Cryptocurrency can never reach its potential until there is a massive adoption in various forms of our everyday life by various people, of different class and varying income levels
Generally, humans have a tendency to claim absolute truth based on their limited, subjective experience as they ignore other people’s limited, subjective experiences which may be equally true. Because we tend to see things in our limited knowledge
That’s the case of the perspective of different people on crypto today, where some have seen great opportunities others insist on seeing a scam, risk and uncertainties, even some business savvy billionaires are still sceptical about the future of cryptocurrencies; the likes of warren buffet.
In South America, there is also a difference in opinion on cryptocurrencies, from enthusiastic adoption to total disinterest, the South Americans are seeing cryptocurrencies with mixed reactions. Their dispositions aren’t really different from other enlightened parts of the world.
The Southern American region
Argentina is a country in South America and a potential to be a hotbed of cryptocurrency activities, but the biggest challenge amongst other ones peculiar to the south American region rests on its fairly unstable economy. In Argentina, 32% of people are estimated to be living under the poverty line. This is due to the shortfall in salaries, that cannot match the annual inflation rate the peso of more than 50%. Many simply can’t afford to risk their keeping their savings in their local currency at the risk of watching it fall in value. Due to the high inflation
This is said to be one of the reasons why some south Americans are buying into the cryptocurrency ideas.
According to an ad in Buenos Aires subway tunnels by Ripio. It is said that “250,000 Argentines have already bought bitcoins with us,” claims
Ripio is said to be among several other beginners who are betting that the time is right for cryptocurrencies to cut across major areas in Latin America. And it appears that Argentina’s unique economy makes it the perfect place to lead a vast adoption of crypto
Other countries that its citizen use cryptocurrency to protect themselves from the depreciating value of their country’s currency include Venezuela that has been hit with various sanctions by America leading to great economic woes, like Argentina a lot of their citizens have turned to crypto to alleviate their predicament. Using it to protect their savings.
Also, in Argentina the Governments relative openness to cryptocurrency has helped shaped Buenos Aires into an attractive zone of development, their government’s openness to blockchain projects has helped shape Buenos Aires into an attractive zone of development.
The general disposition of everyday people
Despite all the progress a lot still needs in convincing everyday people to adopt the use of cryptocurrency in that region, especially by creating more user-friendly, trustworthy systems with clear advantages over the traditional and familiar dollar notes.
What Repio seeks to achieve
Ripio is really putting enough effort in this one, for the Latin Americans, presently, he is developing what it hopes are easy-to-use tools for buying, selling, trading, investing, and spending cryptocurrencies.
Although cryptos are a bit fresh to travellers and sailors, Ripio’s six-year-old company, which was originally called BitPagos, has managed to make its mark as a market leader in this regard
In 2017, BitPagos moved its attention from merchants to consumers and rebranded it to Ripio. It now has 300,000 users in Argentina, Brazil, and Mexico (about 85% of them are in Argentina).
Today, Ripio offers users a cryptocurrency exchange and software “wallet” for storing their digital monies. Similarly, it has also started a service that uses smart contracts or blockchain-based computer programs which are useful for automation of complex financial transactions. This is in a bid to facilitate peer-to-peer lending based on the Ethereum blockchain. Allowing South Americans to have access to loans in local currency without having to pay high fees to a bank.
Education and its impact
To make crypto more adopted by people, a lot of work needs to be done in educating people on what it means also in providing resources to people on how they can going about using it, this knowledge will play a major role in sensitizing otherwise novices about what it’s all about increasing the potential of them becoming users of these various platforms which in turn will make them bring more people into the system,
Ripio has made this their agenda as well especially in Argentina with plans to unveil a new system which would combine these packages and a few new ones alongside educational content like articles, videos, and tutorials.
According to them, “The service is born out of the goodwill in assisting Ripio users the access to “the new economy.”
Juan Mendez, the company’s chief brand officer, stated that “We understand that the economy is changing, that banks are digitizing, and we want to be there in that moment to offer access, financing, and investment options”.
The company is staking its bet that crypto-assets will play a major role alongside more traditional financial services. Hence it wants to provide a central place to find all the options.
Stablecoins and its impact
The use of stable coin has helped to reduce the issue of volatility that most new users have with crypto, these coins maintain their value with the USD this helps users to make their transactions without the fear that their hard-earned savings will be impacted during a bear season this has played a huge role in making more people to adopt crypto
All these Important moves have played a major role in boosting adoption, but it’s not a piece of new information that the battle is far from being won, because despite the making cryptocurrencies more appealing and user-friendly to the average consumer.
They’re still the issue of trust, the uphill battle convincing everyday consumers in South American to trust a ‘new form of money’.
Despite massively overcoming the challenge of making a lot of more people understand the technical concepts of crypto all the good work is still being truncated by the unpredictable price fluctuations of crypto
This challenge has been fixed by the use of “stable coins,” which are designed to maintain the value of stable government-backed currencies like the US dollar.
Platforms like Ripio, for instance, tackled this issue of the volatility of crypto through the availability of stablecoins to their users, Ripio added a stable coin called Dai to its exchange and wallet, to go alongside Bitcoin and Ether.
Now, South Americans have the option of making use of the easy-to-use, easily accessible digital version of the dollar which is readily available to everybody in the continent.
Having stable coins has reduced the need for South American to queue up to acquire and to physical dollars and also risk keeping large sums of it on other or in their houses which will make them vulnerable to being attacked by thieves.
Also, Customers of Ripio, for instance, do not have to endure the stress of going to the streets for dollar exchange, it’s as easy as just going to the nearest convenience store to load pesos into their wallet to buy Dai. Later on, they could even spend them online and also use Ripio’s service to change them back into their local currency and purchase items from the popular e-commerce sites.
This can easily be replicated in other parts of the world, especially developing countries.
The success of dai, which has Many in Argentina has begun to use Dai, majorly as a form of remittances or store value. Is lesson to everyone But MakerDAO does not intend to stop there according to them the vision is more elaborate than that they believe that “decentralized” banking could broaden access to financial services, not just in Argentina but all over the world.
Bitcoin ATMs and acceptability by retailers
Bitcoin ATMs are scattered across the continent, however, there is a little indication on the streets of Buenos Aires that a crypto-infused future will be here any time soon. Most merchants have added cryptocurrency stickers on their storefront windows alongside those for Visa, Mastercard, and American Express. This has eased the use of crypto as a means of payment since many Paying with cash is still common, and many retailers offer discounts for doing so. Though it’s becoming more common for merchants to also accept QR code payments via a service called Mercado Pago, all in South America.
Cryptocurrency is making a major progress in South America, despite its numerous challenges, but their success should serve as a motivation for other companies to invest and push for adoption in other developing continents like Africa, especially those with very high number of unbanked citizens by taking a cue from Ripio and its progress in South America.
Bitcoin Cash Support Added to HTC Flagship Smartphone, the Exodus 1
The Exodus 1 which is an Android powered mobile phone is the first native web 3.0 mobile devices with architecture that secures crypto assets. The device has an easy to use digital wallet, Zion Vault whose software interfaces with the device’s hardware security.
The wallet allows users to store and make transactions using the bitcoin cash cryptocurrency without having to be exposed to remote system penetration.
According to Bitcoin.com, the partnership will see HTC pre-loading the firm’s popular wallet app on the device. In turn, Bitcoin.com will offer for sale the Exodus 1 Flagship device and other lower device from the manufacturer on the Bitcoin.com online store. The lower priced device Exodus 1s will also feature same native bitcoin cash support which the flagship users are to enjoy.
Speaking on the partnership, Bitcoin.com CEO Stefan Rust said “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”
Roger Ver, the Executive Chairman contributed saying “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”
Based on the news reporting arm of bitcoin.com, HTC sees great promise in cryptocurrency and that is the reason why it has added support for bitcoin cash.
The Taiwanese firm’s Decentralized Chief Officer Phil Chen speaking on the importance of the partnership between both organizations said “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”
He went further saying HTC believes in user ownership of, control of their data and cryptocurrency presents the best opportunity to start the journey into owning personal data. Understanding the fear of users owning and controlling access to their data, Phil Chen believes this will significant impact the business models and revenues of these ‘powerful firms’.
HTC believes the smartphone will be the tool which will allow users manage, access, store their digital assets.
Bitcoin.com revealed that future plans of the partnership includes offering discounts when paying for goods in BCH as well as sales of the Exodus phones on store.bitcoin.com
Businesses Can Now Accept Ether as BitPay Add Support for Ethereum
Largest global blockchain payment processor Bitpay has announced customers will soon be able to safely, securely and compliantly accept Ethereum for purchases without the need for any further integration.
It also revealed that wallet users will be able to store and use the second largest cryptocurrency by market cap in their wallet and BitPay Prepaid Visa Cards holders can top up debit cards.
BitPay formerly supports Bitcoin and Bitcoin Cash and has now added Ethereum to its list of supported digital assets on its payment processing platform.
Accesses to foreign exchange in some jurisdiction is a challenge to businesses and with the advent of bitcoin, businesses can easily and effortlessly receive payments from all over the world from users with the three supported cryptocurrencies.
BitPay speaking on the achievement was quoted saying “It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems,” said Vitalik Buterin, founder and creator of Ethereum. “This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.”
BitPay offers stable coin settlement with Circle CENTRE USDC, Gemini Dollar (GUSD), and the PAX as well as in 12 currencies and direct deposits in 37 countries.
According to BitPay, it calculates prices displayed on invoices in 150 countries and can settle in over 200 countries. It further said that, for merchants who desire to be settled by bank transfer, the transfer is initiated the next day and cryptocurrency is settled the next day.
BitPay was founded in 2011 as the pioneer bitcoin and blockchain payment with large number of merchants already using its payment processor such as Microsoft, Newegg, Dish Networks etc. It enables users to manage digital assets with the BitPay walllets and turn digital assets into dollars with the BitPay Visa Card.
Blockchain-enabled SIM to be Launched by China Telecoms Corporation
China telecom corporation limited CHA, has made public its serious considerations in developing a blockchain-enabled 5G sim card according to a Chinese website, Sina News.
The leading arm of the Chinese telecom research had released the white paper which outlined key moves to be implemented on the sidelines of China International Smart Industry Fair recently. The paper had also pointed out some details of how this sim card would support ERC-20 tokens and Ethereum, also stating that it would have compatibility with almost any type of phone. Explicit details on plans to turn a smartphone into a decentralised node were also highlighted
This news has also come as a good one for those who intend to buy and sell Cryptos using their mobile phones. The telecom of China has its eyes on the 5G which is the major prize for the corporation
According to the whitepaper, blockchain has emerged as the only technology that presents users with the opportunity of securing their fragile data, hence the issue of the huge flow of data this advancement will come with will not be an issue, even with the advent of IoT enabled devices
China telecom is of the opinion that it can perform better as it attacks the low quay of current blockchain phones such as Samsung’s Galaxy S10 and HTC’s Exodus One which it accused of playing the market by incorporating specific blockchain instead of going for higher technical standards.
Coinbase Reports an Increase In The Level of Activity in Blockchain Activities Into Universities
According to recent research carried out by a major cryptocurrency exchange platform Coinbase, it was discovered that about 56% of the top 50 Universities in the world had one of more cryptocurrency and Blockchain classes offered.
An indication of growth in interest for blockchain
This research carried out by Coinbase was published in an official blog post which also used rankings from the US news as well as world report for the listing of top 50 universities. The findings also took into account both students offering undergraduate and graduate courses.
It was discovered that twice the number of students, when compared to last year, were beginning to take courses in blockchain and Cryptocurrency.
Apart from having a doubled interest amongst the top universities of the world in taking classes on blockchain and Cryptocurrencies, the study also reflected that these students had already gone as far as creating student-run clubs related to crypto.
There was a 42% increase in the offerings related to this field.
The report also revealed that nearly 70 percent of crypto and blockchain classes are in departments that are outside computer science, including law, the humanities, and economics. A Cornell alumnus said:
“We’ve had so many professors reach out to learn more about blockchain and see how it applies to their field. It’s really cool to be part of a community where there’s so much engagement.”
The African continent not being left out of this action
Meanwhile, the African continent is not left behind as countries such as Nigeria have shown an increased level in activities that are blockchain and cryptocurrency inclined, considering the fact that there has been a series of events both past and future that have been organised by bodies such as Cryptotvplus to increase the level of awareness amongst university students.
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