Bitcoin and other cryptocurrencies need to become more like PayPal now. Bitcoin generally laid the foundations for the future of money and finance.
It has shown us how to avoid the grip of centralized finance.
However, it encounters obstacles that may be insurmountable in some respects. So what does Bitcoin and other digital currencies need to do for further development?
PayPal and cryptocurrencies
We’ve recently read reports that Elon Musk is trying to push the possibility of cryptocurrency payments to PayPal. This is a big step forward, as PayPal can offer cryptocurrencies the ability to handle all the necessary regulations and the possibility of peer-to-peer payments. Not to mention that for cryptocurrencies, that could mean a potential 300 million people who would potentially start using them. PayPal is very easy to use and available almost everywhere.
Bitcoin and mainstream
Bitcoin gave space to an idea and an alternative. There are other things based on the idea of Bitcoin, such as the CBDC, which is built on a much more centralized basis. At the same time, other cryptocurrencies began to develop, such as Ethereum. Bitcoin basically gave people a choice. The possibility to choose freedom. Mainstream adoption is still pushing forward.
In order for cryptocurrencies and blockchains to be accepted by mainstream society, they need to be stable. Their price does not need to fly up and down. If cryptocurrencies get on a payment platform such as PayPal, it is possible that this problem will disappear.
Furthermore, functionality is needed so that people can rely on cryptocurencies. It must be as user-friendly, simple and convenient as today’s banking services. And they also need to be clearly defined. It is not desirable for some stablecoins or CBDCs to undermine the idea of cryptocurrencies. Therefore, it is necessary to clearly define the circumstances under which a cryptocurrency is called a cryptocurrency. If these conditions are met, we can expect global, mainstream adoption.
Blockchain and cryptocurrencies are the future. But in order to reach it, we must first have the tools to build it. A partnership with a large financial platform could be very helpful. More people would find out what cryptocurrencies are and would accept them as an alternative payment method.