Under the current circumstances of fiat currencies falling apart (we have just begun), the launch of the Binance payment card can greatly facilitate cryptocurrency adoption (as a means of payment), at least as far as altcoins are concerned (e.g. Litecoin).
Focusing on the mainstream launches, payment card isn't new concept and many of the projects are already issuing such cards. Well let us consider that Binance is popular platform and user base for this payment concept would be pretty great as compared to others. However, there is huge crowd on the platform who doesn't care about the features like this. Consider the factors like underdeveloped countries, developing countries being the biggest crowd on the platform.
> Obviously this is based on my assumptions but it seems reasonable.
If the card proves convenient, cheap, and actually usable in terms of a daily shopping routine, it may turn out a game-changer after all, and still more so if Binance competitors will have no other choice but to come up with something similar or even better
This is what concerns me when I stated that it may get limited to shorter crowd. I mean ho wmany countries does have BTC or ALT coin payment solution available? Or may be acceptable by the local community?
The world reserve fiat, the American dollar, is sinking like Titanic, slowly but surely. We can’t say the same about less lucky currencies, though. We won’t dwell on the Venezuelan bolivar and Zimbabwean dollar as they are altogether beyond redemption, but fiats like the Brazilian real and Russian ruble are also balancing on the brink of another landslide devaluation, which they have seen many in the past.
Definitely USD is falling apart and if the reserves are not reset to the original value / volume / output then it will give opportunity to rest of the currencies to come up in the market. However this will only happen if those rest of the countries make that much efforts for it.
There is one thing noticeable here, huge business agenda is dependent on america so in long term it will serve as boundary for the rest world and impact in bad way rather than good one.
Sharp minds in the cryptocurrency space have been telling us about this development for ages. It all looked like a remote possibility in some distant future that as we felt deep down wouldn’t have a chance to come up in our lifetime.
Indeed correct. It was the long vision of creators who had
Plan-BTC. They knew it, one day the economic collapse will imbalance world's largest currencies and that's what happening. It's agreeable statement. The only path that went wrong is, crypto currencies
got wrong identity and they became instrument of trading and cold storage stuff. But none of them though about it as real currency for day-to-day life.
As it stands, we were wrong, and the events described are now starting to unfold right before our own eyes. In a strange twist of fate, large-scale cryptocurrency adoption is about to occur along with them, but not through some technical breakthroughs and innovation, or even the much-hyped DeFi, but primarily through the failure of conventional financial systems based on fiat currencies. Rest assured, the top dogs in the cryptocurrency pit are well aware of this dynamic, and they are not going to wait any longer.
But again are they willing to invest their fat wallet money into the development of complex infra to run the bitcoin payment system like those traditional one? Or will they just look forward to make more bunch of billions and tan themselves on Bahama beaches!!
It might read very skeptical but I am trying to judge this phenomenon based on what we have seen until now for the bitcoin. DeFi is result of something that was alternative to a failure as you stated, will it be long lasting?
Grayscale Investments, a multi-billion dollar company behind a host of cryptocurrency trust funds, [...]acquired over 17,000 BTC adding to its already quite impressive stash of Bitcoin, now totalling almost 450,000 coins under its management. Love it or leave it, but that amounts to 2.4% of all bitcoins mined to date, [...]
But while Grayscale definitely sits at the top of the cryptocurrency investment chain, it is not the only company that went on a buying spree lately. MicroStrategy, a company largely unknown to the wider public, suddenly got religion and swapped over $400 million of its capital into 38,250 BTC. Even Barry Silbert, CEO of Grayscale, commented on this feat in his tweet. So whenever there is a hint at price correction, someone comes out of the shadows and picks up a handful of bitcoins from the market propping up the price.
Why are they doing this? You already know the answer.
This is what I have been explaining above and it is not their fault! They are giants with business to run and why would not they? Even at some point we are here to earn, invest, stabilise our finances. They only do this on the scale of million and billion.
In the long run this makes crypto look like asset for investment and nothing more.
But what truly makes it a game-changer is the current turmoil in the global economic affairs which may turn out to be a once-in-a-lifetime chance for crypto to pick up where fiat currencies leave, or fail, to be exact.
Do we really think this way? I am sure we are forgetting one thing, crypto world does not share itself with the whole world. What I mean is, crypto users are limited, it's institutional usage is growing but with limited speed/resources.
I am always focusing on the
"Volume of Users" when giant project is on the run. In our case bitcoin is the project and well everyone does know it's not being used densely.
So far the vast majority of people involved in crypto, including its most die-hard supporters, valued their cryptocurrency holdings in fiat terms. Without doubt, it was the US dollar, regardless of your home currency. But when fiat collapses or enters a long period of runaway inflation, people will be ready for a dramatic change in their approaches toward capital assessment as well as spending habits.
The question is why not gold or oil then? As you stated, only those who are die hard fans and supporter of cryptocurrency will take these steps, it may not be others. Rest of the world still rely on cold storage in the form of digital bonds, gold, silver and they getting returns on them as well.
Not everyone in the crypto understand the PoS, Stablecoins etc where they can earn money so we have one reason less to give to them.
I don't know but this whole Paradigm Shift thing is not getting digested fully by me.
Yes there will pros and cons in fiat as well as crypto but the balance is heavy on fiat side. Is it drowning? Oh yeah badly but will not come up again? It will definitely rest to original timeline sooner or later. Let's not forget 2008 crisis shall we.
With Binance payment card, you can “buy the things you love with crypto”. So now the ball is in your court to support the full-scale cryptocurrency adoption coming up.
I can't wait to see this coming and taking a card to my local store and swipe it right away. But what is the competency of Binance in my country, how are the thing on that front. At one site my Government is stating Bitcoin would be made illegal soon so I would be afraid to even swipe that crypto based card and avoid a day dream crime.
Repercussions and ramifications
It is not like only we, traders and investors alike, see these trends. Governments are also taking notice and paying close attention.
My above para depicts behaviour of my Government against the BTC. Well, your statement might just be true for developed countries, with modern ways of payment solution etc. with broad minds. But what about the countries like India, Algeria, Bangladesh which consist of large population portion. Wouldn't they miss out the fun for this one? There governments are seriously against it.
I liked this topic a lot and spent good time reading it. I was just trying to see how logically it could turn out true. Call it my hunch or gut feeling I see it similar to another Project with good intentions but the result may not be as what Binance could be thinking. Just do the forecasting based on users, infra, resources, acceptance of crypto around the globe etc.
Will it be success? Yes, in the local community or Binance fans would be premium clients for this card. But will it help overcome the trillion trillion dollar fiat currency? Surely not in this timeline.
But carrying such unique payment solution with you would be
"trendy and cool". 
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