Despite a certain decline in the main cryptocurrencies, in general, the digital money market continues to develop actively. New altcoins are being introduced to the world's crypto exchanges, competition for a place in the top 3 crypto assets by capitalization is also growing, and the number of studies in the field of cryptocurrency applications is increasing every day.
The first to believe in the widespread use of digital money was the Visa payment system, which announced the creation of special software for household operations with coins in February. The company is confident that in the next 5 years, the use of cryptocurrencies at the household level can become the norm. Visa is currently developing algorithms for working with crypto assets, as well as conducting research on the popularity of digital assets in specific parts of the world.
Recently, Alfred Kelly, the CEO of the company, clarified that the use of cryptocurrency is possible through additional programs or digital vessels. This is due to the high volatility of crypto assets, which makes it impossible to use a particular coin at any given time. The CEO of Visa explained that the company relies on the use of cryptocurrency with the help of fiat currency tokens and stable coins.
Using bitcoins and major altcoins with the new Visa system will only be possible with the help of crypto wallets, which will convert cryptocurrencies into more stable currencies at the time of payment. According to the CEO of the company, this is the only way to use digital assets painlessly. You should not take this statement as a verdict on the use of cryptocurrency in its classic form. It will be possible to draw deeper conclusions after the launch of the Visa service, which is planned for the end of 2021.
The extent to which it will be possible to use cryptocurrencies without conversion can be understood after they are available in millions of Visa payment points around the world. With such a huge demand for digital coins, some of their qualities can change greatly under the influence of many factors. Also, the probability of reducing the volatility of digital money will increase with the development of young altcoins created using new technologies. However, right now, Visa offers the most flexible scheme of using cryptocurrencies, which will change depending on the natural processes in the digital asset market.
The material has been provided by InstaForex Company - www.instaforex.com