BITCOIN AND UNIVERSAL PAYMENT METHODS

Blockchain is the underlying technology that powers cryptocurrencies; it is a distributed ledger system that monitors and validates financial transactions over a network of computers. Those in favor of cryptocurrencies frequently cite blockchain’s better security, the elimination of central middlemen in the payment value chain, and the prospect that cryptocurrencies could one day replace traditional currencies as critical grounds for the general use of the technology. Businesses can now accept cryptocurrency payments online and in-store thanks to crypto payment service providers who function as go-betweens in cryptocurrency transactions. The supplier handles the complex crypto payment back-end procedures and provides a simple payment option for buyers and sellers. However, an increasing number of firms, ranging from Fortune 500 corporations to low-cost airlines, are accepting bitcoin as a viable form of payment and offering discounts or other incentives to consumers who pay with cryptocurrency. In November of 2022 , Mastercard announced that their network partners would provide consumers with the ability to deal in digital currencies . They also mentioned that consumers will be rewarded in cryptocurrencies through loyalty programs. Hong Kong’s Pavilion Hotels & Resorts is making history as the world’s first hotel chain to accept bitcoin payments. Brazilian politicians have created a comprehensive crypto regulatory framework to govern the rising acceptance and usage of cryptocurrencies such as bitcoin. Brazil’s Congress has established a comprehensive legal framework for purchasing, distributing, and using cryptocurrencies. New legislation in the South American country allows residents to utilize bitcoin as a currency and an investment instrument. The law has cleared both the House and Senate and now awaits the President’s signature to begin regulating a significant class of financial products known as “virtual assets.” Bitcoin and other cryptocurrencies do not have legal tender status. According to experts, Bitcoin is expected to be the most accepted universal payment method due to its safe transaction procedures. It would be exciting to see how countries accept such methods of payment in the near future.