Will Bitcoin Persevere Until Wide Adoption?

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Cryptocurrencies have been a hot topic during the last year. The obvious crash of the market aside, many news articles focused on the surprisingly high rate of adoption of crypto, in particular, Bitcoin. In August, MasterCard, one of the biggest international debit and credit card issuers, announced that they will partner with Binance to allow users to pay using the $90 million fund allowing many to finally start using Bitcoin with conventional payment systems.

In other news, several Australian store chains started accepting BTC as payment for groceries and other necessities. Crypto needs to penetrate financial infrastructures on a microeconomic level to ensure that common consumers understand the basic principles of conducting payments in crypto. While it is unlikely that governments will start implementing Bitcoin payments across all industries, the trend of retailers picking up the idea of working with coins is a positive message amidst a very depressing period in crypto history.

The popularity of cryptocurrencies on social media and forums allows many to assume that people are interested in the concept of using BTC as money. Despite many substantiated arguments supporting the claim that cryptocurrencies cannot be used as fiat currencies we have now, only practice will tell whether we can use Bitcoin to pay for goods and services or not.

Many news articles come during a clear bear market with many DeFi projects losing relevance and investors moving their capital elsewhere. Despite the overall recession in the global economy, we have so much uplifting news that businesses around the globe are opening up to the idea of dealing with cryptocurrencies on a very personal level.

The current landscape of the crypto domain is shaped by doubt and uncertainty. We try to avoid these feelings as hard as possible, but the reality is that many crypto projects will not survive the winter. Several centralized entities involved in the industry have already given up. There are many more to come as the situation in the market continues to worsen at an impressive rate.

Nevertheless, we can hope that the whole community will see even greater heights after this storm blows over.


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