- Cryptocurrency is becoming mainstream as people are becoming assured of its high transaction speed, improved security, and easy accessibility.
- Statistics reveal there are currently one billion people using crypto worldwide, indicating that crypto mass adoption is taking place currently.
- The need for a regulated cryptocurrency exchange such as LYOTRADE is on the rise for meaningful crypto penetration to occur. https://www.lyotrade.com/
Cryptocurrency has been changing the world, specifically how traditional banking works and how we perceive money, ownership, and value. Fortunately, this digital shift is being recognized worldwide leading to a major crypto mass adoption taking place gradually.
In simple terms, mass adoption refers to the percentage of the world’s population accepting and using any form of cryptocurrency as an alternative or in addition to the traditional fiat currency.
According to statistics, the number of global crypto owners is expected to reach 1 billion by the end of 2022. The global crypto population has increased by +178% in 2021, rising from 106 million in January to 295 million in December.
As investors and consumers are noticing how inherently secure blockchain technology backing the cryptocurrency is, crypto is making its way to the mainstream.
Cryptocurrency as a Broader Scope of Payment – What’s in it For You?
With cryptocurrency usage on the rise and being regarded as a highly authentic payment method, businesses in various industries have now started accepting it as a form of payment. Today, more than 18,000 companies accept cryptocurrency as payment for their product or service.
Let’s take a look at why you should be a part of the crypto world:
- Increased Speed
A cryptocurrency transaction is a quick and straightforward one. For instance, you can transfer Bitcoins from your digital wallet to another using only a smartphone or computer, with no technical complications involved in the process.
- Improved Security
Since every crypto transaction made is being recorded in the blockchain, which is similar to a public spreadsheet, it makes it easier to track down Bitcoins and altcoins by tracing the history to make sure people are not spending coins that they do not own, making copies or undoing transactions.
- Minimal Inflation
Unlike fiat currencies, cryptocurrencies are not subjected to the same volatility. This is because when new cryptocurrencies such as Bitcoin are mined, they go through a reduction process every four years. This helps keep the cryptocurrency inflation low.
Perhaps one of the major benefits of cryptocurrency is that it is easily accessible. This means that if you are spending or exchanging your digital money in any other country, it is much easier. With traditional financial services, getting funds across international borders can take a lot of time and be very costly. Cryptocurrencies are not bound to borders, hence sending crypto coins to someone in a different country can be done without any difficulty.
The Rise of Cryptocurrency Exchanges Contributing to the Crypto Mass Adoption
With cryptocurrency being widely accepted worldwide, there has been a particular rise in Crypto Exchanges. Cryptocurrency exchanges help facilitate the trading of cryptocurrencies for other crypto assets, including digital and fiat currencies, and NFTs.
LYOPAY created a regulated financial ecosystem with an aim to make crypto transactions easier on an everyday basis, contributing to the worldwide mass adoption of cryptocurrencies.
Our strategy is to leverage payment solutions as the primary tool for driving adoption and user acquisition while simultaneously building trading and financial service solutions as major revenue sources. All this is built with security and compliance to reassure your digital currencies are safe and operational.
Crypto exchanges such as LYOTRADE and LYOPAY Ecosystem products make it possible for day-to-day crypto transactions to take place without any hassle. Because of these digital ecosystems, it is safe to say that more and more people will be joining the ever-transforming world of crypto, hence contributing to the current worldwide crypto mass adoption.
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[…] According to Chainalysis, a blockchain forensics firm, Africa’s cryptocurrency market grew by over 1200% between 2020 and 2021. They added that four African countries – Kenya, Nigeria, South Africa, and Tanzania – all rank in the top 20 for global crypto adoption. […]