Since the creation and subsequent use of blockchain, its popularity has exploded. Although the majority of its use has been built off of hype and the publics expectations, it has seem phenomenal growth throughout the past year. With initial coin offerings or ICOs happening quite often, it does not seem like blockchain technology is slowing down anytime soon.
Up until recently and hopefully as time passes, the idea has been that cryptocurrencies are investments that are supposed to yield very high returns. Although these currencies cannot be used to buy much off of the digital world (yet), it remains that certain cryptocurrencies such as Bitcoin, Ethereum and the many that are similar, will remain at incredibly high prices.
The goal of these cryptocurrencies is to find a way to use them for practical uses such as going to different stores and so on. One example of this is the co-living company known as The Collective which came out with an announcement recently that their tenants will be allowed to pay their deposits in bitcoin as well as paying their rent in bitcoin in the coming months.
A statement from the collective reads that “the rise and adoption of cryptocurrency globally, particularly Bitcoin, is a fascinating developing in how people store value and transact goods and services worldwide. With many savers and investors now choosing and becoming more comfortable with cryptocurrency, people will expect to be able to use it to pay for life’s essentials, including housing deposits and rent.”
The collective remains in the small amount of companies and businesses who accept bitcoin at this current point in time however its popularity seems to be changing that rapidly.
With bitcoin and blockchain technology on the rise, it is evident that the populous will soon begin to more readily adopt these new forms of currency.