The head of Binance is confident that cryptocurrency will not become a means of payment
Cryptocurrency is not popular among the population
Sellers are reluctant to accept cryptocurrency due to its low popularity
Bitcoins work on darknet
International consortium of news organizations developing transparency standards.
Despite the fact that the popularity of cryptocurrency is increasing from year to year, in the near future it will not become a full-fledged payment instrument. This is the conclusion reached by the CEO of the largest cryptocurrency exchange Binance Changpeng Zhao.
Today, only 0.1% of the world’s population has cryptocurrency. This is negligible, so there is simply no point for sellers to accept crypto coins. Zhao is confident that it is necessary to speed up the process of adapting cryptocurrency for consumers, otherwise there is no point in developing this direction. He also gave a famous example about chicken and eggs, thereby raising the topic of what should be primary: launching a cryptocurrency or popularizing it among the population..
Payments is an obvious use case for #crypto, yet adoption is slow. With only 0.1% of people having crypto, merchants have no incentive to accept it. And with few merchants accepting it, less users use it for payments. A chicken and egg problem. 1/2
– CZ Binance (@cz_binance) March 26, 2020
However, today hundreds of companies in the world accept cryptocurrency as payment for goods and services. For example, for MTC or ETH, you can pay for food, get tutoring services or the services of an interpreter, programmer. In addition, crypto coins can be used to pay for the purchase of jewelry, luxury cars, aircraft, yachts and real estate. Earlier, BeInCrypto reported that real estate companies in the UAE are ready to accept bitcoin as payment for luxury apartments. But that’s not all. For example, for cryptocurrencies you can buy a house in America or a piece of land in Russia..
However, the main consumer of cryptocurrencies is still darknet. Here, with the help of cryptocurrency, you can buy unlicensed medicines and other medicines, gold and jewelry with precious stones, viral programs, drugs and a number of other prohibited goods. Therefore, today the governments of many states do not support the legalization of cryptocurrencies. Anonymity and decentralization enable criminals to finance terrorism, drug and human trafficking around the world. The only way to accept cryptocurrencies as a legal tender is to create uniform rules for regulating the circulation of cryptocurrencies, issuing special licenses to companies that are ready to work with this means of payment, as well as strict control over the use of cryptocurrencies by law enforcement agencies.
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