Crypto Payments Will Be The Engine Of The Global Economy

These services strive to clearly define their purpose. of market fit. They are still struggling with the age-old problem of encryption, which involves developing solutions to problems that are not common problems. What stands out to me most about Polkadot Decoded 2023 is the unified goal to make the channel easier to use for builders, investors and users.

Whether it is AMM, DEX project, loan market, blockchain game startup, IPFS security solution, or cross-chain bridge, each panel member referred to the importance of composability, interoperability and changing the concept of Web3 from ideas to reality by building infrastructure for. a successful project.

This is why I emphasize the importance of getting out from behind the screen with the TradingView price chart and interacting with the community on forums. No man is an island, it helps to find a safe place to communicate, think, test, and adjust your investment strategy and your thoughts on blockchain evolution.

Hats off to Polkadot Decoded for closing the story right this year.

The significant increase in volatility, where NFTs are traded and the various possibilities of money provided by DeFi (DeFi) clearly demonstrate this. Investments are not used as a means of exchange, so price is more important than profit in crypto. However, new decentralized systems have continued to be released, some of which were designed only for utility purposes, which helped to change the opinion about cryptocurrency use cases recently.

The Highs And Lows Of Crypto Investment

Some Web3 companies have taken crypto payments as nonsense and created products like cryptocurrency credit cards that can be widely accepted, offering new features as well as traditional ones like cashback. The importance of crypto payments is the idea of decentralization - other benefits come later.

The introduction of fiat-backed stablecoins has shown the potential for traditional currencies (TradFi) and DeFi to cooperate effectively. However, it is important to understand that some well-known stablecoin projects such as Terra and even Tether have come under scrutiny for suspicious operational practices, leading to concerns about the effectiveness of this collaboration.

Despite high transaction fees, high public awareness, and legal uncertainty, some projects have found ways to introduce crypto to the market for products and services. Testing began in early 2010 with simple, small websites, such as online bookstores or gift shops, and even crypto-enabled web service providers.

The Landscape Is Good For Crypto Payments

Later, crypto models started working hard on payments. Coinbase launched Coinbase Business in 2018, a web service that allows businesses and individuals to accept a variety of cryptocurrencies on their website. Other crypto brands have followed suit with similar products. Today Bitcoin is accepted as payment by major companies including Microsoft, Intuit, AT&T, Burger King, KFC, McDonald's, Twitch, Tesla, AMC, Norwegian Airlines and many others.

The widespread acceptance of crypto is closer than you think when the digital currency can be used to buy fast food, cars, travel, software and other similar things. What made all this possible is the rapid development of blockchain technology that can interact with the real world, such as payment gateways that bring crypto and e-commerce, interactive links, and stablecoins those mentioned above for easy pricing.

Payment Benefits Come With DLT

Along with the release of money, crypto payments bring two main benefits: investment and transactions pass smoothly. Investment refers to the process of providing financial resources to those who do not have access to banking services for various reasons. Although the central crypto industry follows KYC/AML standards, there are still many opportunities for those with no money because the barriers to entry are low.

Crypto payments are also used because of the nature of blockchain technology - the network does not see physical limits because there is no financial institution that controls the transaction process, and because of peer-to-peer coordination . -stage. However, there are challenges in paying cryptocurrencies like fiat payments, including blockchain scalability, financial risk, and regulations.

Promote A Smooth Relationship

Crypto services work hard to measure chains using methods and systems such as rollups, sidechains, sharding, SegWit, notification channels and others. Today, Ethereum manages around 30 transactions per second (TPS), while Bitcoin usually does 7 TPS, and other services claim to offer more TPS by a large factor.

Solana, under real-world conditions, the 5,000 TPS system and BitcoinSV have reached more than 9,000 TPS, and only a small list of networks provide the speed in the near future. Considering the speed of blockchain transaction processing and Visa's 1,700 TPS, the world may soon be ready for unlimited crypto payments.

The economic risk is always an issue, especially when the version of the network like Ethereum 2.0 has increased gas costs on the side of TPS, but with a large number of projects that work on scalability, balance-speed tariffs are available closer than ever.

The topic of crypto laws remains active and changing around the world. Startups and developers are well aware of this changing environment and are working hard to build a flexible system that promotes seamless interaction and increased flexibility.

Uncertainty In Crypto Regulations Is Driving Developers To Innovate

Crypto payments have come a long way since the first Bitcoin transaction - a pizza delivery for 10,000 BTC in 2010. Developers continue to build better crypto payment methods so that big brands can exchange their goods for cryptocurrency. Stable coins are being released, while monitoring and interoperability are still key issues that are getting better every day. The state of crypto laws is still uncertain, so developers can continue to build and change as we see more stability in our laws.