While the cryptocurrency markets running in 2017 it managed to bring the global consciousness of digital goods, the roller coaster ride has done very little to increase its significance adoptionas most of the owners bought bitcoin and other cryptoassets only for speculative purposes and not for payments.
However, with fully accountable bears and drastically reduced volatility, the cryptoassets are slowly but steadily starting to function as money, reported Finance magnates 12 December 2018.
Other retailers now accept Cryptos
While cryptocurrency point of sale (PoS) systems have state For some time now, only a handful of digital resources, investors and traders have made transactions using cryptocurrencies. Because of the volatility that comes from bitcoin and altcoin, most traders and retailers have been cautious in accepting coins as a medium of exchange for their products.
Despite the current market downturn, it is worth noting that 2018 saw a significant one to increase in the number of merchants willing to accept encrypted payments. And nations like Venezuela is I came across, where hyperinflation and international sanctions have paralyzed the economy, many have turned to digital assets to survive.
After launching their state-supported cryptocurrency, the Petro (PTR) through an initial offer of coins (ICO) which allegedly raised $ 735 at the start of this year – an event that has officially opened the doors of Venezuela for encrypted businesses – a significant number of merchants in the state now accept the scrambles.
in August relationships that emerged dash (DASH), a privacy-focused altcoin, was obtaining mass adoption in the oil-rich state, with more than 90 stores integrating Dash into their operations each week. Second Finance magnatesat the moment more than 2,500 merchants in Venezuela now accept Dash.
Such as reported of BTCManager, on April 17, 2018, the bitcoin transactions volume in Venezuela at 24 hours exceeded $ 1 million for the first time.
It is noteworthy that it is not just the warring nations and the adult entertainment sites they have chosen go along the cryptic path. In February 2018, BTCManager reported the story of Liberland, a small autonomous nation located on the Danube river between Serbia and Croatia, whose official currency is bitcoin.
In related news, in March 2018, the main center of exchange and exchange of cryptocurrencies in South Korea ally with Pay & # 39; s to allow 6,000 Korean merchants to accept bitcoins and other digital currencies. The move marked a significant victory for virtual currencies based on DLT in the encrypted state.