Cryptocurrencies maturing beyond the speculative quick buck
Now that major United States retailers like Bed Bath & Beyond and Barnes & Noble have started accepting cryptocurrencies as payment, a New Zealand investment firm says it’s time to view the virtual currency as a long-term investment rather than a speculative quick buck.
Scott Lester of Crossgate Capital – New Zealand’s first regulated share offer in a company investing in bitcoin and other cryptocurrencies – says there is a switch from ‘what is the price of bitcoin?’ to ‘what is the real-world benefits of using cryptocurrencies?’.
“Everyday usability, or the ability to seamlessly transact day-to-day, is the next evolution in cryptocurrencies. This advancement is already underway. Samsung’s inclusion of a crypto wallet, in their flagship Galaxy S10, is a significant development because it makes it easier for people to use cryptocurrency.”
The International Monetary Fund (IMF) official Twitter account recently ran a poll, asking; ‘How do you think you will be paying for lunch in 5 years?’ Twitter polls aren’t scientific, but there were more than 37,000 respondents and ‘Cryptocurrency’ got the highest number of votes, followed by ‘Mobile Phone’, ‘Bank Card’ and ‘Cash’. This will require the infrastructure to be further developed to enable a cost effective, secure and reliable payment solution which can handle day to day transactions.
At this stage in the life cycle of cryptocurrencies, it would be premature for the practical usage of cryptocurrencies on a mass scale. There needs to be further advancements in the build stage to bridge this gap. Whilst this work continues, other real-world benefits of cryptocurrencies are being worked through.
The use of cryptocurrencies is not just a method of payment. Other developments signalling a purpose for using cryptocurrencies includes the likes of Jaguar Land Rover. The car maker recently reported that they are considering rewarding their drivers with cryptocurrency for sharing their driving data, such as information on road conditions or areas of heavy traffic.
The tangible benefit is to reduce emissions by reducing congestion.
Crossgate Capital’s role is to provide an easy, convenient and non-technical path to cryptocurrency investment. Their approach is to invest in cryptocurrencies which they consider have a reason for ‘being’ – an underlying demand to support their value.
Crossgate Capital takes care of the multiple complexities of investing in cryptocurrencies to provide an easy way to invest in bitcoin and other cryptocurrencies.