The cryptocurrency journey has been a relatively short but eventful affair. The boom years that ended abruptly in December 2017, saw a near 18 month consolidation period in which the general public at large didnt embrace the crypto world as possibly expected.
Digital currencies and the trust in them still have a long way to go, but things are getting better. The coronavirus pandemic has tested the supposed safe haven status of Bitcoin and other cryptocurrencies. However, if anything the COVID-19 period has shown that there is indeed a brighter future for crypto and it will be payments that take the lead.
Africa and LATAM Leading the Way
Approaching two billion people are currently unbanked in this world. 66% of which are in sub-Sahara Africa. It is these people, who will own an internet-connected phone, but not a bank account, that will take crypto to the universal usage stage many have predicted should have happened already.
In failing economies like Venezuela or Argentina, bitcoin adoption has been growing at a colossal rate. Why? because for many there, the ability to move money is made all the easier and safer through crypto. Converting bitcoin, which is mined cheaply into other payment providers such as Bitcoin to Perfectmoney, is fast becoming the lifeblood in volatile Latin American nations.
A fast-rising gig economy, similar to that of Fiverr, but on blockchain is showing that we really are a global village and a village that may not necessarily need the ‘middle-man’ for a lot of our daily transactions and purchases. The pandemic has shown that we can function as a society under lockdown, not using cash and reliant on the internet for everything from daily shopping to banking.
As the world gets smaller and technology advances, it will be the payment providers and the ever changing world of fintech that drags bitcoin and other cryptocurrencies kicking and screaming to the next level of adoption.
