Familiar with Cryptocurrency? This has been buzzing since the great Bitcoin spike (and fall) of 2017. Not familiar - Cryptocurrency is a digital currency built with cryptographic protocols that make transactions extremely secure. It is a currency that is not controlled by any central authority, in fact, the decentralized way that cryptocurrency works allow everyone in the network to play a critical role in the transition of funds.
As a new(ish), tech-forward form of payment, we have taken a look to see how this currency will transition into the payment processing world. Simply put - will all businesses eventually accept cryptocurrency as a form of payment and if so, when?!
The quick answer is already! The cryptocurrency's exchange, Coinbase, has partnered with Visa to launch Coinbase Card. This is a card that houses an individuals cryptocurrency - whether it's Bitcoin, Ethereum or Ripple's XRP (just to name a few). Just add it to the list: credit card, PayPal, AmazonPay, ApplePay and now - Coinbase Card! This payment method is universal - allowing millions of businesses and consumers worldwide not only an alternative method of payment - but a method of payment that allows them to use a currency they have worked very hard to earn.
The Coinbase Card is currently being tested in the UK, with plans to roll out later in 2019. Cryptocurrency is on the horizon and we are eager to see the progression and adaption it continues to have worldwide.
We'd love to hear your thoughts and predictions. Comment below!