Even the longest journey begins with a small step. And cryptocurrencies are proving it.
The conventional public notion about these nascent assets is impoverished. It is due to their access to the one side of the story, which portrays cryptocurrencies as tools to launder money, purchase banned drugs online, and finance terrorists. However, the other hand, which focuses on flawless and cheap value transfer, accurate recordkeeping, and better financial traceability is generally given a miss.
That is, anyway, the lifecycle of any new technology. It begins with skepticism and ends with adoption. Cryptocurrencies are undergoing a similar evolution.
Tourist Pays for Coffee in Crypto
The internet just delivered the world a video in which a tourist traveling in South Korea was seen paying for her coffee using a crypto-enabled card. The woman in the video handed a cryptocurrency payment card over to the counter staff at a Seoul coffee shop as she explained how she loved carrying it around everywhere she goes.
Moments into the video, the woman could be seen taking her card back alongside the coffee she had purchased using it. She appreciated the payment processing company for executing a cryptocurrency transaction as fast as a Visa or MasterCard-enabled card would have done. Meanwhile, she also wondered whether or not the cryptocurrency she used as the payment would increase in value.
The video later showed that the woman was using ADA, the native token of Cardano’s blockchain, as her mode of payment.
Sandwich on Bitcoin Lightning Network
A food and beverage kiosk machine in Switzerland recently integrated Bitcoin’s second layer payment solution, the Lightning network, proving that the crypto’s real-world adoption was happening.
Micheal Hill, the customer in the video, paid for a sandwich and burger instantly using bitcoins, showing how simple it was to use the cryptocurrency in the real world. Hill merely scanned a QR code using his Lightning Network app, entered the amount, and paid. In return, he received an instant confirmation in the form of simple English words from the self-running kiosk. Then all he had to do was go inside the store and said those codes to the counter staff to receive his order.
Hope that muffin and sandwich combo was delicious, though. We’ll take a review from Hill separately.
Protection against Hyperinflation
In Venezuela, bitcoin was beyond a payment instrument for its millions of citizens – it was a savior. Venezuelans learned to use cryptocurrency soon as they became victims of one of the biggest government-sponsored economic blunder. Their national currency Bolivar collapsed amidst a political and humanitarian crisis, leaving people with worthless papers they once called money. At once point, buying an average McDonalds burger in Venezuela could have cost the customer $358 – it was that bad.
TRT Worldpublished a story about how Venezuelan people dumped bolivar for bitcoin. In the coverage, Dash Caracas director Eugenia Alcala confirmed that Venezuelans couldn’t even purchase medicines if they wanted to – because of a hyperinflated Bolivar.
“Only cryptocurrencies made it possible,” she added.
Stories like these explain what cryptocurrencies could be in the future. Use cases such as these strongly balance the criticism (that remains flawed on various prospects.)