When Satoshi Nakamoto released “Bitcoin: A Peer to Peer Electronic Cash System” in 2008, the world probably thought that the new digital currency would just be the next PayPal. But as we began to understand how it works and what it represents, it became clear that it is a serious existential threat to fiat money.
Fast forward to 2019. Fiat currency is still the standard, but cryptocoins are growing both in numbers and in influence.
According to Fortunly, the global cryptocurrency community was just 35 million strong as of December 2018. But crypto adoption is likely to explode in the near future.
Despite losing 85% of its value by the end of 2018, the cryptocurrency market considered the Bitcoin bubble popping as merely a bump in the road. There has actually been plenty of activity behind the crypto world’s veneer of dormancy since the crash.
Facebook announced its vision to launch its own blockchain-based payment network and stablecoin to get rid of the standard 2% to 3% merchant fees.
The number of Bitcoin ATMs keep increasing as well. As of the first half of 2019, 5,000 are found in 90 countries; over 50% of these machines are located in the United States. June was a hectic month, seeing six installations built per day.
Blockchain, as a concept, proved to be proof against financial bubbles. More than three-fourths of incumbent financial institutions will continue to adopt it by 2020. Over half of them have joined forces with fintech startups to accelerate the development of the technology and innovate much faster.
Much of the planet is already pro-crypto, and there is no turning back anymore. To learn more about how cryptocurrency is disrupting several industries, check out the infographic below!