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The World is Moving From Cash to Crypto

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With banks representing the majority of the global GDP, the shift toward CBDCs is becoming more popular, and the next step in the evolution of money is incoming. As crypto payments normalize, banks and governments are accelerating toward digital currencies, slowly replacing cash and even card payments as they improve efficiency and accessibility. Here is why the world is moving from cash to crypto and why you should cash in. 

Cash to Crypto

While centralized entities move toward digital currencies, it’s predicted that decentralized digital currencies like Bitcoin and Ethereum will continue to succeed as investment opportunities for their transparency and independence. With cash digitalizing and crypto hanging tight, the future of payments seems to head toward blockchain solutions which only begs us to expect a further increase in crypto spending. 

As more countries and institutions move away from cash and toward crypto, it’s time to consider what influences this leap. First, crypto payments are easier and safer. Cryptocurrencies and blockchain technology rely on incredibly complex mechanisms, which may lead some to presume crypto payments are no less intricate. However, nearly two-thirds of all crypto-consumers already find crypto shopping easy. Possible reasons for this include the high percentage of millennial crypto-consumers more involved with modern technologies and with earnings to invest. 

Figure 2: Excerpt ForumPay Crypto Spending Report 2023
Figure 1: Excerpt ForumPay Crypto Spending Report 2023

Secondly, many crypto consumers find crypto payments useful. Most crypto-consumers have adopted cryptocurrencies for making payments and their value appreciation potential. Yet, they also recognize the transactional limitations of significant cryptocurrencies, like Bitcoin, and look to other cryptocurrencies, stablecoin, and layer two network solutions for transactional purposes. 

Figure 3: Excerpt ForumPay Crypto Spending Report 2023

Crypto consumers mostly see value in paying with crypto, with two-thirds finding it helpful to buy goods and services with crypto. Two-thirds of crypto-consumers already consider cryptocurrency a means of payment. In contrast, the other one-third consider it a backup payment method when other means are unavailable or too costly. This shows most crypto-consumers admit to paying with cryptocurrencies as a new convenient method for processing payments, no matter the perspective. 

To learn more about crypto payments, visit www.forumpay.com today and download the 2023 crypto spending report for detailed insight.

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ForumPay does not disclose financial advice. Anything shared is strictly to inform, entertain, or share thoughts and ideas. Please seek a registered financial advisor if you are looking for financial advice.

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