5 Stories That Will Reignite Your Belief In Cryptocurrencies

In 2019, the phrase, “...to the Moon” is no longer limited to water cooler talks at NASA or any other space agency. The statement has been appropriated by the cryptocurrency community and has developed a metaphorical meaning that is finding its way into everyday conversations or memes. Any hodler would use it to define a phase when the price of a cryptocurrency is peaking.

With the cryptocurrency market experiencing an updraft, it is highly possible that you may have heard this phrase sometime in the past few months. Take for instance the Bitcoin, whose surge since April 2019 has seen the coin rise as high as $12900! Other cryptocurrencies and altcoins have a similar tale to share.

Interestingly, this recent surge can in no ways be compared to that of the 2017 bubble, that was fueled by a greater fool-esque demand. Today, with more and more people understanding the underlying benefits of cryptocurrency, it is gaining more acceptance and experiencing an organic growth. 

Here are some stories that will make you believe that cryptos are indeed the next logical step in the evolution of the currency.

• Facebook Announces The Libra Coin

While the social media giant is battling its own demons in the user-data and privacy department, they did not stop it from announcing plans for a “Global Coin”. Formally known as Libra, the cryptocurrency will be based on a permissioned blockchain. Facebook plans to integrate it across its different platforms, namely, Facebook, Instagram, Whatsapp, Oculus VR, and others. Mark Zuckerberg also announced an association of 28 partner companies who have agreed to accept payments in Libra on their platforms.

• Retailers To Accept Bitcoin

Bitcoin is drawing the interest of retail businesses such as Starbucks, Whole Foods, and others. Of late, they have begun accepting payments in Bitcoin through a FinTech platform called Fold. This move will definitely help break cryptos into the mainstream and everyday transactions.

• Samsung Pay Now Supports Cryptocurrencies

Technology leader, Samsung has announced support for cryptocurrencies on its payments platform, Samsung Pay. The chaebol will initially introduce this feature to the South Korean market and has plans to extend this functionality to its 10 million customers around the world.

• Argentina-Paraguay Trade Deal

The number of governments supporting cryptocurrency is gradually rising. Recently, a couple of South American countries used the Bitcoin to settle the payments of a trade deal. Taking place in February 2019, Paraguay chose to pay the sum of $7100 in cryptocurrency to Argentina in exchange for pesticide and fumigation products.

• Cryptocurrency Used For Paying Taxes in Ohio

The mid-western US state became one of the first states in the country to accept payments in cryptocurrency. However, this feature is currently restricted to the settlement of taxes. Other US states such as Arizona, California, Indiana, and New Hampshire have expressed their interest as well. While the federal government is still opposed to cryptocurrencies, this move by Ohio is expected to change the stance over time.

While the transition to cryptocurrency is imminent, the only question remaining is when and how this change will take place. If you are an entrepreneur, now is the right time to enter this market. Cryptocurrency development is no longer a tedious process. Top companies like Blockchain App Factory offer premium and white-labeled development solutions that are customizable and scalable. Integrate cryptocurrency into your business today to gain a first-mover advantage in this sector.