Much like the way the internet slowly gained traction among tech-savvy early adopters before suddenly exploding in popularity and adoption in the late 1990’s, there is no stopping the cryptocurrency revolution that is already sweeping the world. Like the proverbial glob of toothpaste that cannot be put back into the tube, new technologies cannot simply be “uninvented.”
That means cryptocurrencies – or more simply, “the internet of money” – will continue to exist in one form or another, and the implications for the economy need to be understood by political leaders at all levels in order to maximize the benefits and avoid any negative aspects of this unstoppable disruption.
If you’ve been asleep at the wheel on Bitcoin (or cryptocurrencies in general), it’s time to sit up and take notice. One of the biggest announcements coming out of this week’s Bitcoin 2022 conference in Miami, for example, is that three major point-of-sale (POS) payment processing companies – Shopify, which handles about 11 percent of all online retail sales; the Blackhawk Network, which specializes in gift card payment processing; and NCR, which makes physical retail cash registers – have all formed a partnership with Strike, a Bitcoin payment processor.
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