Adoption of cryptocurrencies which include decentralized finance defi layer 1 protocols non-fungible tokens and stable coins perhaps the simplest and most applicable path for the general public is the ability to use cryptocurrency for everyday purchases
srcwith an integrated debit or credit card 2021 has seen an increase in the number of organizations offering cryptocurrency based credit cards that let
holders to spend the value of their cryptocurrencies for daily transactions but is this just the latest gimmick employed by corporations to make a profit or a true sign of broad adoption while the traditional financial sector
is not explored extensively because the focus is on studying the many sub-sectors of the cryptocurrency ecosystem crypto assets are swiftly becoming a new investment class recognized by the global financial system debit cards
allow you to access your cryptocurrency assets it's critical to understand the distinctions between the card services provided by some of the industry's biggest firms including as crypto.com blockfi and coinbase debit cards like is the one provided by crypto.com enable
customers to convert their cryptocurrency holdings to a stablecoin which can then be transacted over visa's global network upholds coinbase card and crypto debit card offer a similar service with both offering rewards for use in the form of a percentage of each
purchase paid back in bitcoin btc or another cryptocurrency depending on the platform the ability to make purchases with your holdings may help provide a strong use case to the cryptocurrency ecosystem but it also goes against the hotel nature of many investors who
subscribe to greshan's law which states that bad money drives out good money in circulation when it comes to deciding which money is spent and which is kept good money or cryptocurrencies in this example will be saved while fiat currency will be spent in daily
transactions crypto credit enables hodlers to continue accumulating credit cards such as the recently announced blockfi rewards visa signature credit card do not require an initial conversion of a user's crypto assets to pay for transactions instead it provides
a credit limit with an associated interest rate the gemini exchange intends to launch a btc payback rewards card on the mastercard network this is another example that has taken the approach of the historical credit system by offering rewards and collecting
interest on carrying balances users can spend fiat currency and get cash back benefits in the form of bitcoin paying in dollars while stacking stats aligns more with the idea of spending bad money and daily transactions while earning more crypto although it does require
users to have fiat currencies to spend if someone solely owns cryptocurrency they will be required to convert portion of their holdings to the recognized form of repayment and may incur a taxable event depending on the regulations in their jurisdiction currently the
majority of the world's population either uses the traditional financial system or is part of the enormous number of unbanked people who are outside of all systems the use of blockchain
technology and cryptocurrencies either adds another step to the process or provides a new entry into a financial network for die hard cryptocurrency lovers who want to keep as much of their wealth in cryptocurrency as possible
debit card choices that allow users to spend their holdings may be the best option because many crypto investors work in occupations that still pay in fiat currencies credit card choices allow them to use their earnings to make purchases while still continuing to
accumulate without having to perform the conversion to cryptocurrency themselves legacy networks will eventually incorporate blockchain technology visa and mastercard have completely welcomed the integration of cryptocurrencies and blockchain technology into their
networks visa recently stated that holders of crypto enabled cards spent more than one billion dollars in the first half of 2021 it is likely that in the near future the entire network will
be blockchain based and consumers will be dealing with digital currency on a regular basis without even realizing it.