Eventually, the cryptoeconomy will become a major payment network

Eventually, the cryptoeconomy will become a major payment network

Critics of the digital economy are reluctant to accept the world's economy is moving forward; they are making desperate attempts to cling to the past, a past that is gone forever.

The world is in the relatively early stages of an almost inevitable transition to what can be best understood as a new civilization, which poses three fundamentally different characteristics:

One, it will be run totally on digital technologies, smarter and smarter, more and more interconnected computers. Two, it will be totally global and operate on a worldwide scale. And three, it will have to be sustainable, in its energy usage and its impact on the planet.

All three of these shifts are well underway and can be tracked and explained by pointing to new ways of investing, the morphing of the advanced economy, the positioning of leading companies, and just following what innovative people are doing. In many ways, these developments are happening despite what governments do. Governments can make things better, and accelerate changes, or slow down changes, but they can’t stop them.

At the given moment, the cryptocurrency network can already handle more transactions per second than other payment networks out there. However, the scale of current payment networks which are being used each day is much higher than that of digital currencies.

This means that if everyone who is using the more used payment network switched to cryptocurrencies, the network would not be able to handle it. With that said, further development is underway to ensure that future increase in network activity can be handled by the system.

Requirements for the influx of users are fully understood and constant development to lift the networks limitations is always in progress.

Additionally, as more users are showing up, the amount of transactions which are being processed every second is also increasing.

Luckily, the more users become a part of the system, the more calculations can be done. For example, Bitcoin was developed with its users in mind and it continues to mature, grow, and become more optimized as the community grows.

Because of that, more and more companies are accepting digital currencies as a form of payment. Here are some of the most important of them:

KFC Canada

Subway – Eat fresh

Microsoft – Users can buy content with Bitcoin on Xbox and Windows store

Expedia.com – Online travel booking agency

Whole Foods – Organic food store (by purchasing gift card from Gyft)

Bloomberg.com – Online newspaper

San Jose Earthquakes – San Jose (California) professional soccer team (MLS)

Gap, GameStop and JC Penney – Have to use Gifter.com

Dish Network – An American direct-broadcast satellite service provider

Shopify.com – An online store that allows anyone to sell their products

Famsa – Mexico’s biggest retailer

 

By Alejandro Cortés

  • Alejandro Cortés

    Alejandro Cortés

    Egresado de la Escuela Mexicana de Periodismo Carlos Septién García. Ha trabajado para varios periódicos en México y los Estados Unidos desde 2002.

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