Can cryptocurrency go mainstream?

Crypto has moved into a new stage of development.Cryptocurrency has been the best-performing asset of the twenty-first century with a little more than a ten-year history.As cryptocurrency use increases globally, there is a lot to understand about the reality of it entering the mainstream. For starters, the essence of cryptocurrencies has always been in opposition to many of the institutions we associate with “mainstream” major players like governments, central banks, venture capitalists, sovereign wealth fund, pension fund, hedge fund, Asset management company.Decentralization, which also includes transparency, immutability, and security, is at the core of cryptography. Following a financial crisis, cryptocurrency was developed to restore financial power to the people and prevent complete dependence on fiat currency and centralised banking.

The conflict that exists now between crypto organisations and regulatory entities demonstrates the popular acceptance of cryptocurrency. Although regulation isn’t always a bad thing, it’s interesting to watch how centralised institutions are attempting to bring some centralised order to the ostensibly disorderly and rebellious world of cryptocurrencies. It is obvious that cryptocurrency won’t go away anytime soon as more and more nations legalise it, with some even aiming to follow El Salvador’s lead and make it legal tender.

Total Crypto Market Capitalization

Use of cryptocurrency to make purchases.

As with any currency, cryptocan be exchanged for goods and services.

The lack of inherent value in cryptocurrencies has long been challenged. Because of this, businesses have been slow to accept cryptocurrency as payment. However, as it becomes more popular, we can anticipate that more companies will start to accept cryptocurrency. Large platforms like PayPal, Visa, and Mastercard have begun enabling users to buy and deal in cryptocurrency through their platforms, even if this practice is still in its infancy. Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and other cryptocurrencies can now be purchased and transferred using PayPal (LTC).

At this point, it’s possible to pay with Bitcoin online and in brick-and-mortar stores.Numerous merchants accept direct Crypto.The Lightning Network for Bitcoin is an additional layer that has been added to the network, allowing for off-chain transactions—transactions between parties that do not take place on the blockchain. Lightning Network has frequently been praised as a game-changer in the development of cryptocurrencies. It is intended to shorten the time it takes to execute transactions and lower the blockchain’s operating costs.Lightning had initially set a limit on channel size of 0.1677 BTC, but it was revealed in 2020 that the restrictions would be lifted to allow customers to use larger channels.

The acceptance of bitcoin as legal tender in El Salvador has resulted in the most significant usage of the Lightning Network to date. The Chivo wallet in the nation supports Lightning, and businesses use the network to accept bitcoin for regular payments. But Lightning may be used for more than just making a coffee purchase. El Salvadorans use the protocol to send and receive money transfers instead of paying the hefty costs associated with conventional money transmitters.

Lightning is far less expensive for businesses than using credit cards. The average Lightning payment charge is a tiny fraction of a penny. The fees levied by credit card companies, on the other hand, range from 1.4 to 3.5% for each transaction.

4,614 $BTC was the new record capacity for the Bitcoin Lightning Network.

Major Companies That Accept cryptocurrency.

1.PayPal 2. Newegg 3. AMC Theatres 4. Dish Network 5. BitCars 6. AutoCoinCars 7. Aviatrade 8. PrivateFly 9. GlobeAirvBithomme 10. cryptocurrency REITs 11. ,NordVPN 12. Surfshark 13. ExpressVPN 14. Cyberghost and ProtonVPN 15. Travala 16. Norwegian Air 17. BitDials 18. Gyft 19. WebJet 20. Xbox 21. Playstation 22. Gucci 23. Mercado Libre 24. Osteria Romana 25. Yachtzoo 26. Chipotle 27. Vueling 28. Five Hospitality LLC 29. Farfetch,Dubai’s Al Jalila Foundation 30. Sotheby’s 31. Singulart 32. Maecenas 33. Crypto Emporium 34. Namecheap 35. monovm,server room 36. clouviper, coin.host 37. Newegg,Starbucks (via app) 38. Whole Foods 39. some Subway 40. Lieferando.de The RNLI 41. Unicef, American Cancer Society 42. American Red Cross, Save the Children 43. National Society of Black Engineers 44. Friends of Notre-Dame De Paris, 45. Rakuten.

Access financial services by use of crypto

Currently, there are over two billion unbanked people in the world, making banking services a luxury. Utilizing cryptocurrencies can be a means for people to avoid using traditional banking systems for those who live in regions with potentially unstable economies. Many startups are already attempting to bank the unbanked using cryptocurrencies, particularly in nations with shaky economies. Examples of platforms that provide the unbanked in Africa with access to crucial financial services include Kotani Pay and Leaf. Among other things, cryptocurrency can be used to pay for goods and services, transfer and receive money, and more. Additionally, they give security and privacy that conventional financial systems cannot. More platforms could eventually be able to use cryptocurrencies to deliver crucial financial services in underdeveloped nations and areas affected by armed conflict.

Cryptocurrency In Cross-Border Payments

Since its inception, cryptocurrencies have been for payments in one way or another.The inefficiencies in the present traditional remittance system are some of the reasons why a rising number of customers now see digital currencies as a viable way to send money to friends and family abroad. helps to transfer value across borders at a fraction of the cost and of the time required by conventional means.The average cost of remittances is approximately 7%, according to a research by the World Bank on remittance prices worldwide.

Low-Cost-40–80% reduction in transaction costs (8% of transfer today)

Real-time payment is a game-changer for companies and individual who need money right away. The payment is made quickly and includes transaction information. Real-time payments for businesses make liquidity management simpler.Traditional banking systems typically require 3-5 days for a transaction to be completed.

Near Real-Time-4-6 seconds average velocity

Crypto being accepted as investments

The number of institutional investors in cryptocurrency appears to be growing following the release of more regulated products and acceptance by
nation-states and businesses.

Some of the Largest Publicly Disclosed Bitcoin Holders – 1.Grayscale Bitcoin Trust 2. Block.one 3. Microstrategy 4. Coinshares XBT Provider 5. Tesla Inc. 6. Purpose Bitcoin ETF 7. 3IQ Coinshares ETF 8. ETC Group Bitcoin ETP 9. The Tezos Foundation 10. Galaxy Digital 11. Core Scientific 12. Marathon Digital Holdings 13. Square inc. 14. Hut 8 Mining Corp 15. Riot Blockchain, Inc. 16. Hive Blockchain 17. Bitcoin Group SE 18. Bitfarms Limited 19. NEXON Co. Ltd 20. Seetee AS

The world’s first bitcoin (spot) exchange traded fund has been approved and launch by Canada.This gives investors more access to the cryptocurrency that has caused a surge in trading and investing activity.

The trading of the first US Bitcoin future etf began on October 19, 2021.The Securities and Exchange Commission (SEC) has postponed or rejected requests to introduce an ETF that invests directly in bitcoin, mostly because of worries that the asset is primarily traded on unregulated exchanges.As of September 2022, the USA has no spot cryptocurrency etf.

Comparatively to North America and Latin America, the European market for cryptocurrency exchange-traded products (ETPs) is growing more active.As of February 2022, there were 73 crypto ETPs, accounting for 57% of the global market with $7 billion in assets.

on 12-May-2022 The first spot bitcoin exchange traded funds in the Asia-Pacific(australia) were finally launched after Five years have passed since initial approach to regulators in 2017 about the idea of launching a crypto ETF in 2017.

list of funds providing cryptocurrency exchange-traded product- 1.CoinShares 2.Purpose Bitcoin ETF 3.3iQ The Bitcoin Fund 4.3iQ CoinShares Bitcoin ETF 5.ETC Group Bitcoin ETP 6.Bitwise 10 Crypto Index Fund 7.21Shares AG 8.Grayscale Digital Large Cap Fund 9.Ninepoint Bitcoin Trust 10.Hashdex Nasdaq Crypto Index Fundo de Indice 11.WisdomTree Bitcoin 12.CI Galaxy Bitcoin Fund 13.VanEck Vectors Bitcoin ETN 14.Leonteq Bitcoin Tracker USD 15.Evolve Bitcoin ETF 16.Osprey Bitcoin Trust 17.ETF QR Asset.

Crypto Gift cards

If you can’t directly purchase something with Bitcoin, you almost likely can purchase a gift card with Bitcoin first. Gift Off, BitRefill, Purse.io,bitpay,cryptorefills,egifter, and Gyft are a few of the well-known gift card websites.

Debit cards

Crypto debit cards function similarly to conventional cards like MasterCard and Visa, with the exception that they are connected to your cryptocurrency wallet.Debit cards are being offered by more and more exchanges. Debit cards convert your crypto to fiat live, while others have an app where you top up the card with Bitcoin.There is an unique offering in every exchange. Crypto.com, Coinbase, BlockCard, Wirex, Nuri, and Cryptopay are exchanges that provide debit cards.

Disadvantages of a Crypto Debit Card-1.Not Available Globally 2.Spending From Your Debit Card Can be a Taxable Event.

DeFi Adoption

DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.Financial services offered on open blockchains, especially Ethereum, are referred to as DeFi. Earning interest, borrowing money, lending money, purchasing insurance, trading derivatives, trading assets, and other activities are all possible with DeFi, but the process is quicker and doesn’t involve any formalities or a third party.

DeFi	Conventional Banking
You hold your money.	Companies hold your money.
You have control over where and how your money is spent.	You must have faith in companies to manage your money properly and refrain from lending to high-risk borrowers.
Fund transfers take only a few minutes.	Due to manual procedures, payments can take days.
Is majorly automated using smart contracts making it an autonomous platform.	Is managed by authorities of the institution.
DeFi is open to anyone.	You must apply to use financial services.
The markets are always open.	Markets close because employees need breaks.
It is based on openness; anyone can examine product data and review the operation of the system.	Financial institutions are closed-book entities; you cannot request to examine their loan history, a list of the assets they handle, or anything else.

Decentralized Finance Ecosystem

Below we listed a few companies in different categories that comprise the DeFi ecosystem.

Wallet

1.Metamask 2. Go to Metamask 3. XDEFI 4. Go to XDEFI 5. Coin98 6. Go to Coin98 7. Frame 8. Go to Frame 9. Phantom 10. Go to Phantom 11. Solflare 12. Go to Solflare 13. Terra Staon 14. Go to Terra Staon 15. Keplr

Liquidity Maker

1.AAVE 2. Anchor Protocl 3. Apricot 4. Benqi 5. Blizz Finance 6. Compound 7. Cream 8. dForce 9. Geist 10. Hundred Finance 11. MarkerDAO 12. Mars Protocol 13. Oroin Money 14. Parrot 15. QiDAO 16. Solend 17. Tarot 18. umee 19. Vesta 20. Wepiggy 21. Xtoken

Exchange

1.Uniswap 2. Sushiswap 3. Curve 4. Trader Joe 5. Pangolin 6. SpookySwap 7. SpiritSwap 8. Ref Trisolaris 9. Quickswap 10. dfyn 11. Dinoswap 12. Rubicon 13. Balancer 14. Raydium 15. Orca 16. Saber 17. Saros 18. Astroport 19. Terroswop 20. Loop Finance 21. Osmosis 22. Juno

Dex Aggregator

1.CowSwap 2. 1inch 3. Paraswap 4. marker.io 5. Paraswap 6. Open Ocean 7. Zoocoin 8. Firebird 9. Slingshot 10. Matcha 11. Jupiter

Staking

1.Lido 2. Rocketpool 3. Stakewise 4. Ankr 5. Benqi 6. Snowball 7. Fantom 8. Foundation 9. Metapool 10. Claystack 11. Rocketpool 12. Marinade 13. Ocean 14. Stader 15. pstake

Derivatives

1.SYNTHETIX 2. Synfutures 3. Kwenta 4. Synthetify 5. Mirror Protocol 6. Prism 7. Vega

Leverage Trading

1.Perpetual Protocol 2. dydx 3. Hubble 4. GMX 5. Gains 6. Pika Protocol 7. Gmx Tracer Future 8. Drift 9. Mango 10. Levana

Asset Management

1.Babylon Finance 2. dHEDGE 3. Index Coop 4. Enso 5. Aelin 6. Solrise 7. Investin 8. Symmetry 9. Nbula Protocal

Options

1.Opyn 2. Arrow 3. Markets 4. Opium 5. Lyra 6. Thales 7. Dopex 8. Premia 9. Primitive 10. Psyoptions 11. O1 12. Zeta 13. HXRO

Structured Products

1.Ribbon 2. StakeDAO 3. thetanuts 4. Pods P 5. Olynomial 6. Friktion

Insurance

1.Nexus 2.mutual Tidal

Yield Farng

1.Convex 2. Snowball 3. Penguin Finance 4. yieldyak 5. Liquid Driver 6. Reaper Farm 7. Adamant 8. Beefy 9. Pickle 10. Tulip 11. Francium 12. Apricot 13. Sunny Aggregator 14. ApolloDAO 15. Spectrum Protocol 16. Nexus Protocol

Fixed Interest Products

Element 2. APWine 3. Barnbridge 4. Port Finance

Bridges

1. Hop Synapse 2. Wormhole 3. Rainbow 4. SimpleSwap 5. Connext 6. Allbridge

Gaming

1.Crabada 2. DeFi Kingdoms 3. Rarity 4. Aavegotchi 5. Crypto Raiders 6. Cometh 7. Skyweaver 8. Aurary 9. DefiLand 10. Nyan Heroes 11. StarAtlas 12. Derby Stars 13. Deviants 14. Strange Clan

Nft Exchange

1.OpenSea 2. LooksRare 3. SudoSwap 4. Gem 5. Nfttrade 6. Nftkey 7. Paintswap 8. Artion 9. Paras 10. Quxotic 11. Treasure 12. Magic Eden 13. Solanart 14. Random Earth 15. Stargze

NFTs: Are they here to stay or just a fad?

Non-fungible tokens (NFTs) are exclusive cryptographic tokens that are only available on blockchains and cannot be copied.Real-world objects like artwork and real estate can be represented by NFTs.These physical assets can be “tokenized,” which improves the efficiency of trading while lowering the risk of fraud.NFTs have the potential to continue revolutionising the way we engage with digital content because new use cases for them are always being discovered.

NFTs are crucial in the Metaverse for building exclusive spaces, strengthening the online community, and facilitating social interactions.

Some Use Cases for NFTs

1. Music – NFTs have the ability to drastically change the music business. By tokenizing their songs and albums.
2. Fashion – Fashion NFTs can be utilised as collection items and as digital clothing that a person can put on before meeting a buddy.Gucci sold a digital-only bag on Roblox.
3. Gaming – Over the past year, play-to-earn games based on NFT have been incredibly popular.
4. Metaverse – Nearly every industry is anticipated to be impacted by metaverse, and its market worth is anticipated to surpass $1 trillion in the future.By 2028, the market for metaverse virtual properties is expected to expand at a CAGR of over 31%.
5. Supply chain – NFTs can be used to enhance supply chain processes by storing product metadata onto the blockchain, which prevents data deletion and unlawful data alteration.
6. Ticket sales – NFTs are individual digital tokens that are kept on a blockchain. They may be digitally sold to customers after being produced on the blockchain. Then, customers may access their encrypted wallet from any device to save their NFTs.Event planners can use their preferred blockchain platform to create the necessary amount of NFT tickets for the ticketing system. They can programme the NFTs to set a sale price or to conduct the auction-style sale, where buyers can place bids for tickets.
7. Real Estate – Real estate and NFTs go hand in hand. With the use of  NFTs, land documents can be transferred, ownership can be established, and property value changes can be tracked over time.One of the industries that is most NFT-ready is the real estate market.
8. Voting – Voters are usually needed to have a photo ID and proof of residence with them when they visit the polls to cast their ballots.NFTs can help solve this problem since they would provide a digital identity for people without physical documentation that proves who they are and where they reside in the country.

Countries with Crypto as a Legal Tender

El Salvador Is The First State To Accept Bitcoin As Legal Payment Method.As of september 2022, El Salvador had purchased 1,771 BTC.In October 2021, Chivo was settling $2 million in remittances every day. accounting for roughly 12% of El Salvador’s $6 Billion in annual remittances and more than 2% of its GDP.

April 23 2022, the Central African Republic (CAR) became the second country after El Salvador to adopt Bitcoin as legal tender.

Blockchain Domain

Blockchain domains provide crypto-wallets a human-readable name, similar to how domain names were created because people had trouble memorising long strings of IP addresses.There are currently three different types of blockchain domains, with a total of around eight million registrations, including Ethereum, Handshake, and Unstoppable. In theory, every permissionless blockchain can support blockchain domains.With the help of the Ethereum Naming Service,.eth names can be registered on the Ethereum blockchain and.hns names on the Handshake blockchain.

Ethereum Naming Service and Unstoppable domain offer – second level domains.on the other hand Handshake offer – top level domains.

Crypto Regulations: A Key Step Towards Widespread Adoption

Digital assets started to join the mainstream of the economy in 2022, moving from its periphery. mainstream, encouraging broader acceptance by the general populace.When bitcoin prices peaked in November 2021 at roughly $690,00, the overall value of Cryptocurrencies as a whole exceeded $3 trillion.The year 2021 was a pivotal one for digital assets, and now is the time for authorities to develop a structure to control this enormous new market. The regulatory response has been the best so far. Some have called it ad hoc, rhetorical, or enforcement-driven. The difficulty in The completion of such a novel and disruptive area will probably take years. The difficulty is exacerbated by the due to the uncertain nature of digital assets and the absence of established definitions, causing issues with jurisdiction and overlap.

International cooperation and engagement will be required for the regulation of this emerging sector. the sector because it offers a chance for development.The regulatory system is expanding rapidly and changing quickly.Future regulation of cryptocurrencies is difficult to predict. It’s entirely feasible that your government may outlaw owning and using cryptocurrency when you awaken the next day. This has happened to people all throughout the world, but especially in China.

People who have invested in cryptocurrencies and other digital assets are probably very concerned about their tax duties. Regulations and restrictions are still being formed, and a lot of the regulatory framework depends on things like tax status, payments, investments, and derivatives. A few nations are defying the trend in order to observe how this new asset class develops and to foster innovation. The majority of countries have created systems for taxing profits or income from cryptocurrencies, and some have more specific promises than others. Tax laws are frequently complex and susceptible to change.

Below is a list of the nine countries that have already banned cryptocurrencies.

1. Nepal – The Nepal Rastra Bank has claimed since 2017 that all transactions involving or involving bitcoin are prohibited.
2. Bangladesh – The use of Bitcoin and other cryptocurrencies is expressly prohibited in Bangladesh. claiming that the use of cryptocurrencies facilitates the financing of terrorism and money laundering.
3. Indonesia – Despite being banned from usage as legal payment methods, cryptocurrencies such as bitcoin and others are nevertheless permitted to be exchanged in Indonesia. The authorities warned people to stay away from cryptocurrency “Ponzi schemes.”
4. North Macedonia – To date, only Macedonia in Europe has officially banned cryptocurrency.
5. Qatar – The central bank of Qatar declared that it is forbidden to trade bitcoin there.
6. Bolivia – The use of cryptocurrencies is expressly prohibited.An order prohibiting the usage of “any sort of currency that is not issued and managed by a government or an authorised body” was issued by the BCB (Banco Central de Bolivia) in 2014.
7. Algeria – It is against the law to buy, sell, use, or hold  virtual currency. Internet users use virtual currency on the internet. It is defined by the lack of tangible means of payment, such as coins, bills, checks, or credit cards. Any violation of this clause carries a sentence in line with current legislation.
8. Morocco – Since 2017, Morocco has been the first nation in Africa to ban cryptocurrencies. The justification for the ban is remains unclear, focusing primarily on cryptocurrency’s “illegal” nature. Despite this, peer-to-peer bitcoin trading is nevertheless common throughout the nation.
9. Ghana – In 2020, Ghana’s Securities and Exchange Commission declared cryptocurrency use to be illegal and banned it. Additionally not legalising cryptocurrencies, the Bank of Ghana discourages the use of cryptocurrency. The Ghanaian government is still open to regulating cryptocurrency in the near future, though.

The risk does exist, therefore stay informed and follow discussions about cryptocurrency in your government.

click here to know europe crypto regulation

Final Thought

The great thing about the internet is that innovation can happen anywhere.The final hurdle preventing cryptocurrency from taking its rightful place at the centre of a developing financial ecosystem will be removed by regulation, which is on the way,