“We got out of the Uber and paid 0.000026 BTC for the ride, plus a few more coins as a tip. The entire gang was there for our boss’s birthday. For the gift, everyone contributed coins, and we got a nice smartwatch for him at a great price. The restaurant we went to wasn’t expensive either. The entire party was done at a tiny budget and we also got a few dogecoins back as a groupon discount.”
That was a small instance where a group of professionals threw a small birthday party for their boss at a local restaurant. If you observed closely, you would have surely noticed one thing by now – every transaction was made in cryptocurrency. Set in the future, the scene tries to implicate a scenario where cryptocurrencies are used similar to cash or credit cards.
Now, back to the present. Cash is still king; credit cards are a strong alternative for cash and have gained widespread use. However, cryptos are still not accepted in the mainstream payment system.
At a time when money is just software, the future of crypto doesn’t look insecure. In fact, if you go with experts, cryptos are safer than any kind of currency ever invented.
But the question is, when can you actually use them? When can you pay for everything with Bitcoin, Ethereum, Dogecoin, or the numerous other cryptocurrencies that you currently use in crypto-trading platforms?
The currency of the future is striving to find its importance in the present.
Answers to the aforementioned questions can be found by understanding the current stance of crypto. This blog highlights various crypto-based instances and citations – made globally by people, companies, and governments – relating to its usage.
When Musk said, “Tesla will accept Bitcoins…”
On Feb 8, 2021, Tesla made two announcements in an SEC filing. First, it bought Bitcoins worth $1.5 billion and second, it would start accepting Bitcoins as payment.
What ensued was a purchase of Bitcoin by crypto lovers like no other. The value of Bitcoin surged like temperature in a dry desert during a hot summer. Two days later, Elon Musk shared on a social media chat, “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.”
Tesla’s move wasn’t just good news for auto lovers, but crypto lovers all over the world who have been dreaming of news like that for decades.
India said, “Yes” to crypto
In February 2022, a government that has always shown suspicion towards the digital currency accepted its usage. The government said it doesn’t treat trading crypto as illegal anymore as it was used as transactions for online gambling, which is taxed.
Uber CEO said, “You will eventually be able to pay with cryptocurrency”
If you were wondering whether Uber will accept crypto in the future, CEO Dara Khosrowshahi has an answer. “Absolutely, at some point,” said Khosrwshahi. “As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more.”
These instances are proof the finance world is slowly yet positively moving towards crypto. Bitcoin is currently accepted by many global companies, such as Microsoft, AT&T, and Wikipedia. A future where almost every small and large business is accepting crypto might be far, but not nonexistent.