Last year, a reporter at CNBC tried to live on Bitcoin for a week, and the experience provided rare insights into realities of trying to use cryptocurrency as a means of exchange in a world were fiat currencies reign supreme.
Cryptocurrency, powered by blockchain technology is a game-changer in the global financial and economic spheres. We have seen first-hand, the disruptive power of cryptocurrency in initiating conversations about the irresponsible fiscal and monetary policy of governments.
A cryptocurrency is simply a decentralized form of money designed to work as a secure, counterfeit-proof, and inflation-resistant means of exchange. Cryptocurrency also has the potential to take the control of the supply of money out of the hands of governments.
Unfortunately, despite the strong selling points of cryptocurrency over fiat currencies, cryptocurrencies are still struggling to gain mass-market adoption. In fact, cryptocurrencies are being mostly vilified, criticised, and at best, ignored by the mass-market. The fact that many of the early-adopters of cryptocurrency are speculative investors looking for quick gains has not also helped the transactional case for crypto.
Cryptocurrency is about to get an uptrend in mass-market adoption
One of the surest ways to promote the mass-market adoption of cryptocurrency is to encourage people to use cryptocurrency more for transactional purposes than for investments. Crypto is fundamentally a kind of money than a store of value.
Zeex, a sister company of Zeek Group (the household name in gift cards) want to change the narrative for the cryptocurrency market by creating an innovative solution to promote the transactional use of cryptocurrencies.
Zeex simply provides users with a platform to securely convert their cryptocurrencies into gift cards, and then use the gift cards to shop for goods and services from participating merchants. Many people are skeptical about using cryptocurrency because they just can’t seem to wrap their heads around blockchain technology and the idea of cryptocurrencies.
Secondly, traditional financial institutions such as banks are not playing nice with the cryptocurrency industry and many people don’t want to jump through the hurdles involved in converting cryptocurrencies to fiat currency – the delays and charges are simply frustrating.
With Zeex, people who have bought cryptocurrencies such as Bitcoin or Litecoin and want an out of the market, can use Zeex to buy virtual gift cards; which they can then use to buy products or services. The Zeex app simply helps you convert cryptocurrency into corporate currency in three taps, and without paying any bank charges.
Businesses that have previously been scared of accepting cryptocurrency payments can now confidently hang out the “Bitcoin Accepted Here” or “Crypto Accepted Here” signs without worrying about exchange fees and spreads. The businesses can accept cryptocurrencies and use the payments to purchase their own merchandise to complete a crypto to product cycle.
Zeex is also useful for cryptocurrency buy-and-hold investors who don’t want to be worried aboutthe everyday volatility of the markets. You can buy cryptocurrency when the prices are low and sell them when the prices are high using Zeex as an intermediary to hold your position in the markets.
Interestingly, the Zeex app is created by people that have practical experience in building a thriving business around gift cards. Zeek Group is Europe’s leading marketplace for the purchase and sale of corporate currencies or gift cards and it has built strong business relationships with many retailers.
Some of the retailerscurrently on Zeek’s network include Paul Smith, Apple Store (UK), Nintendo, Google Play, Uber, and Lululemon among others. This means that users can start spending their crypto in places such as America Eagle, Starbucks, Footlocker, Clarks, Xbox, PlayStation, Amazon, TicketMaster and Gap.
How soon can cryptocurrency gain mass-market traction?
Cryptocurrencies are yet to fulfillthe ideals of their creators but if it advances well enough, it has the potential to create a newsystem that will change people’s lives incredibly. Cryptocurrencies are providing the market with an alternative monetary system that might usher in a new world order if the current monetary system fails.
Cryptocurrency is a disruptive idea that sounds crazy, even to many of the learned minds of our times. However, if you could go back in time, you’ll observe that cryptocurrency is not more disruptive than when news broke that people will need to stop using gold and start using paper as money some 400 years ago.
Cryptocurrency is still in the elementary phase where it has to break down the initial cynicism and skepticism to change. As the transactional use of cryptocurrency increases, the mass-market will start warming up to the idea that this new form of money is here to stay.
It is still somewhat too early to know how long it will be before cryptocurrencies gain mass market adoption but being able to use crypto to buy corporate gifts cards is a step in the right direction.