These are just a couple of the latest examples of the many
traditional corporations that have already adopted or are in the process of
adopting blockchain-powered solutions. As cryptocurrencies continue to shed
market noise, and with regulatory storms dwindling, mainstream adoption is
likely to intensify.
The big question is how the technology will benefit ordinary
people in their day-to-day lives. Up until now, cryptocurrencies have
established themselves as speculative assets and not as mediums of exchange.
The lack of regulation and the herd mentality, among other things, have made
the crypto markets overly volatile, making a bad case for currency.
But now with more regulation in place and with solutions
emerging to solve these challenges, cryptocurrencies are gaining acceptance as
a store of value and medium of exchange. The current wave of mainstream
adoption is very much about improving cryptocurrencies as an alternative
payment method rather than as an investment asset.
Blockchain projects such as TokenCard have gone a step ahead to put the digital
currencies on par with fiat currencies by introducing similar, yet improved,
payment methods. With TokenCard, cryptocurrency holders will be able to
make instant transactions by swiping the provided debit card the same way we do
with the traditional cards offered by banks.
The best thing about the blockchain-powered payment card is that
it is decentralized and therefore more secure, and there are no transactional
fees involved. With it, users can easily top up by bank transfer or debit card
and transact with millions of merchants across the globe. The cardholders can
also instantly exchange their crypto holdings for fiat at accepted ATMs
worldwide. Accompanying the TokenCard debit card is a mobile application to
track and manage their holdings.
Another project, known as the Divi Project, is working on a solution that seeks to
offer a better user interface by enabling the use of a personal email, Twitter
handles or personal names for transactions, rather than an impossible to
remember string of random characters.
In an interview with CNBC, Nick Saponaro,
a co-founder of the Divi Project, noted that the aim of the project is to make
the entire money-sending process more approachable for users. According to
Saponaro, the traditional crypto transactions are complicated and out of reach
to the majority of people who are not tech savvy.
Bitwala, a global
blockchain platform with headquarters in Berlin, is another example of a
project with an aim of bringing cryptocurrency to the masses. The project seeks
to introduce an online cryptocurrency bank where account holders can get
digital currency debit cards to use in day-to-day transactions.
The debit card will allow both cryptocurrency and fiat
transactions, and users will be able to instantly withdraw at millions of ATMs
worldwide. Traditionally, crypto holders rely on exchanges to facilitate
transactions, a model that most find to be confusing and daunting.
By introducing a model similar to the bank, the project will be
opening doors to almost everyone. So far, over 20,000 people have
already signed up with Bitwala, and according to CEO Jörg von Minckwitz,
the number is growing exponentially. Other projects aiming to bring
cryptocurrency to the masses include Purse.io, GoCoin and Coinsource.
With the rate at which the blockchain-powered payment methods are coming
up, there is no doubt that the technology is ready for takeoff. This is,
therefore, the best time for individuals and businesses to explore the benefits
of blockchain-powered payment methods.