That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
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If you are a merchant, you can also accept digital assets as payment directly or through a payment processor or service that is more convenient and adds capabilities. Some services give the option to convert paid cryptocurrencies into cash automatically on the back end, while there are also some companies that offer crypto top-up debit cards that are indistinguishable from any other plastic card to pay for goods or services.
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Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
— Ivelisse Porroa-Garcia is now director of government affairs at Ferox Strategies. She previously was policy director for the Congressional Hispanic Caucus.
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Worldcoin project reveals its ‘orb’ scanner as it aims to distribute cryptocurrency to 1bn people
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Bitcoin’s current rally has been fueled by the U.S. trading debut of a Bitcoin-linked ETF as well as Elon Musk’s weekend Twitter poll, said Ben Caselin, head of research and strategy at crypto exchange AAX. “With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise.”
The much-awaited Bitrise dApp wallets have also been released and have been central in driving the coin's value, especially when the Beta 2 version was released. Bitrise wallet is available on Google Play Store for Android phones and currently waiting for listing on Apple App for iOS phones. The wallet combines an intuitive interface with powerful functionality.
Even though many coins are on an uptrend, Bitrise is worth considering as thousands of Shiba Inu and Safemoon holders have joined since its release.
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In this articleWhat Does This Price Drop Mean for Crypto Investors?What If You Haven’t Yet Invested In Crypto?What’s Behind the Latest Bitcoin Drop?