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RE: Banks Are Feeling The Crypto Threat

in #cryptocurrency5 years ago (edited)

I'm thinking of getting rid of my merchant account after the holidays this year and strictly doing my software business in crypto. Adoption isn't overwhelming at this point, but I've had a few orders over the last 2+ years I've been accepting crypto.

The Unstoppable Domains technology makes it really easy to aggregate all the different payment addresses into a single hot wallet such as Coinomi using a single domain such as astrologysoftware.zil.

My biggest concern is the ossification of the bitcoin protocol into a store of value. Chain analytics and regulation have hampered crypto adoption in the US by making the tax reporting requirements onerous. By declaring bitcoin and others to be a stock with capital gains, they minimized the medium of exchange property.

There's a couple of ways this could go. One would be that mad adoption comes when the alts recover and the heavy numbers just make it too difficult for governments to keep up. Alternatively, the privacy focused currencies such as Monero which have privacy on by default cause a mass exodus from bitcoin and other transparent blockchains.

We're living in exciting and dangerous times. By 2030, the existing government structures will have either changed completely or will have collapsed.

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