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RETAIL PAYMENTS IN CRYPTO - THE END OF FIAT

08/04/2022
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Digital technologies keep conquering the world. They leak their way into new industries and digitalise everything on their way. Internet, information, business, payments, metaverses - these are all one dimension where some spend most of their lives and some just dip their toes; but anyway, we are all a part of this new world now.

First Important Step to Crypto Economy

Conservative people keep clinging to the old system which is crashing under pressure and gradually giving way. Another small step in this journey is an announcement by Binance: they launched a booking service with settlements in Binance Pay.

This is not sensational; the business has long since seen the promising nature of cryptocurrencies, and many companies accept them, but it's a big step towards creating a comfortable environment for crypto payments.

When it comes to convenient payment methods, many still prefer fiat money because they think cryptocurrencies are complex and hard to understand. The situation gets even more complicated because of all the payment projects and crypto wallets emerging recently: so far, business has not come to an agreement on a single platform to use. That's why clients who want to pay for their goods and services in crypto need to open separate wallets for different sellers and send money in several steps.

The first partner of Binance Pay is Travala, a tourism company. This global tour agency works with 230 countries over the world so now crypto users can travel freely and pay for hotels with digital currencies.

Crypto has long been about to integrate with real businesses, the question only was who would find the courage to be the first one. Small local companies with flexible services and progressive target audiences were eager to try, but the fact that they started accepting crypto did not affect the bigger picture since medium and large businesses were more sceptical about the whole idea. This is why the fact that such a big player as Travala is implementing crypto payments is a very important milestone that can form a trend and start a new hybrid economy.

Why Fiat Money Must Die?

Further development of crypto payments is just a matter of time, and most likely not too much time. Binance Pay settlements are free, which is an important argument for the business. Also, experts promise another wave of growth in the crypto market: a perfect moment to switch to digital money.

Such a transformation in the economy will naturally affect the money system as we know it. Of course, the fiat money will still last long - a sharp move to cryptocurrencies could have made serious harm to it, - but their time is coming to an end, and in several decades, fiat currencies will be as antique and rare as coins made of precious metals today.

And it is not only about cryptocurrencies. Actually, the money shift has been going on for almost a century. First, chequebooks replaced paper money, then came bank cards, then e-wallets, and it is still considered the same money you can put in your pocket. In reality, all these numbers only exist on paper and are not backed by anything. In other words, if all the cards, accounts, and e-wallets owners would ask for cash today, the banking system wouldn't manage to give it and would crash.

How Can It Affect Our Lives?

The economy's switch to crypto payments is going to be gradual, so it's no use to get rid of all your cash. But staying a bystander means losing all the opportunities that cryptocurrencies can offer: they are cheap right now, but their prices will only grow since they are much better protected from inflation.

The business and economy are already going through digitalisation; so, in the next few years we will see the following:

  • more and more companies will switch to crypto payments;
  • most likely, several cryptocurrencies will start dominating the market, and they will all gradually merge into one.

One way or another, serious changes await, and the best thing we can do is to get ready for them. Follow our site and stay tuned to the latest market events!

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