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.
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