporting belief system that empowers a piece of paper. Just like the dollar, cryptocurrencies are backed by a belief system that give them legitimate value.
Digital currencies are forms of currency, what’s not to believe? Individuals, companies, websites, and governments are all slowing but surely making and accepting their own cryptocurrency transactions.
Ohio now allows its residents to pay their taxes in Bitcoin, just like the NYC coin and Aspencoin will soon be used to enable its holders to buy real estate in those areas. Similarly, Microsoft, Shopify, and Overstock.com are among the pioneers of accepting cryptocurrencies as a payment for their products.
More recently, credit card companies like Visa and Mastercard have begun to take their own approaches to implementing crypto into their systems. Visa released a partnership with major cryptocurrency to USD online payment system, Bitpay, that allows the instant conversion of Bitcoin (BTC) and Bitcoin Cash (BCH) to dollars that can be spent on a supported Visa card. Likewise, Mastercard recently partnered with Facebook to support the development of the tech giant’s new crypto, Libra.
Cryptocurrency, as much as it is seeming to become a long term store of value, is a currency. Just like your dollar, the network of crypto-transactions is picking up momentum, fast. The aforementioned uses of cryptocurrencies are only a few of the growing number of individuals, vendors, and organizations worldwide that have jumped on to the crypto train and are trailblazing the way to what could be the future of finance.