Adoption and growth of Cryptocurrency and its demand for digital transactions

[dark1234]

Most still believe in fiat and that's their right and we as someone who believes in crypto doesn't mean we won't be concerned with Fiat because they still dominate

bitcoin adoption from year to year has increased in several countries but basically only a few make commercial transactions tools in the community and the rest are investments that lead to future wealth even though fiat has lost value due to inflation bitcoin can not completely replace fiat in transaction commodities global

[jaberwock]

I wouldn't say that "Economic woes like inflation and recession has proven that the fiat can quickly lose its value and become somewhat useless to its holder".  Most fiat currencies have not become useless.  I mean the US dollar , while taking a hit of late, is still a strong currency and one that is widely accepted across the globe.  Also I think it's important to establish the fact that many/most altcoins are absolute shit.  So careful out there with which ones you're using.

Indeed there are so many altcoins which are a waste of time. I’m always very careful when I want to invest in the cryptocurrency market, and I tend to avoid most of these alt coins, because I know that they wouldn’t really be worth it in the future. Majority of them just grows stagnant and not making any move anymore, they just stay low without going up again, and we don’t even have any believe that they would.

So, when you want to select a cryptocurrency to save or invest, you have to be very sure that you’re selecting the ones from the top of that list, which can be Bitcoin, Ethereum, Litecoin, and the rest of them.

[MinMan]

Inflation is a really bad thing,  and this has been the reason why I have decided to be keeping part of my savings in Bitcoin. So, with Bitcoin we are able to hedge against inflation, instead of leaving our money as fiat to where it continues to lose value overtime.

But, with Bitcoin there wouldn’t be such an issue where you would be losing the value overtime, because as the years goes on the value of Bitcoin continues to increase, which is unlike Fiat. Apart from it being really important to me when it comes to service, it is also important when I want to make transactions.

[Renampun]

Most still believe in fiat and that's their right and we as someone who believes in crypto doesn't mean we won't be concerned with Fiat because they still dominate

bitcoin adoption from year to year has increased in several countries but basically only a few make commercial transactions tools in the community and the rest are investments that lead to future wealth even though fiat has lost value due to inflation bitcoin can not completely replace fiat in transaction commodities global

It's too early to expect bitcoin to replace fiat in global transactions...

I'm sure the majority of people on earth still have doubts about cryptocurrencies, they are still afraid to use it for transactions and think that it's prohibited by the government but in the future (several decades) people's thinking about cryptocurrencies will shift, and use crypto for day-to-day transactions in any case.

[BIT-BENDER]

Well it’s just only a matter of time before Globalized Adoption of Crypto-Currency, this present Dip and the reactions it has caused across the world has just gone to show how widely adopted Crypto-Currency has become, right now if everyone hasn’t yet owned one themselves they know someone that do or they are about making up their mind, and I believe it won’t be too long before The government start to see reasons too, right now the biggest problem of Crypto-currency is the issues emanating from Government heads of countries, and if that is solved it would be a big breakthrough for Crypto-currency.

[bocyaj]

Adoption was the essential one for the entire growth of the bitcoin.Because it took 10 full year for the adoption of the bitcoin.And the price of the bitcoin also takes huge time.When the price of bitcoin crossed 20k dollars,many not get huge surprise.Instead all except the price of bitcoin to the next pump of 30k dollars.Like this the pump expectations on all Price.

[Gyfts]

There was a boost in the adoption and use of cryptocurrencies in the last few years especially during the recent covid pandemic. With lockdowns in effect in almost every country on earth, there were shortages in the production of goods and services rendered. Demand increased and with very little supply, prices of available goods and services went ridiculously high.
Cryptocurrency played a key role in these times in helping to reduce hunger and starvation as donations were made using bitcoin and was also used in the transaction of business. This increased the drive to acquire and hold Cryptocurrency as a store of value.

     There is a continuous growth and adoption in its use as organizations, large corporations and individuals today are adopting and utilizing its uses. Cryptocurrency growth and adoption for digital transactions would only get bigger.
The era where fiat  is only used for all commercial transactions is coming to an end.

I agree. It's understated how significant the pandemic was in opening people's eyes to how easily it is to abuse the economic systems as long as you have centralized control. COVID taught people why government centralization is cancerous to economic affairs. Covid lockdown restrictions were employed as a strategy for the unobtainable goal of "zero COVID" death, hospitalizations, or cases. This tanked the economy and, because most governments resorted to money printing as a mechanism to artificially stimulate the economy while they forced people to stay home and refrain from work, inflation rose.

In retrospect, was anyone surprised at the obvious outcome of inflation/probable recession when you hand the keys to a bunch of COVID hypochondriacs? I'm wasn't.

[coupable]

The adoption of cryptocurrency may not take off fiat totally, this is what I think. Yes that the cryptocurrency is increasing to all corners and region, it is convenient and easily accessible to all but traditional financial system will still subsist. I wonder if dollar for example will go away because of cryptocurrency... Other countries also having to use their own currency for even a local transaction. There are different purposes that both fiat and cryptocurrency play in the society and both are used for trade.

The expanding growth in digital transactions has greatly contributed to the formation of a need for another form of money which can be used as a mean of payment. The first virtual currency that appeared on the scene was Bitcoin, and it won the trust of many users who paved the way for the survival of this currency and securing a vital presence for it in the virtual world for some major reasons :
- Safe payment method.
- Can be used in peer to peer without intermediaries.
- A source of innovation.
- Recognized at the global level.