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Why Cryptocurrency Payments May Be The Real-World Use
For a long time people measured the success of cryptocurrency by how much it was being traded.
Now a new trend is happening.
People are using assets not just to invest, but to send and receive money.
The reason is simple.
Cryptocurrency payments solve a problem right away.
They are faster than systems work all the time and are getting easier to use across countries.
As digital finance grows the projects that create payment systems will help connect people, businesses and global markets.
This change isn't about getting rid of finance right now.
It's, about making a connected financial system where money can move more easily.
The important new development may not be the cryptocurrency itself.
It may be the systems that let people use cryptocurrency in economic activity.
That's where the next stage of cryptocurrency adoption starts. @utexocom
Why @utexocom Matters More Than
Crypto has been around for years. It has shown that digital assets can have value.
The next big test is to see if they can move value quickly and easily.
Many people miss the point. They focus on the number of assets.. That's not the issue. The problem is how these assets are connected to the world.
People are using stablecoins more and more in places like LATAM. They're not just. Selling. They're using them for things like making payments saving money and getting access to global money.
But for digital assets to be useful for everyone we need infrastructure. We need systems that can connect assets help them move and handle more transactions without breaking.
That's why projects like @utexocom are important.
The winners, in finance might not be the assets themselves. They might be the underlying systems that make those assets work.
History shows that every big technological change is built on foundations. Digital finance will be the same.
When we think about how many people're using crypto we usually look at things like how much money is invested in it the price of tokens and how much people are buying and selling.
These things do not really show us how people are actually using crypto in their daily lives.
The information we are getting from Latin America is telling us something
In countries where the money's not worth as much as it used to be and people are not sure about the future of their money people are using special kinds of crypto called stablecoins. They are not using them to try to make money by guessing what will happen next. They are using them to help with their money problems.
They are using them to save money. To buy things. To make sure the money they have is still worth something.
This is important because it shows us that something bigger is happening.
The future of crypto is not going to be about what kinds of crypto people own.
It is going to be, about the systems that help people use their crypto easily.
As more people start using money, the projects that make it easy to pay with crypto to settle payments and to get the money they need will become very important.
When something is useful people want to use it.
The systems that support crypto make it useful.
When it is useful people start to use it more and more. @utexocom
Why More Bandwidth Is Not Always the Solution
When blockchain networks get really slow people usually think the answer is simple:
Just add bandwidth to the network.
The performance of a network is not just about how much data we can send at one time.
It is about how the data is sent fixed if it gets lost and shared with everyone on the network.
Think about sending an important message to one thousand people.
You could send the message over and over again. Hope that everyone gets it.
You could use a smarter way that lets the people get the message even if some parts of it do not arrive.
That is the difference between sending a lot of messages and sending messages in a way.
As blockchain systems get bigger and more people use them it becomes really important to be efficient.
The people at @get_optimum think that this is an idea for making data move quickly on the network.
Of just sending more data through the network Optimum is trying to find ways to make the data movement smarter and more reliable.
Think About It
The next big improvement in blockchain performance might not come from sending data.
It might come from sending the data we already have in a way.
Question: What is more important, for the future of blockchain scalability?
πΉ throughput
πΉ Better data propagation
πΉ Lower latency
πΉ All of the above
Everyone is talking about people using crypto.. Very few people are talking about what people are actually using crypto for.
If we look at the numbers from Latin America we can see what is really going on.
Stablecoins are not something a few people use anymore. They are something people really need to deal with money.
In some countries the money is not worth much as it used to be and people do not have a lot of ways to save their money in dollars. In these countries stablecoins are doing two things for people:
They are a place to put money They are a way to pay for things
When almost everyone in places, like Colombia and Argentina is using stablecoins to buy things it is not just people guessing what will happen next.
It is because stablecoins are actually useful.
When something is useful people will keep using it for a long time. @utexocom
Stablecoins are the undisputed best-selling product across all CEXs in LATAM.
In Colombia, they accounted for nearly all purchases (~99%) over the past 2 years. Argentina sits at ~93%.
inflation hedge or payment rail, stablecoins are how money moves in LATAM.
One of the misconceptions about crypto is that people start using it because of the assets.
Crypto assets can get a lot of attention. People might buy them hoping to make money and they can even create a community of people who like them.
For crypto to really grow and last it needs something more important: a way for people, businesses and applications to easily send and receive value.
This is a problem that a lot of digital assets are facing right now.
As new kinds of money appear, like Bitcoin and stablecoins and tokenized assets more and more people want to be able to easily move their money between different networks.
The next big step for the crypto industry is not going to be about how different assets there are, but about how well they can work with the rest of the economy.
That is where good infrastructure is really important.
@utexocom is working on building a system that helps digital assets work with the world and be a part of everyday financial activities.
The future of crypto is not just going to be about the assets.
It is going to be about the infrastructure that makes those assets actually useful, to people.
The Internet Was Built for Websites. Web3 Needs Something
The internet got better because it was easy to send data between computers.
This was a deal. The internet was able to grow because of this. Blockchain is dealing with an issue right now. It is having some problems.
When networks get bigger making blocks is part of the job. The other part is making sure every validator gets the information quickly and correctly.
This is important.
A blockchain that is fast but has bad data propagation is like a car stuck in traffic.
It is not going to get you where you want to go.
This is why projects like @get_optimum are important.
They are working on the communication part.
They are helping blockchain data move across networks efficiently.
They are using something called RLNC-powered propagation and Flexnodes to do this.
If lots of people start using blockchain, what will be more important?
Will it be:
πΉ Making blocks faster
πΉ Sending data faster
The networks that are best at talking to each other now will be the ones tomorrow.
The strongest networks will be the ones that can communicate well. Blockchain networks, like these will be the best.
Most conversations about cryptocurrency are about the assets themselves.
I think the really big chance to make a difference is with payments.
Today it is still pretty hard to move money around the world.
It takes a time and it costs a lot of money.
The old systems we have been using were not made for the internet. They do not work well when everyone is online all the time.
That is where the, behind the scenes work is important.
Utexo is making the connections that link Bitcoin and other digital money to the world of finance.
The goal is not just to make transactions happen faster.
It is to make a system where money can move around easily as sharing information on the internet.
As more people start using cryptocurrency, the ones who will be successful are not the ones who are just talking a lot.
They will be the ones who are building the systems that everyone else needs to use.
That is the future that @utexocom is trying to make happen.