Listen to this articleDue to high market volatility, a lack of regulation, and a reliance on supply and demand, cryptocurrency has historically been a speculative asset at best. However, increased stability and institutional recognition have been moving digital assets in a promising new direction—enough that crypto is actively considered for real-world transactions.
Picoin and Increasing Accessibility
One token leading the charge is picoin, which recently launched its Open Mainnet to enable users to transfer the cryptocurrency outside the network for the first time. While picoin has yet to reach expectations or similar value to established tokens, its mining process and accessibility are straightforward comparatively—drawing positive attention. Bitcoin and Ethereum require powerful computers to mine, but picoin only requires users to download the Pi Network mobile app.
Ultimately, simplicity and accessibility will be key factors in integrating cryptocurrency into everyday transactions. Picoin’s unique focus on a mobile approach presents a solid opportunity for the token to gain an audience and establish itself on the market. After all, digital assets with less functionality have been gaining traction in modern marketplaces.
The Growing Legitimacy of Cryptocurrency
For instance, numerous prominent companies have begun to accept Bitcoin as payment solely because of its perceived legitimacy. While this cryptocurrency relies on third-party apps for making payments, platforms like the Pi Network and its picoin token are better situated to provide accessibility and convenience. So long as picoin can gain market legitimacy, its potential in everyday transactions could be greater than that of existing cryptocurrencies.
As early as 2019, companies such as AT&T and Home Depot began accepting Bitcoin and Ether as app conversions. States like Colorado even allow taxpayers to pay state taxes in cryptocurrency, with several other states having crypto-related benefits or exemptions. Executive director Michael Kelly states that financial institutions like TransFund plan to have crypto management services in their ATMs.
A Potential Future of Mainstream Adoption
Major cryptocurrencies might be at the forefront of adoption and regulatory change, but their impact on the legitimacy of other digital assets is not to be understated. If Bitcoin ever fully integrates into payment systems, it could open the floodgates for competition. More user-friendly tokens like picoin could capitalize on the disparity in accessibility between more prominent digital assets and find mainstream adoption.
Limiting Concerns Around Crypto
Of course, the full adoption of cryptocurrencies in mainstream commerce raises many legal concerns, which make it unlikely to happen—at least in the near future. Many legal professionals and government officials still maintain that there is enough uncertainty in the space to be able to govern cryptocurrency.
As Bailey Barnes and Jeffrey D. Hassle stated for The Journal Record, “In sum, there is growing certainty about how to perfect a security interest in cryptocurrency, but the roadmap to implement the preferred method of perfection, by ‘control,’ remains extremely complex because of difficulties in determining applicable law. Lenders should consult counsel if they seriously consider cryptocurrency as collateral.”
Though progress has been made in the mainstream commercial adoption of cryptocurrency, the difficulty of regulating and governing it remains a point of contention. Until such concerns are addressed, crypto adoption will continue on a slow, company-by-company basis. Cryptocurrencies will have to push to become part of everyday transactions, but new precedents continue to be set.
A Chance to Be Part of Real-World Transactions
Cryptocurrency was never intended solely as another asset for investors to speculate on but as a legitimate means of interacting with the global market. Legitimacy is gained as regulations are established, and as institutions discover ways to govern these assets, crypto can find its place in real-world transactions. However, how soon tokens like Bitcoin can occupy these roles remains to be seen.