Signs are beginning to appear that cryptocurrencies willbecome a mainstream way of exchanging value i.e. making and receiving payment likea country’s own fiat currency.
Seeing the big names that have embraced cryptocurrencies, itappears that Bitcoin and other such digital currencies are likely to become aregular part of investment portfolios too.
The company Visa revealed that it now allows use ofcryptocurrency USD Coin to settle transactions on its payment network.
The company clarifies that this is a pilot programs and hasbeen launched in association with cryptocurrency platform Crypto.com
USD Coin is a cryptocurrency whose value is pegged directlyto the US Dollar.
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Another feather in the cap of cryptocurrencies is Elon Musk’sdecision to allow purchase of his electric vehicles using Bitcoin.
Earlier, conversion from one currency to another wasrequired in case payments are chosen to be settled using cryptocurrency.
For instance, using a Crypto.com Visa card requiredconversion of cryptocurrency to traditional money. This traditional fiatcurrency is deposited in a bank account and later wired to Visa at the end ofthe day.
As can be estimated, this workflow adds cost and complexityfor businesses.
However, the latest step does away with the need to convertcryptocurrency into traditional money. This workflow uses Ethereum blockchain.