There is a lot of speculation floating about that 2019 will be the year when cryptocurrency finally gets adopted by the mainstream. There are companies such as the market giant Fidelity which has moved to get more citizens in America to get involved in the new way to buy.
Usually, the process of buying cryptocurrency like Bitcoin can be cumbersome and intimidating to the average consumer in the US. There isn’t a standard, there are a dozen exchanges that crypto can be traded on and the price can vary by ten percent from one to another. In addition, there is the question of how cryptocurrency works that is what makes a lot of people confused. In fact, only 7 percent of consumers have bought the leading cryptocurrency, Bitcoin.
The CEO of Bitcoin Solutions, Ed Grieske said: "connecting your bank account to an unknown exchange to buy bitcoin can be frightening and risky."
The Canada based Bitcoin Solutions has developed, what it hopes is a new solution. The idea is for Bitcoin gift cards which people to buy and they can be stocked up into digital wallets and spent anywhere that the leading cryptocurrency is accepted. Either that or investors can hold the Bitcoin as an investment and sell when the market starts making gains.
Instead of using a traditional means of finances, like banks, Cryptocurrencies such as Ethereum and Bitcoin use the emerging decentralised class of technology that is blockchain. That same technology can be used for smart contracts, microtransactions and a bundle of other services that could disrupt traditional ways of doing business. The value of the currencies, particularly Bitcoin have often been able to reach the “stratosphere”. We’ve seen the potential that Bitcoin has as it skyrocketed to its all-time high of $20,000 at the end of 2017.
Grieske says that in the future, Bitcoin gift cards will be available at traditional retailers like stores and e-commerce sites like Amazon.
As Grieske says, the goal is to make the whole process of Bitcoin less painful and a much smoother process for those who are new the digital asset.
"They're familiar with how [the gift card industry] operates. It's a comfort level," he said. "This was a perfect way to segue bitcoin into the standard retail environment." The CEO added that "It's not designed for the big investor. We're looking at the 90-plus percent that wants a little bit -- $50, $100 or $200."