With Elon Musk’s infamous comments of his company stopping to accept bitcoins for Teslas, the impression seems to be that Crypto acceptance for every-day purchases is not increasing, maybe even dwindling.
Nothing could be further from the truth though, and here’s why.
Buying a Tesla is not an every-day matter, apart from the fact that there are far-better-quality cars (and even EVs) available than shoddy and crash-unsafe Teslas). But even if someone is mis-informed enough to fall for a Tesla and wants to buy one, that would not be an every-day transaction.
The result of Elon Musk’s comments though was that Bitcoin fell sharply when he announced to halt Bitcoin sales of Teslas, despite the fact that Musk pointed out he only did not accept any new Bitcoin for his product (which turned out to be a lie soon afterwards). Not only did Musk make the EV manufacturer not accept new bitcoins, he also later started unloading the ones they had accepted for earlier sales.
Both occurrences sent Bitcoin prices sharlpy lower, also shattering most other Crypto prices across the board.
These headlines seem to suggest that “Crypto is over” (once again, for the umpteenth time) and that nobody wants to take Bitcoin or Altcoins as a payment.
However, the truth is that mainstream acceptance is not dependent on one company’s overpriced plastic vehicle being sold for bitcoins, but that much larger volumes and turnarounds are generated on a daily basis by totally different types of transactions.
A major example for this is Latin America.
There are a number of markets in which Crypto currencies are already used for every-day purchases. These markets include not only crisis-ridden ones like Venezuela or Argentina but also Colombia or Brazil.
In Colombia, Dash is very popular for PoS payments as well as remitting money from Colombia to Venezuela by migrant workers. In Brazil, Smartcash (a fork from Peercoin and Dash using smartnode technology) is used widely in local shops for groceries, stationery or similar every-day goods or services. Dash use is also relatively widespread in Brazil on top. While in Colombia’s case, at least the portion of migrant workers remitting money is still somewhat crisis-related, the Smartcash and Dash use in Brazil is not. Rather, the latter is a true example for decentralized cryptos to gain traction in the market.
Mexico has been known to be a stronghold and very active place for Dash use for many years too.
Also noteworthy is that Litecoin is equally gaining traction in some of these markets. Colombian crypto ATMs are equally enabled for Dash and Bitcoin as they are for Litcoin and Ethereum, with all four being optional cryptos to be selected in these machines.
The overall trading volume for the above countries alone is multiples of what any amount of Bitcoin-for-Tesla sales by one controversial (and highly disturbed) business owner — or his recent desisting it — can ever amount to. The fact that populations in Comombia, Brazil, Argentina and other places around the world are increasingly getting used to paying with established cryptos is of much more significance and is good news for all of decentralized peer-to-peer Crypto.