By Jamie Green – Cryptocurrency Expert
The card processors Mastercard and Visa are deeply rooted in the payments industry as well as general day to day use. The percentage of people who now use their services as opposed to the cash alternative has increased drastically over the years, as detailed through CNN. However, many still find it difficult to fully adopt a digital currency as their main method for daily transactions.
With how integrated these companies are, it would suggest they must not fear Bitcoin or cryptocurrencies. When you look at the past decade, they have been doing well.
Significance of Bitcoin
Bitcoin can win the hearts of users with excitement that volatility naturally brings. It is exciting when your coin has the potential to reach new highs. Many will hope to buy Bitcoin low & sell Bitcoin high, but it has not yet replaced cash or become the standard trading currency worldwide.
It is true that some users over the years have become rich through their return on investment from their initial Bitcoin investments, but it also undeniable that neither of the major financial companies have not vanished from any of the markets at any point in the 10 years that the Bitcoin network has been live.
Cash still at the Top
When looking worldwide, cash is still the most commonly used payment method. None of these currency modes or cryptocurrencies have replaced or served on the level that cash has and is currently. A strong factor is the development of the country, but there is an argument that emerging markets with greater access to mobile devices could use this to transact using cryptocurrencies. Such a platform would then encourage them to purchase Bitcoin. Current reports estimate that 50% of transactions are still made through cash, although many developed countries are on track to reduce cash as the preferred payment medium.
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