In a series of tweets, Changpeng Zhao, CEO of Binance, the world’s largest exchange, asks his followers on why online business won’t go straight out and accept cryptocurrencies.
CZ’s argument is that digital currencies are cheaper, faster and require less paperwork. And it kind of makes sense. Currently, very few major online business accept cryptocurrencies and most of them are shady businesses.
Back in 2016, multiple businesses from Microsoft Xbox to Uber started accepting Bitcoin. But due to huge volatility in the price of Bitcoin and concerns over the legality of the currency, businesses soon stopped accepting Bitcoin.
When a Twitter user “DAN the Bull” suggested CZ talk to Jeff Bezos, CZ replied that Amazon would soon have to issue its own cryptocurrency. And we couldn’t agree more. If rumors are to be believed, Facebook is already working on its own cryptocurrency to make global payments through Whatsapp. If Facebook launches its cryptocurrency first and gets a mass adoption, other tech companies would be dependant on Facebook. A position no one in Silicon Valley really wants.
Banking, regulations and KYC/AML are the biggest hurdles to cross for Bitcoin to become widely accepted cryptocurrencies. Currently, many banks flat out deny bank account for cryptocurrency transactions. Moreover, not everyone is using cryptocurrencies to transact on day to day basis. The network effect is increasing but albeit slowly.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
In the rapidly evolving landscape of web-native payments it has become clear that new infrastructures…
A New Era for Global Trade: Alibaba Taps JPMorgan's Blockchain Global commerce has long been…
The Promise of Web3 Meets a Centralized Reality Web3 was built on a revolutionary promise:…
Bitcoin's Sudden Plunge Shakes the Crypto Market The cryptocurrency market is awash in red after…
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…