Cryptocurrency is still not accepted as a legal form of transaction in many states, but with time, we expect it to go legitimate in the future.
The internet is a truly wondrous creation. With the power of information, the sum of humanity’s discoveries from over two millennia can be accessed by anyone with an internet connection and a computer or smart device.
Now with smart devices and mobile networks being readily available, we are more connected than ever before. Banking and financial services that were previously not available to people living in less developed countries have become widespread.
As can be seen, people living in countries with historically unstable governments such as Zimbabwe and Venezuela are turning to mobile payment apps as a solution to their financial woes. Furthermore, now, with the widespread use of cryptocurrency worldwide, it appears that mobile crypto banking may be the way forward. And with the availability of payment service apps, the corporate payment solutions seems more practical.
Here’s why we think mobile banking apps and cryptocurrency payment gateways are essential.
Cryptocurrencies can well be integrated into banking apps, and sending and receiving payments becomes exceptionally easy. The mobile cryptocurrency app allows transactions to be completed instantly with just a tap. But for that, you need to have a mobile device, and sadly, for many Africans, access to mobile devices is often limited.
Also, the rural location of many villages, coupled with the lack of infrastructure, means that banks and financial services remain a mirage for many.
On the other hand, mobile phones are nearly universally available all across the continent. Ironically, a recent study has shown that in some parts, mobile phones are more easily accessible than electricity.
With the accessibility of mobile phones, there comes the availability of banking apps. And this combination of factors sets the stage for a potential cryptocurrency revolution in nations such as Africa with limited access to financial services.
In case you didn’t know, fiat currency or paper money is legal tender issued by a country's government. Fiat currency possesses an intrinsic value as guaranteed by that nation’s government. It is because of this intrinsic value; that people can exchange goods and conduct business transactions.
However, when said government becomes unstable, the value of the currency issued by them loses value. This is because consumers and other stakeholders have no confidence in the value of the said currency. Then hyperinflation becomes rampant as currency issued by the nation’s respective governments no longer holds any value. As a result, members of the populace are faced with holding essentially worthless paper, and this is where cryptocurrencies come into play.
Cryptocurrency is a virtual digital asset that is not regulated by any third-party organization and doesn’t get affected by external factors like inflation, deflation, and recession. Cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Ripple are already making it big in the virtual currency ecosystem.
Coupled with the availability of mobile devices, the existing infrastructure becomes exceptionally conducive to the adaptation of mobile cryptocurrency transfer services.
If you’re living in a state with a troubled economy, the chances are good that you’ll continuously be on the lookout for better opportunities. As we’ve seen from how fortunes were made overnight by traders, the crypto market without a doubt can provide ample opportunities for one to turn a profit.
Cryptocurrency trading apps such as eToro have long been used by traders and investors looking to buy or sell cryptocurrencies. Fortunately, given the high penetration of mobile phone usage, it may just be a matter of time before we start seeing cryptos being bought and sold by traders.
Alongside this, the freelance market has been one of the quickest to embrace crypto payments. The universal nature of cryptocurrencies coupled with easy access to mobile payment solutions has made it easy for one to sell services and goods online in exchange for cryptocurrency.
Unlike fiat currencies that have a variety of restrictions and fees, paying with cryptocurrency is instantaneous and often, do not require any additional payment. Hence, making them extremely popular with freelancers working in foreign countries.
Mobile payment is a facet of unified commerce that connects commerce models among different channels of the same marketplace. It’s a holistic approach where desktop, mobile, and in-store marketplaces communicate smartly.
With the invention of cryptocurrencies, an array of opportunities for entrepreneurs and common people have opened up. The mobile devices are becoming increasingly advanced and we should not be surprised to see that bitcoin payment gateways and cryptocurrency payment processors will become the new norm.
The integration of mobile wallets and cryptocurrencies are marketplace imperatives for every business that allows the users to augment the POS while keeping the minimal cost. Also, people can make the most out of the crypto payments by downloading the best cryptocurrency apps like Bitcoin Checker, Blockfolio, and Coin Stats.
Presently, no one is certain what mobile crypto payment gateway services will look like in the next ten or fifteen years, but getting a hold of new trends and implementing them intelligently will surely help in defining the line of the payment services.
If you have any more questions like “who accepts cryptocurrency” and “how to accept cryptocurrency payments,” stay tuned to MobileAppDaily and get a daily dose of tech.
The main reason behind the banks’ reluctance to use a credit card to buy cryptocurrencies is the fear of fraud. Earlier many cases were reported where the bank customers were fooled and their money was siphoned while using credit cards to buy cryptocurrencies.
Top banking chains like Bank of America, Citigroup, TD Bank, Chase, and Capital One have already banned the purchase of cryptocurrencies via their credit cards.
Presently, cryptocurrencies are not a legal means of transaction in many countries and till the time, it’s not regulated by the governments, it would be hard to answer on how crypto-currencies will impact national currencies.
Countries like India have banned the circulation and transaction of cryptocurrencies and the reason for the same is that the government fear cryptos may destabilize their national currency.
Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.