Cryptocurrency Runs Out of Steam? What will Accelerate the Usage of Crypto
Is the speed important for the race? As Aesop taught us, not really. In the competition between the tortoise and the hare the tortoise plugs along at a very slow pace but doesn’t stop – and wins in the end. Can the same principle work for the cryptocurrency and its mass adoption?
Losing a battle, but winning the war
Media, Twitter and forums are all disputing about the bursting crypto bubble. True, the total market capitalization has fallen by over 90% compared to December 2017. But surprisingly, the number of verified crypto users has not decreased, but actually doubled in 2018 – from 18 million to 35 million people.
While traders eyes’ are bleeding each time they check price charts, true crypto enthusiasts still believe that once cryptocurrency will be widely used. They are confident that actual use is what decides whether crypto makes it or breaks it – will it finally win or lose forever.
Initially cryptocurrency was created to solve the imperfections of the financial system that existed in 2008. 10 years later, the issues are still here: processing fees reach 10% on average and even the cheapest mobile money charges a commission of 4.21%, according to the World’s Bank statistics. What’s more, transfers get frequently delayed or cancelled. Analysts assume that over $32 million fail to be received.
On the contrary, cryptocurrency transactions are peer-to-peer, thus cheaper, faster and more secure. In other words, crypto won’t ever encounter the problems traditional or mobile money have.
Banks were originally the opponents of cryptocurrency, but now are actively exploring the possibility of its application. In October 2018 PNC (ranked 8th on the list of largest banks in the US by assets) announced that they will use xCurrent, the technology built by a crypto startup Ripple to speed up international payments.
Merchants also recognized an opportunity and started to enter the crypto economy. By the end of 2018 over 14,000 businesses and entrepreneurs accept cryptocurrency as payment. The industry giants catch up with the trend as well – bitcoin is accepted by Overstock, Microsoft, Badoo, Etsy, Cheap Air and others.
Cryptocurrency payments are already gaining traction in other fields, including healthcare, gambling, car rental and even taxation. Ohio has become the first US state that allowed to pay taxes in bitcoin.
By the way, altcoins are also on board. The well-known website for adults accepts TRON cryptocurrency, while the already mentioned Overstock takes Ethereum as well. In mid 2018, PayRemit, a large payment gateway in the Philippines that works with thousands of vendors, has integrated payments with Noah Coin. In fact, the currency creator – the Noah Project – is already called the blockchain first-mover in the Asian region.
While someone may doubt bitcoin or cryptocurrency in general, the technology behind it is not a bubble whatsoever. Blockchain is already being implemented and trusted worldwide. Thus, cryptocurrency adoption is just a matter of time, efforts and right projects ready to bring value.
Pay. Accept. Connect
The Noah Project is one of those that actively support blockchain technology and strive to encourage the use of cryptocurrencies in various fields.
“Cryptocurrency is not about buying or selling. This is a groundbreaking technology, the same as bank cards or mobile money were in the beginning. The advantages of cryptocurrency are evident and it would be wasteful to deny the benefits crypto may bring in. It’s just necessary to start using it”, they believe.
The team works in several areas: remittances, tourism and real estate. They construct Noah Resort, build a high-tech hub called Noah City and develop a suite of remittance software for users and merchants. The project’s cryptocurrency fuels all the elements of the ecosystem: its holders will be able to transact in Noah Coin in the City, pay for accomodation and entertainments at the resort and use it in remittances.
The Noah Project has already released a cryptocurrency wallet, and now they are launching the next product – a payment application named Noah Pay. The team hopes that merchants around the world will be able to integrate it into their businesses. As a result, users will gain an opportunity to pay for purchases with cryptocurrency as easily as using other apps like Apple Pay or PayPal.
At first the application will operate with Noah Coin, the project’s own cryptocurrency. At the same time, Noah Pay will be available to use not exclusively in Dakak Resort or the future Noah City, but in various online and offline stores and restaurants as well.
Vendors will benefit from cryptocurrency payments no less. Accepting digital money through Noah Pay is faster, simpler and more secure compared to transactions with bank cards. Сustomers won’t have to spend time searching for their wallet, enough cash or the necessary plastic card. All they need is a phone or tablet that almost everyone has on hand. Payment is actually made in one click using a QR code.
Cryptocurrency is not just red and green lines on charts and it’s not only for enthusiasts. It may be for everyone: merchants, customers, users. The only thing needed is a push, an opportunity to use cryptocurrency to the fullest. Pay and accept – this is the formula that can accelerate mass adoption. And once payments in bitcoin or other coins are as simple as with a bank card, we will see that no bear market can intimidate the future of crypto.
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