We are not too far from this. We already have many businesses that accept cryptocurrencies as their method of payment. In the years to come, we will have most of the vendors ready to accept cryptocurrency as their method of payment. Maybe we will have to go with the vendors that accept our favorite coin. Otherwise bringing crypto-based payments shouldn't be a big problem unless the government has so much restriction on that.
In countries like India, we have a small problem with accepting cryptocurrencies as the mode of payment. The government is not considering them as legal tender. A few people tried accepting their payments in the form of cryptocurrencies but they were not successful. I'm sure in some of the countries there were also initiatives to come up with ATM centers where people can withdraw cash with the help of their cryptocurrencies.
Challenge for the government
We are not fully into cryptocurrencies or digital currencies yet. At least the government is not having visibility yet on how they will be able to track these things. It is more like internet money that people earn on the internet and also spend on the internet. Only if they bring it to their real life, the government will be able to track it or get a tax from it. It is more like if we are A, we ask B to pay C for something for A, and ultimately A just enjoys and nobody knows who paid for A.
There are still attempts being made to regularize cryptocurrencies as a method of payment. It might have ended up in failure in the past but we are not too far from this reality. We already have a few businesses that accept Cryptocurrencies as their mode of payment. The small problem here is that the government will not have visibility on how much someone is earning and how much they are spending with the help of this crypto they earn. The reason why they need this visibility is to tax someone. If this becomes the mode of payment, the government will get their taxes only if someone is willing to pay voluntarily which is unlikely to happen.
Peer to peer trades
We are already in a world where there are many trades happening around us with the help of cryptocurrencies. Someone sends something to an individual and gets paid in cryptocurrencies. Both the buyer and the seller are satisfied with the method of payment. It all just keeps going in rotation. There will be no need for this to be converted into FIAT which is what creates government visibility.
Already people are trading cryptocurrencies peer to peer where the transaction happens without the visibility of the government and banks. In the future, even the goods and commodities will be traded peer to peer where the payments can be in the form of cryptocurrencies and there will be no concrete data available or visibility available. If it was a wallet to wallet transaction, it is hard to track.
 |
 |
 |
 |
 |
 |
Posted Using LeoFinance Beta
Shameless plug: We're proud to be one of the few businesses which not only accepts a variety of crypto, but:
hived.privex.iofull Hive RPC node, ourhiveseed-finandhiveseed-se.privex.ioseedsIf you're interested in renting/colocating dedicated or virtual (VPS) servers, or registering domains anonymously, check us out :)
https://www.privex.io/?r=bala41288 (ref link for the person who posted this article we're commenting on)
I've been collecting quite some Bitcoin Cash in my Coinbase Wallet with Noise.Cash. I haven't done a payment with it yet, but it's super simple with just scanning a QR code. Maybe I'll just try a small payment soon.
Posted Using LeoFinance Beta
That's nice. We don't have such options in our country yet I guess.
The best-suited tokens for commerce are fast and have low transaction fees. I have found that Litecoin, Bitcoin Cash, Dash, XRP, and Monero are better suited. Dash in particular has made efforts to simplify using the mobile wallet.
Posted Using LeoFinance Beta
Yes true recently I also found that Hive is also super cheap in terms of transaction fees. In chain it is free and from exchange to exchange, the commission is only 0.01 Hive.
Hopefully some day it is considered a payment option.
Posted Using LeoFinance Beta
You can spend crypto around using Binance VISA card. It's not actually crypto spending as Binance is converting your cryptos for you, but you can spend your cryptos without the need to withdraw them and exchange for fiat. Once crypto will get more mainstream we will have merchants accepting them as a direct payment for sure.
Posted Using LeoFinance Beta
Oh wow I never knew about Binance Visa card. This is really good. I was waiting to use card from Crypto.com. Right now it is not available in my country. I will go and check out this Binance Visa card. Can be useful to pay my bills in real life.
I like this card.
Posted Using LeoFinance Beta
the crypto coin market is unstoppable
Posted Using LeoFinance Beta
It is also unpredictable.