This is one of the questions that many people have been asking for a long time, and there seems to be no definite answer. The recent acquisition of Bitpay by the business giant Microsoft brought this question back into being. Bitcoin payment processor Bitpay has recently entered into a partnership with Microsoft which makes it easier for its clients who accept Bitcoin to convert their payments to dollars immediately via a bank transfer or through an electronic fund transfer (EFT).
This new development takes Bitcoin usability, in terms of actual transactions, to another level altogether. Microsoft is involved with blockchain technology but whether it will adopt or use cryptocurrency remains doubtful because the main focus is on developing applications based on blockchain technology and not cryptocurrencies as such. There are two major reasons that may influence this decision. One is the fact that there are many cryptocurrencies and Microsoft will not want to pick one over others as it will be seen as an endorsement of the currency.
The second reason is that Microsoft, like other major corporations, has become increasingly wary of any association with cryptocurrency because of its reputation for facilitating illegal activity though it continues to apply blockchain technology to a range of business applications, including accounting, finance, and logistics. Microsoft’s attitude towards cryptocurrency is at odds with Amazon which offers payment services in exchange for crypto-currencies. This is also a great step towards crypto-currency making its way to the mainstream.
Is Crypto Gradually Becoming an Alternative to Fiat Currency?
I’m sure there are pros and cons of having fiat as a second currency, but these issues need to be looked at collectively. However, I think if corporations like Microsoft or Amazon start accepting cryptocurrency on their own account they will automatically drive up demand for crypto-currencies and help in overall acceptance of it and traders can keep at it on thebitcoinsystem UK.
In any case, I wouldn’t be surprised that the sheer size of Coinbase makes it have more clout with Microsoft than Bitcoin Cash does. What we can hope is that other companies not list BCH as an available payment method because they would only end up promoting the more popular cryptocurrency, which will increase demand for it. This would be the ideal case scenario and I think we are very close to this happening.
A lot of cryptocurrency experts actually agree on this issue and they say that fiat is not needed in any way, but just a part of the digital currency world (with Coinbase being the only exception). The other thing that really needs to happen is that cryptocurrencies need to be properly talked about by the media so people will know how Bitcoin Cash functions and why they should adopt it. After all, its adoption can help bring us even closer to our dream financial system: one where transactions are quick, secure, and cheap.
It’s good to see these companies trying out different payment methods with support for Bitcoin as well as other altcoins. This will boost the general interest in cryptocurrencies and hopefully expand the user base. Also, maybe Coinbase will add support for Bitcoin Cash at some point in the future.
Closing Thoughts
Based on everything that has been outlined so far, it is rather evident there is a close relationship between fiat money and cryptocurrency. Both methods have their place, but only one of them is fully decentralized nowadays while the other one seems to be controlled by central banks and governments. The main question here is whether or not these two can work together or if they will ever clash against each other. Only time will tell what the future holds for both of them, although it seems safe to say they are here to stay for quite some time.
