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The gift card industry in the US alone reached $149 billion in total sales last year.  With estimates of continued growth year over year, there may be opportunities for innovation and further expansion into new markets.

Cryptocurrency is a new area in fintech that has experienced rapid growth over the last few years.  One of the barriers of cryptocurrency adoption is the easy of obtaining it. The main ways to obtain cryptocurrency such as bitcoin are purchasing it via an exchange, arranging a sale with an independent party, mining, or receiving payments in bitcoin.  For storage and using bitcoin, the options are exchange accounts, desktop, mobile, and hardware wallets. Can something as fundamental as gift cards help first-time bitcoin buyers get their feet wet in the Bitcoin ownership?

A startup called KaiUSB, is a new player behind the idea of crypto gift cards.  They offer a USB software-hardware type of wallet with either Bitcoin (BTC) or Ethereum (ETH), which the user can choose at the time of purchase. The crypto gift cards are appear to be a USB flash drive with proprietary software on it that accepts an activation code and sets up the necessary software wallet, then allowing customers to spend their balance as with any gift card.

This new concept may simplify cryptocurrency purchases, and may be a popular alternative to the other two main ways to acquire bitcoin (the other two being from an exchange or arranging purchases on sites like LocalBitcoins.com).  

 

Another bonus: crypto gift cards are more secure than traditional gift cards in that when a payment is made, the user does not need to worry about a credit card number being intercepted or stolen and loosing the gift card balance.  Sending a crypto payment never reveals the private key or password at any time during a purchase, thus as long as these bits of data are safe, the funds remain safe. Further, crypto gift cards do not have any maintenance fees or inactivity fees as some traditional gift cards have.

Will you soon start to see crypto gift cards near the VISA gift cards at your local supermarket? This is certainly possible, as KaiUSB aims to partner with physical retailers by the end of 2018 to make that a reality.

For more information about the KaiUSB crypto sticks, visit kaiusb.com 

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What does it take for Bitcoin to achieve mass-adoption?

CryptoCoinPrediction.com is not responsible for the article’s content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

What does it take for Bitcoin to achieve Mass-Adoption?

The biggest obstacle for Bitcoin right now is, that so few people use Bitcoin. But why do so few people actually use Bitcoin from a day-to-day basis? Well, the answer is, because so few people use Bitcoin. That might sound a bit confusing right away, but I will explain myself.

Bitcoin has the obstacle to overcome, same as Facebook. Facebook became so valuable, because literally every friend of yours, and their parents where using it. If no one used Facebook, then I really doubt it would be nearly as valuable to humanity as it is today.

The same exact thing also applies to Bitcoin. What makes money valuable, is the fact that you can pay anybody for anything with it. Good luck paying your local supermarket in Bitcoins. It just doesn’t make sense to do so.

This is also called the network effect. It sates, that a system is only so valuable, as the number of people using that system.

So, let’s dive into the 3 deciding factors, that must happen for Bitcoin to fully achieve mass adoption.

First, of course, is the support by a big corporation or even country. For example, if a big company like McDonalds starts to accept Bitcoin, then people would be more inclined to make purchases with Bitcoin. This makes total sense, because why would anybody adopt the usage of Bitcoin, if you couldn’t make any real-world purchases with it? Exactly, it doesn’t make any sense whatsoever.

The first point was pretty obvious, so let’s look at the other deciding factors, that are crucial for Bitcoin to be mass-adopted.

Did you actually know, that a third of the world’s population, 2,5 million adults to be precise, do not have access to the banking system? Yeah, what people in the first-world countries take completely for granted, isn’t all that common all around the world: A bank account. On the other side, many more people in these third-world countries do have mobile phones, but no bank accounts. So, what if all those people start using Cryptocurrencies, like Bitcoin, for their online and day-to-day transactions? They could skip the traditional banking system and directly buy and sell Bitcoin from their smartphones. If one third (or even less) of the world population starts to use Bitcoin, it will gain world-wide recognition and overtake any other currency.

The third scenario that could happen, is that a major economic collapse or abuse occurs. When this happens, lots of people will want to transfer their wealth to something that isn’t dependent on any country or government, but is universally accepted in every country of the world. There aren’t many options for such things. One of these things is, gold. And the other could be Bitcoin, which I see as the digital version of Gold.

I hope we will never have to experience such a catastrophic event in our lifetime, but it sure is a positive thing for Bitcoin, since lots of people will adopt it.

These are all the point I could think of. Thanks a lot for reading and have an awesome day! Visit me at flashipcrypto.com for more Crypto-article?