The cryptoasset revolution much more than a digital currency
The world of cryptocurrencies goes beyond the financial market, offering advantages not only to investors but also to companies and nations.
Photo = Coin designs that allude to digital currencies
You are likely aware that cryptocurrencies offer a financial investment option. They provide the potential for significant returns, thanks to the freedom in transacting and the absence of intermediaries in the investor-to-digital asset relationship. Moreover, they ensure 24/7 security and traceability of transactions due to blockchain technology.
Cryptocurrencies in Various Uses
In addition, cryptocurrencies are being used as a means of payment. For instance, in Australia, it's now possible to fill up your car's tank and pay using cryptocurrency. They are also expanding access to financial services for citizens who lack bank accounts, such as disaster victims or those living in conflict-ridden regions.
A notable example is Binance. As the world's leading blockchain and cryptocurrency ecosystem provider, boasting around 150 million registered users globally, the company introduced the Binance Charity program. This initiative provides cryptocurrency-based cash assistance to refugees in Ukraine through a crypto card. With this card, friends and family of refugees can transfer cryptocurrencies as a form of support. The blockchain technology allows donors to precisely track the destination of the donated funds.
Furthermore, some countries are enacting favorable regulations for cryptocurrencies, encouraging innovation and the use of these digital assets. A pioneering case is El Salvador, which adopted Bitcoin as legal tender in 2021 and recently granted Binance two licenses, making it the first fully authorized exchange to operate in the country.
Since then, more and more nations are embracing the use of crypto-assets. This trend highlights cryptocurrencies as a viable and secure solution for financial transactions, investments, and value transfers, irrespective of geographical boundaries. Research around the world corroborates these “crypto-benefits” in an era where high-quality information is a valuable asset.
Cryptocurrency Trends
Despite a challenging period over the past 18 months with asset price drops, interest in the crypto market persists. Michael Weber, a finance professor at the University of Chicago, conducted research revealing that cryptocurrency ownership among the population surged from 2% in 2018 to 12% in December 2022.
These data indicate not only continuous growth in the number of individuals engaging with cryptocurrencies but also, more importantly, a rising number of people educating themselves and investing part of their wealth in this burgeoning market. Another survey by ConsenSys/YouGov highlights another trend: in Brazil, 21% of respondents associate cryptocurrencies with the future of money.
Binance believes in the global adoption of cryptocurrencies to drive financial and technological evolution for individuals and markets. It provides the necessary tools and resources to facilitate adoption, including a wide selection of cryptocurrencies, a user-friendly interface, advanced methods, and a commitment to security and compliance.
The corporate adoption of cryptocurrencies is mostly tied to gaming and media industries, though payments between companies are proving the advantages of instant settlement, availability, and lower costs compared to traditional electronic transfers. Around 85% of companies with an annual turnover around $1 billion are adopting cryptocurrency payments to attract new customers, according to PYMNTS research.
The study also showed that 77% of merchants surveyed are driven to accept cryptocurrencies due to lower transaction fees. The integration of cryptocurrencies is already being observed in sectors such as logistics, real estate, and healthcare.
Prepare yourself.
