The Most Interesting fact About Cryptocurrencies is Not Their Price, But Their Use
The Most Interesting fact About Cryptocurrencies – Every year on May 22, the crypto community celebrates the anniversary of the first bitcoin trading transaction: two pizzas that would change the history of cryptocurrencies. Prior to this day, bitcoin had no market value, had not used for any payments, had no exchanges, and was simply a bland network used by few people
“Bitcoin Pizza Day” marks the instant when bitcoin met one of the key criteria for being considered money. It became a medium of exchange, accepted as payment for goods and services. In 2010, Florida programmer Laszlo Hanyecz positively traded 10,000 bitcoins (currently worth around $300 million) for two pizzas. Since then, cryptocurrencies have achieved and started to explore countless use cases around the world.
PRODUCTS AND FACILITIES FOR EVERYDAY LIFE
Today, cryptocurrencies are cast-off all over the sphere to buy cars, planes, houses, and even citizenship, and Latin America is no exception. In El Salvador, where bitcoin legal tender, it can use to buy just about anything.
Tigres, a Mexican soccer club, is among several sports teams that accept bitcoin to buy tickets, and delivery app Rappi already accepts payments in cryptocurrencies. Each use case positions bitcoin and cryptocurrencies more broadly as an equally valid, practical, and respected alternative to outmoded fiat currencies.
Recently, a new lesson of use cases is also evolving, which positions cryptocurrencies as an equal alternative to fiat currency and a better option. One of the most exciting usages for Latin America is international payments.
Global corporations change nearly $23.5 trillion* between countries each year, and people projected to have sent $630 billion in remittances** by the end of 2022. By removing the need for intermediaries and allowing people send funds directly in minutes instead of days. Bitcoin and other cryptocurrencies reduce time and costs for those who depend on remittances.
Indispensable goods and services such as rent, groceries, and family care. In fact, a report from Juniper Research suggests that blockchain technology will reduce the cost of international transactions by $10 billion by 2030. These savings not only help businesses recover their bottom line, but also help people pay other bills.
THE FUTURE OF BITCOIN ADOPTION
Since its inception in 2009, Bitcoin buffs have pushed for its adoption, touting its probable to transform our society. A Cambrian flare-up has unleash in the industry, with new networks and cryptocurrencies seeking mass embracing of cryptocurrencies. As achieved with the Internet in the early 21st century. Over the past decade, those improvements have had impressive results. Also today the Bitcoin network moves an average of $5 billion a day.
When market crashes occur, it is easy to become bearish on cryptocurrencies. However, the most exciting thing about cryptocurrencies is not their price, but their use. The utility of cryptocurrencies—the ability to facilitate faster, easier, and cheaper transactions. Empower those who need them most, facilitate complex global operations and bring people financial inclusion and freedom. Will inevitably result in tens of millions of dollars. People all over the world are accepting technology and improving their lives. A giant leap forward from buying pizza 12 years ago.