Topic: Cryptocurrency Adoption: A Breakthrough? (Read 662 times)

Since then bitcoin always been like this, being treated as venue of investment more on being use as payment transactions, seeing the potential there many people who are enjoying the current situation.

With how it's moving now there are many new investors that following this industry, chances  still have it's full potentials to gained decent
amount of money with this ongoing breakthrough.

Although cryptocurrency adoption may be a groundbreaking investment it's not popular in many countries. They think Bitcoin may be a lot of risk so it'll take time to develop. This method is followed to stay the amount of block inventions unchanged. The greater the resolution of the hardware the greater the complexity of the issues following this method the amount of exposed blocks in bitcoin mining is kept unchanged. Hardware with of processing power is required to unlock the blocks.

Bitcoin is not such a convenient medium for small daily payments as other alternative coins, so I think that Bitcoin is definitely in danger of being introduced as such, and many people on this forum are sincerely mistaken about this. Therefore, the near future for bitcoin will continue to develop as an asset for accumulation and speculation for financial and exchange traders and players in the vast majority of cases. Also, bitcoin can serve as a means of transfer for relatively large amounts in a small number of cases.

Bitcoin is not really made for investment purposes its for decentralisation of transaction payments and to have a advance way of transferring money form one to another. But since it's still on it's early stage, early adootors will have the benefit of to be able to make it as a investment that can bemake gains whenever adoption happens.

I don't think so

Moreover, I can't even fathom your logic behind this assumption. Bitcoin mass adoption as a means of payment would naturally increase the demand for Bitcoin, and given that there are only so many bitcoins in existence (read, supply cannot rise), it will necessarily bring about higher prices. In a nutshell, you can't get around the law of supply and demand, which is going to hold in this case. With that said, it is still unlikely that people are going to use Bitcoin specifically as a medium of exchange en masse

Thing here is, if we force bitcoin adoption, it will ultimately whittle down the coins price because of the endless cash-in and cash-out that the people will do once the coin becomes adopted by the public. This means bad news for the people who are here to invest on bitcoin, especially those who have already spent thousands of dollars and are expecting a gain from it.

The crypto industry has been going through a precise turbulence for last two years. After hitting a consequential high and hitting the peak of the market, the norm of Bitcoin has since weakened, rebounded and stabilized. Likewise, the ICO growl that has exhorted billions for blockchain motives and contributed to the prompt propagation of the segment, many services and petitions that have elevated or plucked to raise capital. Nevertheless, the pace of industry sustains to come off, wielded by consumer and financier optimism, and the usury of institutional investors and entrepreneurial businesses. Trading Contracts for Difference (CFDs) has befitted one of the most exoteric performances for retailers to avail extensive exposure to broad range of credits, often with profit. Latterly, several companies in the industry have summed up cryptocurrency CFDs to their platform overtures, providing a new access clause into market, while historically generating interest among more focused merchants toward traditional strategic assets. Crypto CFD, a move that is less acquainted to digital asset ecosystem and inward deeds, can be enormous for exchanges than those on-board merchants. As CFDs become more conventional crossways the industry, fewer dealer who are less blockchain-savvy can avail exposure, resulting in higher volumes and more lively ecosystems. Moreover, crypto usurer BlockFi has revealed that they will generate Bitcoin based usury accounts, allows users to attain usury in both Bitcoin or ether. With the announcement, users would be able to pay tax liability on cryptocurrency, the elevation of banking ease is a fabulously positive sign for the outgrowth of crypto market.

You are on the right track

Though not still there. You should sell not just the amount you need for your everyday expenses, but a somewhat bigger portion of your stash so as to be able to buy back at pullbacks. When you eventually get the hang of it, you could live entirely off the volatility in the cryptocurrency of your choice (and while we are at it, Litecoin seems to be the best choice). Now add strong fiat inflation to the mix, and you will see how you can use it as a leverage or multiplier

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Re "A Breakthrough", it just occurred to me that BTC price spikes (like we apparently have now: $13,790 as I write) will get attention and FOMO.  Each incremental advance in BTC adoption and/or price spikes will get attention and more users.

My interest in a debit card is to allow me to incrementally CA$H-OUT of Bitcoin during price spikes.  In 2017 I was able to do this by buying gold, but there is still not a convenient way to cash-out for, well, cash.

Also, we travel (did until COVID anyway), having a MasterCard funded with BTC might come in very handy.  I could get $500 out of the ATM whether in Peru or in Europe...

Over the years I have typically bought BTC more-or-less every month or so.  The only exceptions were when I sold (just some) in late 2017 and a small amount in early 2018.

Bitcoin is still a "risk asset" as far as I am concerned.  Risky, but with a likely (?) great future.  

I have never been able to predict the future, so when I am handed a gift (like a big-time BTC price spike), I take the it...

I think the dangers and fears of using a cryptocurrency payment card are greatly exaggerated

I don't know for certain (as I don't have such a card yet), but it is safe to assume that you will be able to set limits on how much you can spend daily. So even if the hackers scan your card, they won't be able to steal all your coins from the exchange. Moreover, the card account is a separate account on Binance, while you can move your coins freely between your accounts. So just top up your card account at a bare minimum and you are good to go


You are looking at it from the wrong angle. It is not about crypto weakening fiat. Rather, it is about fiat strengthening crypto through the failure of its own, the process which we now have a chance to witness

I think their card is going to make btc payments easier and bring more users to crypto because they will finally be able to spend from the same exchange account they uused to buy and trade.

The most obvious cons of this method are more centralization and less security. You'll have all your coins on a centralized account used for trading/holding/spending. There were many card hacks where people were able to withdraw from your card by walking next to you or fitting scanners in ATMs. If they steal fiat money a bank can trace it but with BTC card users will be in greater danger.

It won't weaken fiat money. Binance is just a single company and even with paypal the number of users of those BTC payments will be small. How much of the market will they able to take from fiat? 0.01% globally? It would be great if it was even this much.

Bitcoin is not the only pebble on the beach, not the only fish in the sea. I emphasize that point in the article


As above, it's not so much about Bitcoin as other coins. And while Bitcoin can be considered an island of stability in the volatility-torn world of crypto (to a degree), you don't really waste your store of value on everyday needs. It means that the vast majority of people will be spending anything crypto-related but Bitcoin. And that makes such payment cards, the ones which can be linked to a bunch of cryptocurrencies apart from Bitcoin, even more interesting as with them you can build sophisticated strategies to turn the tables in your favor and take advantage of fiat currency inflation

I would call that the inflation tax in reverse. Kind of financial aikido

The trick about bitcoin and why it is having such a big problem is the simple reason that even the "users" of bitcoin do not want to sell it for anything under what they bought from, they should be users and use it but they instead become holders which means they want more fiat.

If you are looking at bitcoin as fiat thing and that is all you care about, how could bitcoin go up? You need to work for it, earn it and when you got it you have to find other people who accept it and earn it and you should be spending it there, just like how we use fiat currency in real life.

But people act like its gold, they want to buy it and put it in a safe (digital vault maybe) and hold it. It means adoption can't go up, its not possible for adoption to increase while nobody spends it.

The Binance card is a debit card

It is linked to your exchange account, more specifically, a card account, where you can move funds from your other accounts on the exchange. In that fashion, you don't need to manually convert your coins to fiat before using the card (as far as I got it). The conversion is processed automatically when you use the card (buying something or cashing out), though I don't know at which rates. But they should be close to market anyway because Binance is the largest exchange out there and can easily operate as a crypto-to-fiat gateway. It seems to me that you will be able to convert your cryptos yourself as well and use fiat as the card reserve

How will the Binance card work? Because the BitPay card is different, you will have to be loading your card before you make use of it (that's how it works if I can remember, unless there have been recent changes).

So, it's the Binance card going to be working the same; users will buy Bitcoin and when they want to use the card for shopping or withdrawal on ATMs, they will first of all convert to USD and load the card? If that's it, then it's just going to be making things easy for traders. There isn't much difference, BitPay has been around for a long time, and that's the same with Coinbase and some other ones that are offering MasterCard and Visa to users.

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That US investor I mentioned above is Paul Tudor Jones making those comments from back in May 2020.  (BTC was almost to $10,000 then)

Various references (Bloomberg, CNBC, others), Google those articles/videos for more info, but Jones is a seriously rich and smart guy (a big-time hedge fund manager), he has money on "the fastest horse".

Yes, Bitcoin volatility is a good thing.  It is a reasonable assumption (no guarantees!) that BTC will go up in price over time, so those with any extra money ought to have a stake.

As a large US investor (I don't remember who) is doing, he puts some of his own money into BTC because "it's the fastest horse in the race".

If you speculate or invest, consider betting on the fastest horse...  And I mean BTC, a legitimate solid horse.

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Here in the US there are three interesting developments I have been following that are making Bitcoin more user-friendly and available:

1)  a company called LibertyX (libertyx.com) now has a service where you can buy BTC for cash it CVS and 7-Eleven stores for as low as 1.7% or so over BTC "Spot" price.  I myself have used this service a few times, works great, have to do KYC though.

2)  I am waiting on a BitPay Debit Card.  This would allow you to fund it with BTC, they credit you with cash, then you can use it like any other MasterCard, even to take out cash from ATMs.  This is a big step.  This allows an easy way to "cash-out" of Bitcoin should you choose.

3)  PayPal has now offered an imperfect means of getting into BTC.  Imperfect, but getting a lot of attention here.

"Momentum is building."

That's the whole point which many people seem to miss or misunderstand

If crypto is used alongside fiat as a means of payment, its volatility becomes an absolute advantage specifically in this context. It is a seeming paradox, but it resolves easily if we keep in mind and account for two things. First, volatility, per definition, is a two-way street, up and down all the time. Fiat, on the other hand, is more like a one-way street. It can only depreciate and lose value in absolute terms with time, i.e. prices in any given fiat currency are only rising on a long enough timeframe. This is second

For cryptocurrency, high volatility maybe an advantage, but not for a medium of exchange which used on a daily basis.
Don't you think we need a stable coin to replace fiat money? something that has been proven possessed stable value and unaffected by inflation for centuries is gold.
A long time ago, the main idea for printing paper money was backed by gold, but then the authority abolish that rule, and here we are with inflation.

The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. source

Bitcoin isn't just a store of value but it bridge the gate between government and the ordinary people.
Last two weeks, there was a peaceful protest that was going on in Nigeria against police brutality and reform of some components of police force especially the popularly FSARS known as Federal Anti Robbery squad with their inhuman nature of extorting the youth because you look fresh, young with cash. During the protest, the able ones were making donation for food, money to hire lawyers incase of illegal arrest of peaceful protesters, the single account was frozen not later than 5 hours after Flucterwave detected they received $5k in just hours. Donations were later received with Bitcoin which sustain the protest for two good weeks

This is one advantage of holding Bitcoin, no central authority, no middle man.
Bitcoin also helps banks the unbanked countries to transfer value between people and also provide jobs for unemployed ones. P2p transactions this year alone in Africa is at peak, I believe the future is bright for bitcoin and cryptocurrency.

We don't actually need any fiat to crumble or implode entirely

It wouldn't be good for crypto if the entire global financial system collapsed. For cryptocurrency adoption as a means of payment, all we need is fiat depreciating so strong that it would make crypto a viable payment option (through fiat as a gateway), as well as actual devices to conduct such payments (like the Binance card)

Massive inflation would then force people to look for storing their wealth in something other than fiat (this is a good idea anyway). Couple that with a smooth and frictionless ability to spend the alternative store of value, and you will see the impact that the Binance effort could have under these circumstances (if it takes off for real)

I believe fiat is going nowhere even with bitcoin around. There are many advantages to the use of fiat. I don't think it will totally give way for bitcoin, they can keep playing their roles but not that fiat can't stand the pressure.

See what I see is :

If I use my bitcoins for everyday payment and such then we won't be able to hold it for long term or even trade , as for me the cryptocurrencies like Bitcoins are most important as a store of value as other things perse.

At the same time things like fruits and vegetables , I prefer taking from the small farmers which actually does 2 things :
-If get non GMO products of better quality
-I am supporting their small work
Therefore I do believe that , I cannot expect them to use cryptocurrencies or even have visa debit cards. Therefore most likely I would encash my bitcoins when the price is right and then use.

BUT

If someone is buying things internationally , across the border I believe it would be extremely helpful since you won't have to pay much fee.

At the same time if my university started accepting payment in BTC then I would literally save like 100$ per semester. It's not good paying with international cards and even in cash... But BTC would be an amazing option .

Hopefully the cryptocurrency adoption that is happening now is not just temporary, and can continue until Bitcoin can be accepted
in all countries in the world. Based on the results of my investigation regarding cryptocurrency adoption that is currently happening,
because the effects of the pandemic have made people seek income from cryptocurrencies and also because other assets such as stocks
have decreased. So a lot of people started moving their wealth into cryptocurrency.

Cryptocurrency adaption would be considered as a breakthrough if it was just recently happening, but we all know it does not been just like very recent for cryptocurrency adaption is already happening even before. It is just that there might be a sudden boost on the adaption rate due to the current pandemic situation. Maybe a breakthrough for those countries considering crypto adaption as an alternative way to save up their assets since the stock market have been directly hit by the negative impact of the pandemic.


Certainly agreeable. There is still no sense for cryptocurrency adaption to be appreciated if there is just a limited services available to support the usage of cryptocurrencies you have adapted with. Added by the fact that government stand towards crypto is also a factor affecting adaption to be done.

It seems that my theory may in fact quite accurately predict the direction we are moving along. If you wonder what theory I'm talking about, here's the relevant part:


The recent dynamic of both Litecoin and Bitcoin Cash shows that this use of crypto may be picking up indeed. We can't yet say that for certain, but if things continue to develop along this vector, there will be a clearer and more convincing evidence of the change toward using select cryptos as a means of payment

I called this development a paradigm shift

As for the Binance card, if they are going to do things as you have said here, by making the card to be cheap, then it’s sure going to be a winner. If it’s not going to be like that, then it’s probably going to be ending up like other cards there are like BitPay, and the rest of them.

Although I would say that they are usable in terms daily shopping routine, because they are issued by MasterCard and Visa, so where ever these two cards can be accepted you can always make use of the cryptocurrency cards. Even ATM, if the ATM has the logos on it, you can make use of those cards for withdrawal.

With time, many countries are adopting bitcoin and make it legal to use.
It positively impacts the market and the flow of bitcoin's price increases with the adoption of cryptocurrencies.
Bitcoin is just like a GOLD or a property but contains high power of decreasing rate.

Are you sure you actually want to tell me how bad a crypto payment card is?

If you are using Binance, you are already entrusting them with your cryptos. Moreover, if their card stops working due to Visa pushing a button, the damage would still be limited to the card only, not your coins on the exchange itself. Further, no one prevents you from continuing to use your personal wallet topping up your account as required. It looks more like you have a grudge against either Binance or payment cards in general, or both, or whatever

Not at all and that wasn't my point, I simply stated that there will be no collapse of the entire fiat system in the next decade at least.
Let's say it's a lot like the leaning tower of Pisa, it is safe to live there? No! will it collapse? Probably not as the government is putting a lot of effort into keeping it straight up. Same with fiat, look at Zimbabwe, the bills are still there and are still used more than cryptos, same for the Bolivar, there is no way 100 million people will switch using cryptos in a few years , there is no way to teach them , there is no real possibility without the help of centralized platform for them to actually use cryptos daily as I don't think you're imagining 60yo old grandmas mastering the LN.

And speaking of cards how will that work, you're going to entrust all your cryptos back to the government, under the disguise of card, web wallets, and other?
What would prevent the government from running the same scheme, printing numbers in your accounts again?

Nope, come back to earth and stop dreaming.

Unfortunately people will never accept something is wrong just because someone else said it was wrong, even if WHO comes out and says that cash doesn't transmit coronavirus, people will still ignore it. This provides us with two approach that you yourself can make a decision based on that.

One is the people who will blindly defend that crypto is better in these times because cash is infected (wrong) and that is why they think crypto will go up, and if you want to believe those people you could buy bitcoin a lot and hold it because the price should go up, second type is the same people who are doing the same thing but you could also consider that these people being wrong could also lead bitcoin going purely on misinformation, so you could actually decide if you want to bet on misinformation having any power or not.

Okay, the ruble lost 99.9999% of its value since the Soviet times (if we allow for a few denominations along the way), and it didn't die. So does that make it a good store of value, according to you? Or would you be better off by simply holding Bitcoin all that time? Kidding aside, there were several currency reforms since the collapse of the Soviet Union, with some money confiscated in the process. So, in technical terms, the ruble of 1991 is not the same as the ruble of 2020 (and that of 1914, while we are at it). They only share the name. In more mundane terms, it means the ruble has already died a couple times in the very least (and then restarted as a new currency, see Weimar Republic and their gold reichsmark)


It can't survive. But that doesn't mean a crypto payment card can't be a good means of payment when it doesn't have to. In simple terms, you miss the point. Regardless, any cashless payments can be downed as easily, crypto or otherwise. Whole countries can be switched off from fiat payment channels at the press of a button (see Iran)

And do you know what's not special about this crash?
That everything was crashing all over, the ruble didn't die when the USSR went down, it didn't in all other occasions mentioned, and it won't know when almost all currencies that are tied to some specific types of exports or financial transactions or tourism are in trouble, and Russia is simply bleeding money with the oil prices, nothing new.
No, there won't be any crash nor will be adoption as quickly as you assume.


Funny how you quoted both your previous reply with the words I bolded and my response but now you're somehow missing exactly my point.
So again, how could a payment method that runs on Visa and Mastercard survive from a legislative attack coming from a government that wants to prevent usage of cryptos in its jurisdiction?
If they are the best tools for spending crypto they are also the easiest to close down making the whole so-called adoption in spite of a hostile government a pure fantasy.

Look how easy it is, one touch of a button and :
Visa, MasterCard stop supporting bank cards in Crimea
poof!

Many countries accept bitcoin and work on adopting cryptocurrencies, which are great signs for the growth of crypto.
When the Covid-19 occurs, many currencies start falling, especially in my country, USD fall like never before.
Many bitcoin clients sold their coin during a pandemic, but the value of bitcoin remains the same.
I think bitcoin adoption will be a good choice for every government. It can help citizens and solve almost all problems that occur during the lockdown.

Fiat losing its value for sure but it is not crumbling just yet. When you ask yourself what you could have bought for 1000 dollars 25 years ago and what you can buy today with 1000 dollars today you are giving yourself answer of one of the questions, which is not bad.

Also ask yourself how much a newly starting college graduate made 25 years ago, usually minimum salary and how long they had to work to make 1000 dollar income from their job, and compare that to today and how long they would have to work. So as you can see the income didn't get quicker, you make the same amount of money almost at the same amount of time, yet when it comes to spending there is inflation.

If everything got more expensive because of inflation but your income did as well it would be fine, but that didn't work out that way at all.

You're not making any sense. To begin with, cash can also be spent using debit cards. Also, the UN also came out to deny that the use of banknotes was transmitting the coronavirus: World Health Organization: ‘We did NOT say that cash was transmitting coronavirus’

So, your argument doesn't hold.

They are saying that fiat currency are becoming useless because it is much risky to use it due to the Covid-19 virus that can be spread through cash transactions. Inflation is really not impossible when we are experiencing pandemic because that will probably increase unemployment in any part of the world that are affected. But thinking of the possibilities, cash is really much risky to use in transactions and cryptocurrency adoption should grow more and more in any part of the world depending on how effective the government and the community in implementing it in businesses. Some countries are still comfortable in using fiat currency that cryptocurrency.

This is of course very good, beautiful and just wonderful - but no matter how much I love the cryptocurrency itself, I can notice its most important minus (if we consider tokens as an everyday means of payment).
The simplest and most hypertrophied example: in the morning you left the house with N coins on your beautiful crypto card, which is enough for lunch in a restaurant, a taxi train, a massage session, and a plane ticket, because tomorrow you are on vacation - and even for the entire vacation will remain. But there always may be strong dump with -20%/24hours

As long as there is such a fierce instability of the exchange rate, no one will seriously (except those involved and enthusiasts) use cryptocurrencies in everyday life.

Or you need to pay for prices in tokens directly, but then there is a problem of the number of tokens as such and multiple decimal point.
After all, there is no difference in concept if the cup of coffee 10 costs dollars or 0.0000001 of your favorite token.

Isn't that right?

LOL. A breakthrough in cryptocurrency adoption?

A card that converts crypto to fiat?

See this: Why Binance’s New Debit Card Fails to Fulfill Satoshi’s Vision.

In my opinion, it could be a breakthrough if that card would pay in crypto directly and thus if merchants accepted crypto payments, being those transactions recorded in the blockchain.

Apart form that, I agree with what others have said. Fiat is not dead.

Cash is still king.

We are not done yet

Do you know what was special about the 2014 crash? It felt totally out of the blue and because of that was particularly eerie. The 1998 crash was instant, and it had immediate causes. The crash of 2014 was caused by sanctions imposed and a few other factors. But it had taken a few months before that crash commenced. That's why I tell people to buckle up now


And? Does it take anything from cryptocurrency payment cards potentially being as handy and convenient as fiat ones, aside from being the exact reason why they were outlawed in the end?

I second this. It's just taken as a given that fiat is falling apart or on the verge of collapse.  Ultimately in the future, those saying such things may be right but are by no means guaranteed to be right like they all claim to be. And I would argue are not likely to be right. In any event, there is no consensus that the USD is falling apart.  Inside the echo chamber of the bitcoin community, it's heresy not to drink that particular koolaid, but the evidence to support the conclusion is scant. If the current 2% inflation rate is the evidence, then you should probably look at how high the inflation rate has gotten before for the USD without collapsing.

The problem with bitcoin cards or just crypto cards is the fact that they are all tied to banks, there is no card that is not even attached to any bank at all, I can promise you that. Why? Because banks are the places that deals with the transactions of the people you are paying, if a person has a credit card machine and they accept your binance card or any other crypto card that means they need to have a bank account that money goes to, you pay them and it goes to their bank account, which means you can't send crypto to banks, so how are you doing it?

Simple really, you have a bank account attached to your account in many of them but it is not exactly you, so that means crypto card companies just have theirs and create another card on it and use your crypto balance as assurance.

With the numerous printing of dollars to revive back the economy, only a dummy will want to believe that dollar worth more than bitcoin even with the said zero interest rate. US president is a capitalist and he laverage against that to revive back the market in other to avoid been mock by the opposition party. Bitcoin has been one the outstanding assets in the history of digital currency that doesn't depend on a county performance to yield an ROI, they have said it countless times that, it will die but always bounce back like action movie revenge. 

Many institutional investors has began to believe on Bitcoin, unlike in the past, a hack of crypto exchange can plunge bitcoin market by 1/3 of its price but things are getting better and  stronger despite bitcoin on selling pressure according to technical analysis.

I remember the heydays of the crypto debit card provided by WaveCrest holdings in 2015 or 2016 up until Visa cuts the service in 2018. If crypto payment cards are one of the best tools there is available in the shed, how come they are highly susceptible to an instant rejection of service from the framework and infrastructure providers that they are running on, i.e. Visa and Mastercard? I love the idea of a crypto debit card, and have used one for months back then, but I don't consider them robust and that protected against control from those who really runs the strings, that's why I'm not extremely reliant to them on my purchases and other expenses.

For the doom predictions for fiat, it has been stated since the end of the gold standard. I myself believed some of these, too, but here we are still getting by day in, day out and still nothing's happening. Prices of goods here are still the same, and some necessities are even going down despite the fact that an economic shutdown has been in place for months. If there really is a fiat collapse, it should have happened in 2008, down with the bankers and the schemes they run, but lo and behold, the economic puppet masters are just too good with what they're doing and we're still here despite the joblessness and the poor economic performance of the world.

I like seeing cryptocurrency adopted on all fronts of the economies, though I don't see fiat disappearing from the financial system any time sooner.

The adoption has been increasing ,and that’s really good for our community and the market, it’s what we have all wished for right from the beginning. As for the increase in price, Bitcoin is an asset and I have never expected the dollar or should I say fiat as a whole to have more value than it.

It’s just like buying a land property; a land I bought years back has been increasing in value, and in years coming I believe that it will continue to be worth more, that’s just how I see it, assets are meant to keep going up in value. It has been the same for other assets as well like Gold, diamond and the rest of them. Sometimes there are events that will take place and crash their value, after that they will still go up.

The same apocalyptic prophecies that have been around since the end of the gold standard and it makes sense for bitcoiners to love this outcome, in most cases when an event, a launch of a service a company move happens they tend to analyze the move so that it fits a certain results which they are happy with.
@deisik, I'm saying this in general, it's not directed at you!


People want to think that, there are some who need this, be it for their own finances, for vendetta for ..
A month or so ago I finished a book, A Burnt-Out Case by Graham Greene, and one small paragraph of it made me think about these zealots. A nun in a leper colony where the action was ongoing was saying that she is sad that there are not so many cases because of the new medicine, and they might even close it down, she was afraid of losing her place in the world more than the overcoming what joy she should normally feel seeing people are no longer sick. Same with the hardcore fans, they need to see a collapse so that their time comes, no matter if they are going to walk to the top on the sufferings of others because they think their ideal is worth suffering for, but now the suffering should be done by others.


And it lost 60% in 2014 and the country and the ruble are still there.
And Russia has defaulted in 1998 and look, it's still there, and the ruble is not rubble yet.

Not going to go though all of that because the fundamental is wrong.


You realize that all bitcoin cards are running on Visa and Mastercard's infrastructure, one push of a button and all are rendered useless, remember WaveCrest?

And even if the concept is not quite new, it is the details that count, i.e. how much you have to pay for the card service. Because Binance doesn't charge anything (or so they say), this alone removes the majority of such cards from consideration where you have to pay an inadequate monthly/yearly fee


Binance is the largest cryptocurrency exchange out there, and as such, it is a successful business, so the only thing that would stop them is the government regulation effectively banning this card. I wrote about that


The American dollar will be the last to kick the bucket. And if the dollar goes downhill, the total majority of other fiat currencies will be going downhill twice as fast barring, maybe, the Swiss franc or Euro, to a degree. I think there is no use in trying to rationally challenge this point since this is already the case


That's why we need a trigger in the form of runaway inflation and a means to deal with it on a day-to-day basis -- Binance payment card or any other such card as handy, cheap and reliable


It doesn't really matter because they still show us how things are going to unfold


DeFi is massively overhyped and it won't lead to mass adoption for the simple reason it is the same money that gets moved around


You wouldn't invest in something that is going to lose value, right? Further, there's a lot more to it, and a good payment card opens access to the wealth of possibilities thereof


Who cares? If crypto makes your life better, then go for it. You can take the horse to the water, but you can't make him drink


Because you can't spend gold or oil as easily as fiat (and I would discard oil). Payment cards, done the right way, allow you to spend crypto in pretty much the same way as fiat. And you can also ride volatility as a nice bonus


That's the only plausible reason why this effort might fail

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.


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?


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.  


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.  


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?


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.


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.  


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.


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.


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.

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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".

Yep, It's inevitable. However, In order to implement that we should reconsider the decentralized thing in crypto world. Regulation is on the way since without it we will never get mass adoption because majority of us won't trust it. Anyway, people have different mindset and I respect that.

I didn't know the Russian ruble was in such a situation, but that doesn't surprise me. In any case, the dollar could follow a similar scenario in 1 year or more. The dollar supremacy as the 1st reserve currency started to end. Added with their economy during this Covid19 period which only slows down, it gives a weak economic growth...
However, when you talk about the Binance card as a means, I wonder. What's so special about it? Because it is not the first BTC card to appear on the market...


A centralized digital currency won't change anything. If a currency is losing value, all the forms of this money lose value. So the CBDC will too.
It also won't boost the economy. It may facilitate transactions but nothing more.


@OP wanted mainly to argument a crypto debit card can help to overcome a currency lolsing value. The same as what Venezuelan citizens were doing some months ago.

Well, let's just say that you don't know how to ride volatility waves, i.e. how to turn the seemingly unfavorable circumstance into a beneficial one. Volatility is a godsend for both traders and regular spenders. If you have enough capital, you can live entirely off volatility. And payment cards solve all other issues like the ones you mentioned, so it is just you and volatility. And no, Bitcoin is too stable (read, the leverage would be too low). That's why paying with Litecoin or Bitcoin Cash is such a big deal, especially in a highly inflationary environment

But this matter deserves its own thread or even a separate article with an in-depth analysis


If you can spend crypto easily and effortlessly without a lot of overhead costs, which is what Binance is striving to achieve, runaway inflation will force people to start using cryptocurrencies. It's all explained in the article above

How can bitcoin solve all the problem of the country?
I think it can only help the unemployed youth to sustain themselves if they invest in bitcoin maybe for a long time or to trade it and other coins. During the lockdown, the problem that the countries had was health majorly.

Those countries that adopted crypto to solve some problem in their country find it difficult because they are use to Fiat money which is centralized in the world.

Fiat money is still more popular in the market than bitcoin which is decentralized in the world. I think with time many country with be use to cryptocurrency adoption in the country. Cryptocurrency adoption is a good thing which it can help the citizens to sustain their self in this pandemic.

High volatility is an advantage for speculators who invest and trade bitcoins, but I do not see how it can encourage people to use Bitcoin for regular daily payments especially when it is still valued in fiat.
If I had $50 worth of BTC one day and planned to get a new outfit or gadget the next but due to volatility the value drops to $45.6, I would not be able to make my purchase and would have to wait for the price to go back up (Except, the payment mechanism (in this case binance card) converts cryptocurrencies deposited into fiat and holds it in that value). As long as there is speculative value, people are less likely to use it for regular payments.

To an extent, depreciation of fiat favours alternative payment methods like bitcoin. Of course using bitcoins as a payment mechanism is still limited due to its volatility, transaction rate and fees, but it's an evolving system and there are 2nd later systems businesses can use, like Lightening Network which would facilitate transactions.
Besides being used for payments it can also be accepted as a Reserve currency over fiat and other assets.

Despite the long written paragraph where it's talked about cryptocurrency being nearly around the corner and this alone will greatly impacting today's economy where fiat is default,. There is little evidence to suggest that. The pandemic has had a positive outlook in comparison to fiat but having seen the economy of the world taking a hit, so did fiat and so did cryptocurrency.

While crypto allows for more control over ones money it is not immune to the outside environmental factors, far from it. SO even if payment cards through LTC will be mass-scale produced its success is not guaranteed. People are still complacent about crypto and some still prefer fiat.

It would take a much later effort to expand over this small bubble of crypto adoption, and some of these factors include the ones aforementioned.

Fiat depreciation does not speed up adoption, it does not matter if there is a cryptocurrency adoption if the services you can access is very limited, businesses will have a hard time doing a 180° because most of their models are not suited to crypto payments, especially small businesses, it is not like system integration comes at a cheap price. For a true adoption to happen, the whole country should be flipped upside down because some parts will not survive if only a few adapts or vice versa.

Many countries are now cryptocurrency adoption which is very good for the citizens consumption. During the pandemic many currencies lose value but cryptocurrencies still maintain stable and valued in the exchange in the market areas.
I think this will be a breakthrough to some country that have never adopt cryptocurrency in their country. Cryptocurrency adoption is a good one which it can help the country to find solution to all the challenges the lockdown has caused in their economy.

Over here in my country our fiat currency is also losing value and things don't look to get better, with possible inflation in the coming months, I don't think there's actually any fiat currency that's not felt the negative impact of this pandemic, including the USD, thing is, it's all on a different scale, but truth still remains that devaluation/inflation is happening and prices of commodities are gradually climbing higher that before, if the government will be able to stabilize things and shift the economy back on track is still to be seen.

Cryptocurrency adoption is a good thing, but definitely not a total panacea to this current economic situation, even the governments are coming up with their own centralized digital fiat, I'm talking about CBDC's, and even if they are no different from fiat currencies, and nothing like decentralized crypto, they are still going on with it for political reasons and also to weigh the effects it could have in boosting up their economy & fiat value. This year is good time for Bitcoin and crypto adoption for many individuals and corporations as we've seen with firms like 'MicroStrategy' and few others already, "Fiat is not going away", but it looks like it'll continue to lose more value going forward, and assets that can hedge the value of funds can be used to counter that.

The Russian ruble lost like 30% against the dollar during this year

And we are not done yet. That I can tell you with certainty. What evidence do I have? Well, I visit malls and can see where the prices are going. They are going up. And the price inflation is way higher that the changes in the exchange rates, which means the dollar is depreciating too (though not as much, of course). Indeed, fiat is not going away. It is just going downhill. At least as long as the Russian ruble is concerned


That's the whole point


High volatility is an advantage. All other things become irrelevant with a good crypto payment card

The current state of fiat currency might indeed be falling. The fiat system which is predominantly cash-based will certainly shift into a cashless state and eventually into a digital state. However, all these changes do not mean fiat has turned into something else. It is still essentially fiat. It is simply physical change as compared to chemical change if we are to use chemistry analogy.

And even in those countries mentioned above, it is not actually the failure of fiat per se. It is the failure of a certain country's economic, financial, and monetary systems. As a matter of fact, what saved their people from hyperinflation was fiat itself. When the Zimbabwe dollar and the Venezuelan Bolivar became worthless, it was the USD which became the primary alternate currency. It was simply a case of a fiat currency taking over another fiat currency.

Spot on. Why do people here tend to over-exaggerate everything due to various reasons like the current COVID crisis etc? FIAT is going nowhere and that is a fact which is why op's argument suggesting that this centralized FIAT system is collapsing doesn't make sense.

FIAT has survived far worse problems over time. Even chaotic countries like Venezuela etc still depend on FIAT to a large degree even though they are in a messed up state currently.

Cryptocurrency adoption requires several factors like low volatility, fast TX times, low TX fees etc to optimally rise over time.

You can call me a moron, blind, whatever you like--but I have to ask you:  what evidence can you point me to that fiat currency is falling apart?  In certain countries like Venezuela and Zimbabwe where they've had hyperinflation, I'd certainly agree.  But the rest of the world?  I just don't see any sort of general currency crisis emerging from the COVID-19 pandemic.

And yes, I'm aware of all the money printing and debt accumulation, but I don't see any evidence in my day-to-day life that things are as dire as some people think.

I think it's great that Binance might be releasing a crypto debit card, though I'm not sure how popular it'll turn out to be--and of course I probably wouldn't even be allowed to try it because of the state I live in. 

A fresh entry on stealthex.io blog: Cryptocurrency Adoption: A Breakthrough? I invite you to share your thoughts below – feel free to speak your mind

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Short Version TLDR

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). 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

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Long Version 2LP

You have probably read dozens of articles dedicated to this subject before, and likely skipped even more. So why write another one, let alone read it? The short answer is times have changed. Well, times always change. Still, the point is that we may be amidst a paradigm shift in the cryptocurrency space right now even if we don’t feel it yet.

Such a fundamental change is possible due to a confluence of several factors. Some of these factors are external and therefore not related to crypto. Others are internal and represent the value-oriented nature of cryptocurrencies. It just happened that all of them got activated under specific conditions at a certain point in time, which is today, give or take.

Economic woes in a post-Covid-19 world

You wouldn’t be far from the truth if you claimed that we haven’t yet pulled through the pandemic, to begin with. Unfortunately, it only makes matters worse unless you are a cryptocurrency investor and don’t care for the rest of humanity. Anyway, the damage has been done, and nothing can change that. We are now entering the phase that is technically called “competitive devaluations” and colloquially known as currency wars.

You could also argue that if it didn't happen at the peak of the coronavirus pandemic, it is not going to happen now. The sad truth is that we are only starting to feel the real pain. Even the deadly coronavirus doesn’t take over the body instantly, while it takes some time on the scale of a few months up to a couple years for the economic disease to spread through the fabric of society, evolve, and then erupt with inflation rates shooting through the roof, among many other nasty things. Please take your seat.

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. 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.

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.

Grayscale Investments, a multi-billion dollar company behind a host of cryptocurrency trust funds, started to frenziedly buy up bitcoins a couple weeks ago. All in all, it 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, including lost, burned, or left for dead as dust in Bitcoin wallets. In essence, it means that their effective share is way higher.

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.

Paradigm shift

In different words, all that cryptocurrencies had to do was to last long enough until fiat started to fall apart. It does now, and paradoxically such times are also times of great opportunity, Baron Rothschild’s way. The world’s largest cryptocurrency exchange, Binance, has been pushing its cryptocurrency payment card since April when it acquired Swipe, a firm focused on crypto-to-fiat payment cards. At the time of the acquisition Swipe already supported 20 cryptocurrencies and fiat transactions in major currencies.

For European users the Binance card was officially made available in August, and the exchange plans to enter the US market soon. Given its dominance in the crypto arena, it wouldn’t be unreasonable to expect the surge in the cryptocurrency use as a means of payment thanks to this. It is unlikely that people would spend their precious bitcoins, but the packmaster is not the only member of the pack that Binance handles. Cryptos like Litecoin or Bitcoin Cash can easily become currencies of choice to use with Binance debit cards.

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. On the other hand, it may be a natural development after all, set in stone by the very first Bitcoin transaction and cemented for good when it got confirmed. Now things start to arrange themselves to fit their preordained layout. We have taken our time.

As cryptocurrencies are not internally linked to, or tied by, the lunatic policies of monetary authorities, that is to say, no central bank can ask or force miners to mine more bitcoins, we have the first element in place in the layout for the cryptocurrency mass adoption to occur at the most basic level. In fact, it has always been there, so we just had to wait until the two other elements arrived, even though it took longer than most of us were ready to wait.

The second required element in the grand picture of cryptocurrency adoption is the change in attitude toward wealth evaluation. 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.

And here comes the most important part where Binance hits the nail on the head. If you are unable to effortlessly spend crypto in your everyday life, the first two components cannot trigger this change in attitude on their own. We need this third element to make use of what has existed and take advantage of what has come around. In a way, what Binance did, and what its competitors are no doubt going to do as well if they don’t want to miss out on the opportunity, appears to be the part that snugly snaps into place when we finally get there.

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. Kidding aside, with fiat turning into trash by leaps and bounds all over the globe, this looks like a very enticing payment option for both the crypto purists and the unbanked. We have seen quite a few such cards in the past, but Binance seems to be adamant on making its variety really popular and actually usable. And then you can ride volatility waves to your financial benefit.

If Binance succeeds, that may herald a new era of cryptocurrency adoption, a breakthrough of sorts after so many years of stagnation in this department.

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. They can’t remove cryptocurrencies and they can’t help inflating their national currencies. However, they can still crack down massively on this and similar endeavors, trying to nip them in the bud. We don’t know yet what Uncle Sam is going to say but some muslim countries have been quite vocal in this regard.

For example, Egypt has issued a fetva which prohibits bitcoin transactions as being against Sharia, an Islamic religious law. Another mostly Islamic country, Indonesia, has banned the use of cryptocurrencies as a means of payment. Russia, though not strictly Islamic yet, is hellbent on effectively outlawing most cryptocurrency operations despite passing earlier a law on digital assets which is essentially neutral to crypto.

To conclude, we must be aware that once things get serious and governments see that their monetary supremacy is being threatened, that they can no longer play their favorite game of inflation tax, they will leave no stone unturned to prevent mass use of crypto as an alternative means of payment. And cryptocurrency payment cards are hands down one of the best tools available for this use on a down-to-earth level, groceries and whatnot.

Now you know what their target will be.