The future of currency transactions is going to be crypto. But it would take a minimum of 10 more years for things to get stabilized. We are currently having some nice breakthroughs with technologies but we still have room for improvement. I'm already happy that when it comes to payment, there are already many service providers that have started accepting crypto as their payments. Some service providers fear implementing crypto because there is a high possibility that the demand for cash or FIAT-based transactions would go down.
Some people also fear that this can trigger the government and they might impose some taxes or regulations on that. In some countries, the crypto situation is still not very clear. For example in India, we have a taxation system now in place for crypto but when it comes to regulations, things are still not very clear. Even the Auditors don't have any knowledge of crypto and they are not very clear as to how this should be handled. It can take at least a year or two for crypto to stabilize in India. Many countries are also introducing a tax system and regulating crypto transactions following the trials of the Indian government.
Many people have full-time jobs in the crypto industry and for some people, the payment is being given in the form of cryptocurrencies. They either convert those cryptocurrencies to FIAT or directly use services that accept crypto as payments. This is one of the primary reasons why we need more options to pay our bills through crypto. There are already many online services available that keep crypto as their payment method.
Privacy is one best example of this. I use Privacy as my primary service provider. It gets handy because I'm able to pay directly with the help of crypto. Even though there are other competitors and cheaper options available to get servers with crypto, I find Privex very comfortable because they also accept cryptocurrencies which are my favorite and most used ones.
We need more and more players in the crypto industry now. We already have some people like Binance offering payment through crypto. There is also another payment gateway called BitPay that provides a facility to pay directly with the help of crypto. Just having 2 or 3 such options is not going to be enough. At the rate at which the crypto industry is growing, we need more and more payment gateways.
The regulations can be a tricky part and especially for services across the world and overseas, working out something that would suit multiple country governments can be a little tricky. Some people might share a thought saying that the main intention of having crypto as payment is to get rid of the tax system or the intermediate government. But I would say that in many countries government plays a very important role in terms of safety and basic procurement. Taking the government completely out of the picture by not paying taxes can be a very bad idea.
To start with, there can be a few big players starting to accept crypto on a trial basis. Google can be one of the best candidates because they have a very good payment system already in place. Other players like PayPal, PayU Money, and PayTM can be other service providers that can come up with a payment gateway to accept and make payments through crypto. Hopefully, in the coming years, we should be able to see more and more service providers offering such services. Let's see.
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