The prices of Bitcoin and the rest of the cryptocurrency market are settling down at the wrong end of the market after the sudden surge in the late months of 2017. Despite the drop of cryptocurrencies, the technology behind them is still used in many applications with thousands of cryptocurrencies listed on cryptocurrency supported exchanges. Even though many have different uses now, most of them are being used as payment solutions.
There are some big industry players in the crypto space which are looking to make the most of Bitcoin and altcoins for the development of payment gateways and platforms for payment processes. According to data and research, the cryptocurrency industry is set to reach over 1 billion dollars by 2024 (not to be confused with the market which is miles ahead of this number already). The main factor for this growth can be put down to the adoption of distributed ledger technology, a high remittance in developing countries and the increasing cost of cross-border remittance. It’s also worth noting that fluctuations in monetary regulations also have a part to play in the increased growth.
The part of the cryptocurrency market with payment solutions is predicted to see the highest growth during the forecast period. Some businesses prefer cryptocurrency because of the technology behind it and the certain advantages such as protection from fraud, security, decentralised systems, low fees and so on. The Chief Operating Officer at Crypterium, Austin Kimm said:
"It is possible that these payment apps will replace cards and cash, but different technologies will be successful in different markets. In China payments are now dominated by WeChat and Alipay, QR readers that when combined are now much more significant than cards or cash. What is unique is there is no restriction to younger more tech-savvy users, but reaches all age groups."
As reported on PRNewswire, Netcoins will be able to grow even more and with thousands of customers, Netcoins can now be easier scaled to million with this key technology in place.
Mark Binns, the CEO of Netcoins said:
“Despite the bear crypto market that is upon us, Netcoins continues to grow our top line transactional revenues. The addition of automated KYC and a self-serve purchase portal for our customers will enable us to keep scaling, to generate revenues 24/7 online, and to white-label this product for sale to altcoins. I am thrilled by the focus and execution of our engineering team enabling us to keep expanding and serving the crypto market in more ways each month. As a brokerage, we can thrive in both bear and bull markets - every trade earns us a commission. We look forward to providing more updates as milestones are met.”
What are your thoughts? Let us know what you think down below in the comments!