After cryptocurrencies first surfaced on the scene, headed by Bitcoin at 2009, the FinTech business was just beginning to mature.
PayPal was about before that for quite some time, but with a limited state availability, slow withdrawals, and hefty penalties. Nowadays, FinTech services including PayPal, TransferWise, Google Pay, along with neobanks such as Revolut and N26, provide near-instantaneous transport with very low prices.
Within this environment, what’s the best bargain for your own end-user? A new survey from The Tokenist, comparing Bitcoin adoption speeds in 2017 into 2020, indicates that cryptocurrencies won’t be supplanted by the new FinTech wave. Rather, the tendency is to incorporate them to the FinTech ecosystem.
Decentralization Has Got Value
If it comes right down to this, what folks want is advantage. Speedy completion of jobs with the minimal effort evolved. In the financial world, PayPal pushed this advantage envelope to the limitation, serving countless millions of consumers and companies, finally becoming the king of online payments.
But, such a strategy has a crucial flaw that can’t be easily defeat — centralization. PayPal, and lots of choices, are closely integrated with and so are highly determined by the huge banks and duopolies like Mastercard/Visa. Should they refuse to provide you their solutions, for some reason, you’re effectively cut off by the modern financial system.
In today’s climate of societal mobbing and cancel civilization, this is especially troublesome. Across the political spectrum, people’s livelihoods are destroyed if they espouse an impression that some other type doesn’t favor.
A mean individual may not be interested in anything more than earning money from point A to point B expeditiously, however as political instability heats up, as trust in government institutions lowers, more individuals understand the need for a parallel monetary system delivered through blockchain-powered cryptocurrencies.
As stated by the Tokenist poll, this tendency is rising. Over the previous 3 decades, the pool of individuals who anticipate Bitcoin over banks has increased by 29%.
In particular, male millennials are the most enthusiastic demographic. Female millennials are not far behind, but male millennials are the most confident in Bitcoin’s future, and view Bitcoin as mostly positive.
Across the board, 60% of survey participants viewed Bitcoin favorably, which raises it by 27% compared to three years ago. As expected, people older than 65 are set in their ways, so they show the least amount of enthusiasm, most doubt, and are least likely to buy and use Bitcoin.
Hybrid Integration Boosts Bitcoin Interest
Looking at this survey, it is safe to say that male millennials are leading the charge in Bitcoin becoming increasingly integrated into mainstream trading apps, payment wallets, online retailers, and even employee salaries. Due to popular demand they created, PayPal itself had to concede and give its merchants the option to accept Bitcoin payments in 2018. Following suit, online payroll giants like Freshbooks are looking to integrate bitcoin payments in the near future.
Likewise, Microsoft had to integrate Bitcoin in its Xbox credit store. Online-based retailers like Overstock further fortified Bitcoin’s status as a credible alternative to fiat money. Just last year, New Zealand fully enabled Bitcoin (BTC) as legal tender for employee salaries.
Another source of increased Bitcoin adoption rate comes from the lack of proper competition. Everyone is familiar with Bitcoin. It is the first internet money with its own transfer network, gaining public spotlight via thousands of articles and video segments definitely the legacy media over a decade. Facebook’s Libra is still floundering, and not many people would trust Facebook due to their numerous privacy concerns and the heavy hand of censorship.
Lastly, the coronavirus situation is a windfall for cryptocurrencies in three major ways:
It exposed more people to alternative payment methods. Most wallets and apps hold cryptocurrencies as an option to be explored just a click away.
The Federal Reserve exposed their hand by infusing the economy with trillions of dollars out of nowhere. Even the least informed person would take that as a clear sign that Bitcoin has much greater boundaries and sustainability than fiat money. After all, Bitcoin relies on a finite pool of “coins,” which guards against financial inflation — maybe not price inflation.