Topic: Adoption and growth of Cryptocurrency and its demand for digital transactions - page 2. (Read 207 times)

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!

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.

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

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

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.

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!

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

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.

   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.