Crypto enthusiasts have been wondering why no one seems to be buying their coins this cycle. If people could use crypto for something, maybe that would change.
Consumers can use their debit cards at almost any retail outlet or brick-and-mortar stores these days. It has made day-to-day payments very easy and hassle-free.
But it wasn’t always like this. When early iterations of debit cards arrived in the 1970s, they were usable only at Automated Teller Machines (ATMs). Most retail outlets couldn’t accept them because point-of-sale (POS) terminals were expensive and not as widely available as they are now.
Web3 payment rails are presently in a similar spot. While certain online stores such as Overstock, Microsoft, Shopify and more accept Bitcoin (BTC) payments, consumers mostly can’t pay for their local groceries using crypto.