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From an experimental project that began in an underground mailing list discussion on cryptography to a currency being accepted as payment for buying a car, a house, and even a trip to Paris. The first established cryptocurrency – Bitcoin – has come a long way from its grassroots start. And now, a whole movement is preparing to conquer a new age of decentralized economies to improve people’ lives.
The earliest time Bitcoin was assigned a monetary value was in the year 2010. It closed that year with a price of around $0.125 USD. Buying some of them would have resulted in a 13,400,122.18% return of investment today.
The promise of a full economy based on cryptocurrency has not fallen into deaf ears. Ever since the mysterious alias Satoshi Nakamoto published the whitepaper for Bitcoin it didn’t take long for it to catch the attention of other great minds and talented developers. Now, millions upon millions of individuals, and even, businesses are betting on supporting a new way to utilize digital currencies and embracing the thought of cashless payments.
Blockchain and the encryption it utilizes help to make transactions completely irreversible and impossible to tamper or modify. These characteristics are key pillars for this technology to be used as a way to store and transfer value. A developer named Laszlo Hanyecz on May 2010 made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC. As you can imagine it wasn’t so easy to buy something with cryptocurrencies back then, but he succeeded and wrote his name into history – all while satisfying his appetite.
Bitcoin is not the only cryptocurrency now. Other decentralized projects emerged aspiring to follow along the footsteps of the original vision of cryptocurrencies. Ethereum came about as a solution for the problem of trust in financial transactions. It was the first platform to support Smart Contracts which act in place as a type of conditional for whether or not a transaction is successful. Thus, eliminating what a legally binding contract would be used for in real life financial transactions.
One of the biggest years for cryptocurrencies was 2017. It was during this year that we saw Bitcoin and other Altcoins experience massive price spikes.
As time goes by we are beginning to see that cryptocurrencies are slowly but surely entering our day-to-day lives. In December 2013 a Tesla Model S was bought for 91.4 BTC and Subway sandwich shops are currently letting customers use the cryptocurrency to purchase food and drink from them.
We also have examples of industry giants like retailer super-store chain Walmart. The company plans to sell leafy greens that are tracked with the help of blockchain technology within the next year. They have worked with IBM and other food companies to create a user-friendly, low-cost, blockchain-enabled traceability solution that will help to improve the quality of leafy greens that enter the store.
Even the United Nations Children’s Fund (UNICEF) in France has recently announced that donations will now be accepted in cryptocurrencies.
The value and use for these digital coins is undeniable as more and more entities adopt them.
The Upcoming Challenges and Benefits for Crypto Adoption
One of the main challenges of crypto is price volatility. Soon after the 2017 and beginning of 2018 price spike we saw a consequent price drop in all cryptocurrencies in general. Volatility is not something that helps when considering an asset which will be used to pay for something. However, when solved it means people can go on making global cashless payments without having to worry about converting to any other currency or having to pay exorbitant bank fees.
Another challenge that the cryptocurrency industry faces is its acceptance. There are many sites where you can check a list of retailers, online shops, and restaurants that accept cryptocurrencies as payment. The reason why these sites list these places is because crypto acceptance is not global. Unlike fiat money.
When these problems are solved we are surely going to see a new wave of products and service providers offering their goods in exchange of crypto. Making it very convenient for our everyday lives.
Combining Fiat and Crypto to Further Mass Adoption
The challenges slowing down crypto adoption are the main focus of the Asian-blockchain venture called World Credit Diamond Coin (WCDC). They are effectively solving the limitations of cryptocurrencies like volatility and acceptance by creating a fusion of crypto and fiat to settle all kinds of payment.
The company plans to do this by using a card that combines fiat and cryptocurrencies called BR Card, and that is accepted in all stores and locations.
WCDC is presenting one of the most complete visions of what the cryptocurrency economy needs to become a global phenomenon, even bigger that what we have seen so far. The team is developing services similar to what online banking allows any person to do but embracing cryptocurrencies and not just fiat by itself. The WCDC ecosystem will allow managing of online accounts where users can check their assets in both types of currencies and will even offer a payment gateway for businesses that want to join the crypto revolution and accept it for their goods or services.
A final but important component of the WCDC ecosystem is a customer loyalty program that will create incentives for using WCDC and the BR Card as payments for their everyday needs.
The WCDC Ecosystem
World Credit Diamond Coin or WCDC is designing a real-life solution for spending cryptocurrencies. From buying pizza to making a down payment for a new home, it will support online and offline payments in both crypto and fiat currencies. The WCDC interface will have users managing their digital assets in a way similar to online banking. As an effort in making crypto mainstream the team is including a customer loyalty and rewards program that will let anyone accumulate points for using the BR Card.
It seems the most pressing issues for unlocking a shared economy of crypto and fiat are being addressed by the WCDC platform. The team’s ambition has taken them at the forefront of the next cryptocurrency adoption wave.
You can join the WCDC community on their official Telegram chat and learn more about the company’s progress by checking their website. You may also keep up with all of the most important news and updates on Facebook and Twitter.