Cryptocurrencies as a payment method: the coming of a new era

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Cryptocurrencies are at the forefront of a new era that is changing the way we deal with money. An unprecedented revolution that’s not only been shaping the mindset of our “digital generation” but is also – given the frequency into which we are already used to involve technology in the majority of our day-to-day activities – making way for a non-stop growth of conveniences that will most probably dictate the pace and influence the everyday lives of a whole generation to come.


Nowadays, the manner people acknowledge the fact that cryptocurrencies are indeed a safe mechanism of commerce inside the products & services area coincides with the understanding that to the extent it is becoming a regulated organism within international community it will most likely start to generate a common sense that this is a credible payment method, just like any other credit card operation, designed to facilitate a buying routine whether you are at a grocery store or at the supermarket, for instance.


Establishing a parallel with reality, let’s take a sample from Brazil: while discussions regarding the regulation of cryptocurrencies are yet to be “boiled” in Congress in the next few months, a specialized company saw a real opportunity to invest in these coins’ reliability by developing and presenting to society a new and flexible device designed to strengthen the bonds that constitute the relationship between a business and its clients.


That’s PayWISE, a platform that emerged as a smart solution for physical and/or e-commerce enterprises that want to offer their customers an extra option as to the buying of products & services and is recognized as a viable payment alternative within the states of São Paulo and Pernambuco – respectively, Brazil’s most thriving state, and one of the most prosperous in the country’s northeast. It is a kind of software that can be installed in smartphones, tablets or PCs as an app, and is representing a fantastic advance in the way bars, restaurants, cafes, and even hotels are dealing with their daily transactions. Not only Bitcoin, but also Litecoin and Bitcoin Cash are accepted as a means of payment, providing the client with a number of choices that bear a resemblance to the ones already offered by well-known credit card flags.


Keeping in mind that this particular Brazilian endeavor can be seen as a new paradigm of the evolution of the nature of cryptocurrencies’ business – even for a country that is yet to determine the laws into which this subject will be accommodated – another interesting example of how ingenious minds can work on behalf of technology, therefore improving people’s lives, can be witnessed within the United States.


In a more sophisticated fashion, the owner of a luxury car dealership from Houston, Texas, decided to diversify and implemented a new possibility for those who can afford to have a Rolls Royce or a Bugatti in the garage: merely buy one of them by using known methods, choosing between Bitcoin or Bitcoin Cash as a means of payment.


Not only this is the first luxury car dealership ever to accept this kind of payment in the country, but it may also be an incentive for many car dealers around the U.S. desiring to take one step forward and enter the world of digital actives, but were not bold enough to pioneer.

Even though examples such as these ought to be praised and serve as an inspiration for the so many entrepreneurs that are breaking new grounds on an everyday basis, from Colombia comes perhaps the finest and most encouraging story about how cryptocurrencies are truly being recognized as the pinnacle of the revolution above mentioned.


A partnership tailored between an investment fund and the avant-garde startup Pundi X will soon enable the usage of a multitude of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Stellar, among others, to make feasible the payment for products & services in Colombian soil. The close relationship between this particular fund and the country’s retail commerce system was decisive for the creation of this endeavor that will embrace over a thousand Colombian companies eager to provide such a high tech alternative for people wishing to use a smartphone app and simplify the process of buying.


This unparalleled novelty has the potential to cause a considerable impact in Colombia’s customs by creating the expectation that a significant amount of local physical markets might migrate to digital actives, expanding the comprehension that decentralized coins shall not be taken for granted and initiatives like this one are about to spread all over the world.


The idea is similar to the one observed in Brazil given the fact that it will be focused on the products & services line of business, but much more engaging since the number of enterprises involved is tremendous. The implementation of such an effort will provide a salutary diversity not only for the nationals but mainly for the tourism sector – one of Colombia’s greatest one – by giving the opportunity for all to choose the most practical payment device, warming up the economy and opening the way for further investments in crypto security as well.


There is no doubt as to growing of general awareness in regards to the cryptocurrency matter. As regulation all around the globe is becoming an essential part of the economic debate it will be more and more clear for individuals to apprehend that, even though this “new thing” has been received with precaution at first, ultimately – with the proper enlightenment as to the security of the transactions, and the subsequent transparency on addressing the subject – the abundance of proof consubstantiating the credibility of this financial asset shall be fundamental for the consolidation of cryptocurrencies as one of the most viable payment methods of our time.


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