Adoption and growth of Cryptocurrency and its demand for digital transactions

[Nerdy doctor]

   Btc is by far the most transacted and most preferred coin out there but in a spirit of fairness, I used cryptocurrency to include other alt coins.

Cryptocurrencies over the years has risen to a new height; a height that the global markets cannot turn a blind eye to. There is a slow and gradual adoption of cryptocurrencies in the financial markets. Big corporations, institutions and facilities are now slowly and gradually adopting its use either for the transaction or commerce or/and in the acceptance of payments for services rendered.
There is a massive growth in the rise of cryptocurrencies and bitcoin in particular as it stands out from the rest because it is widely accepted.

     Economic woes like inflation and recession has proven that the fiat can quickly lose its value and become somewhat useless to its holder and that has helped fueled the drive for individuals and corporations to acquire, hold and/or transact business with.
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.

[Don Pedro Dinero]

It is clear that although bitcoin is different in nature to the altcoins, there is an altcoin market that will endure. Some of them, such as Ethereum, will continue to be important in the coming years, but the others will come and go, rising and falling.

Digital transactions have increased across the board, legal tender transactions have increased, and with covid, as you mention, even more so. More people are paying digitally today than ever before, and it's a trend that I think is unstoppable. But I don't see bitcoin and the cryptocurrencies that are going to become more important in the future eating up a lot of ground from payments in the main world currencies, especially if we take into account that the central banks are preparing their own cryptocurrencies.

[Moneyprism]

many people globally have seen that cryptocurrency is an advancement in digital transactions and this is one of the innovations that makes it easier for people to make transactions anytime and anywhere ... and not only that, cryptocurrency is also considered an investment instrument where many people invest in it to be able to profit in the short or long term.. from these two things alone we can see that the adoption of cryptocurrencies globally is inevitable

[kryptocanon]

Yes, the continuous adoption of Bitcoin by these big firms and corporations keeps my hope high for cryptocurrency despite the steady bleeding. Its only a matter of time- the bull season will surely be back.

My advise for you all - Bag more while you still can!

[hatshepsut93]

Bitcoin is not an ideal asset for harsh times. Look at how poorly it's performing now, while gold is consistently increasing in value. Bitcoin is a high risk asset, and in uncertain times investors remove risks.

As for covid, Bitcoin didn't do anything to help with it. Idk where you got the idea that Bitcoin donations helped solve hunger. That's not a massive trend, just some anecdotes.

How can crypto replace fiat if 99.9999% of global transactions are still done in fiat. At the current rate of adoption, it will take millions of years to replace fiat.

[lionheart78]

Talking about Cryptocurrency adoption, I find this article very interesting.  The article shows data of cryptocurrency adoption in the year 2021 and also stated that worldwide adoption jumps over 880% With P2P Platforms Driving Cryptocurrency Usage in Emerging Markets

The 2021 Global Crypto Adoption Index Top 20




Source: https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/

[Jawhead999]

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.

Yet cryptocurrency is just the one currency that can be used for donations, then what's about with so many fiat donations maded by government or anyone for the huger and starvation? you're only focus crypto being used as donations but forgot the other currency. If the main purpose of cryptocurrency is used for donations, I believe all cryptos (including Bitcoin) will become worthless, it doesn't have any utility besides for donations.

Another question is how can a poor people can buy cryptos? they didn't even have enough money to buy food.

[Flexystar]

Barely doubt that crypto currency is perfect escape from the inflation! The market is already down by huge points when rest of the world is inflated right now. These things starts managing from the big fat bank accounts whose trading crypto on regular basis on scale of millions of dollars. The market is shattered crazy right now and it directly affected the bitcoin value. Bitcoin got scrambled right within couple of days when DOW and NSE fell down. You see that’s how everything works today. Bitcoin being decentralised does not mean it won’t be affected by outer market crash. The money flows in and out from that market only!

[maikrothaman]

   Btc is by far the most transacted and most preferred coin out there but in a spirit of fairness, I used cryptocurrency to include other alt coins.

Cryptocurrencies over the years has risen to a new height; a height that the global markets cannot turn a blind eye to. There is a slow and gradual adoption of cryptocurrencies in the financial markets. Big corporations, institutions and facilities are now slowly and gradually adopting its use either for the transaction or commerce or/and in the acceptance of payments for services rendered.
There is a massive growth in the rise of cryptocurrencies and bitcoin in particular as it stands out from the rest because it is widely accepted.

     Economic woes like inflation and recession has proven that the fiat can quickly lose its value and become somewhat useless to its holder and that has helped fueled the drive for individuals and corporations to acquire, hold and/or transact business with.
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.

The world is built around the International Banking System by the IMF and the World Bank, but ultimately by the Bank of England. If you think for a second that Bitcoin can be easily launched or that it will be accepted by most people, or that it will be something we can work on with banks, or that it will be something that big supermarkets or shops or organizations will accept, that's very foolish. They are all now owned and controlled by the same central bank organizations.

Bitcoins always need to be converted back and forth, and people who do will always be at risk unless they only accept cash. People who work through banks and do their Bitcoin business are sitting on the fence. One foot on each side. People who register their business with the government will always be "spies" to the hostile banking elites, one way or another. They are informants by nature, through the way the system works. In this system, as in any REAL WAR, you cannot be "on the fence" and you can never be trusted as you can always be considered an "enemy spy".

If people want bitcoins to be successful, they have to compromise and make sacrifices in terms of what they are used to. You can kiss the convenience goodbye! Say "GOODBYE Convenience, I don't need you as much as I appreciate the freedom I can achieve from Bitcoins". Say goodbye to the lightness you point to and click and order and consume with a flick of your finger. Take a new path to life and realize that with freedom comes sacrifice and the will to bring about change. You don't do that by sitting behind a computer and an armchair waiting for others to make those changes.

[yawars20]

From early stages of crypto its aim was to revolutionaries the traditional payment system and so far it is doing a great job.
If we check the growth and adoption rate of cryptocurrency, there are some major changes and they are quite positive.
Now many institutes and business are accepting digital payment system and including different type of crypto token to allow payments and
transactions.
Not only this but also many big corporations are creating their own crypto base currencies to create inside payment circle like Apple, Facebook and many more.
So we can clearly see how big this industry already is and how promising its future is. And with this in mind we clearly picture how demanding it could become in near future too.

[KingsDen]

How can crypto replace fiat if 99.9999% of global transactions are still done in fiat. At the current rate of adoption, it will take millions of years to replace fiat.

That is if it will every replace it. How many more millions will the earth last?
Most often people do not understand how big the world is;
Because I take wine and my friends take and I'll conclude that everyone in the world takes wine. There are powers that be and decisions what happens. If it was easy, all the countries colonised by Britain would have been using British fiat. Man knows how to resist.
Bitcoin is not autocratic. It doesn't want to exist alone. It didn't come to destroy that which is. It is high time we started wishing that bitcoin be allowed to exist like fiat, rather than wish to see bitcoin kill fiat. Bitcoin came as an alternative and anywhere there is an alternative, there is liberty and freedom. That is what bitcoin brought to the people and not to dominate.

[palle11]

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.

[fiulpro]

I would like to state an example which would help us know the importance of cryptocurrencies which is quite personal as well:
~
When the war started, people ran to the ATM's to get money out and the places like Eva in Ukraine, they were asking us to pay in cash and not even card was being accepted. Even most places, the big markets like ATB they did shut down their card transactions which were resumed after a while but the cash inflow and outflow was halted suddenly. I had nothing, bit bitcoins from the campaigns so I went to the Zebpay app in India and encashed timely whenever needed and could even find people on local bitcoins to exchange for cash and that's how I survived the war and got out with my pets and still waiting in some other country doing all the transactions indirectly through bitcoins because most of the government are of no help in reality especially the UK government.
Bitcoin is very important! I do think ofc the transactions would increase drastically, pandemic and war, it's able to take care of both of it ofc..

[Nerdy doctor]

Bitcoin is not an ideal asset for harsh times. Look at how poorly it's performing now, while gold is consistently increasing in value. Bitcoin is a high risk asset, and in uncertain times investors remove risks.

As for covid, Bitcoin didn't do anything to help with it. Idk where you got the idea that Bitcoin donations helped solve hunger. That's not a massive trend, just some anecdotes.

How can crypto replace fiat if 99.9999% of global transactions are still done in fiat. At the current rate of adoption, it will take millions of years to replace fiat.

I never said donations made through bitcoin helped solve hunger. It helped reduce it.
During the covid pandemic, there were economic woes in most countries in the African continent and the world in general. Most western governments released funds to help ease the pains of its citizens and that helped with food and other essential things.

Not in Africa, most African countries did little to help its citizens and there was hunger in the land.
Donations were made in bitcoin and when converted to fiat, went a long way in helping to curb hunger. I know personally of donations made to a country in west Africa that helped reduce hunger in the interior rural areas.

The topic aims at examining the rise and slow adoption of bitcoin and cryptocurrencies and its increasing demand for digital transactions in the last decade. Bitcoin isn't the savior of mankind that would end hunger and unemployment and I don't think I implied that in my post.

[AmoreJaz]

I would like to state an example which would help us know the importance of cryptocurrencies which is quite personal as well:
~
When the war started, people ran to the ATM's to get money out and the places like Eva in Ukraine, they were asking us to pay in cash and not even card was being accepted. Even most places, the big markets like ATB they did shut down their card transactions which were resumed after a while but the cash inflow and outflow was halted suddenly. I had nothing, bit bitcoins from the campaigns so I went to the Zebpay app in India and encashed timely whenever needed and could even find people on local bitcoins to exchange for cash and that's how I survived the war and got out with my pets and still waiting in some other country doing all the transactions indirectly through bitcoins because most of the government are of no help in reality especially the UK government.
Bitcoin is very important! I do think ofc the transactions would increase drastically, pandemic and war, it's able to take care of both of it ofc..

great to hear your story and how it was your saviour during this war. i guess, you will be forever grateful that you are in crypto market even before this war happened. i believe, many people will appreciate its significance when they personally experience transacting crypto when they are in the tight position, where they are out of options. but anyway, adoption will take time and it is better if we will not shove it to people, let them find their right time when to get on board in this market.  

[salad daging]

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.

when something like that happens, then why? because indeed in the current context indeed bitcoin will not be meant to replace them but become an option and part of one of the options like them.
the presence of fiat and paper money will continue to exist at any time and it is clear because their support is very much. but bitcoin is one of the standalone technologies that makes this popular

[24Kt]

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.

when something like that happens, then why? because indeed in the current context indeed bitcoin will not be meant to replace them but become an option and part of one of the options like them.
the presence of fiat and paper money will continue to exist at any time and it is clear because their support is very much. but bitcoin is one of the standalone technologies that makes this popular

Financial institutions will stick to their traditional fiat system because that's where they have the full control of. Let us just accept the fact that crypto is just another option that people can use but not totally replacing their fiat. And besides, a large percentage of population are still using fiat and most of them have no inclination of going into crypto. We are just glad that crypto is reaching a lot in these days, and some of them are truly appreciating the features of this market as we go to this digital world of currencies.

[ChiBitCTy]

   Btc is by far the most transacted and most preferred coin out there but in a spirit of fairness, I used cryptocurrency to include other alt coins.

Cryptocurrencies over the years has risen to a new height; a height that the global markets cannot turn a blind eye to. There is a slow and gradual adoption of cryptocurrencies in the financial markets. Big corporations, institutions and facilities are now slowly and gradually adopting its use either for the transaction or commerce or/and in the acceptance of payments for services rendered.
There is a massive growth in the rise of cryptocurrencies and bitcoin in particular as it stands out from the rest because it is widely accepted.

     Economic woes like inflation and recession has proven that the fiat can quickly lose its value and become somewhat useless to its holder and that has helped fueled the drive for individuals and corporations to acquire, hold and/or transact business with.
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 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.

[salad daging]

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.

when something like that happens, then why? because indeed in the current context indeed bitcoin will not be meant to replace them but become an option and part of one of the options like them.
the presence of fiat and paper money will continue to exist at any time and it is clear because their support is very much. but bitcoin is one of the standalone technologies that makes this popular

Financial institutions will stick to their traditional fiat system because that's where they have the full control of. Let us just accept the fact that crypto is just another option that people can use but not totally replacing their fiat. And besides, a large percentage of population are still using fiat and most of them have no inclination of going into crypto. We are just glad that crypto is reaching a lot in these days, and some of them are truly appreciating the features of this market as we go to this digital world of currencies.

Didn't I already say that bitcoin was just an option in the previous thread and indeed it will be inviolable as their focus is just that.
Even if there are some countries that adopt bitcoin massively like El Davador but of course they also know they will not completely stand by bitcoin and will still use fiat in this regard.
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

[roslinpl]

Most of the people had their valuable money in crypto currency.  When the bitcoin was begins, most of the people had not trusted the bitcoin as a digital currency. When the currency value was changed, it leads to the new investors into the market. So like this the crypto currency was started his journey with 1000$, but it value was increased randomly. Due to some facts, the price of bitcoin dump for now.