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Here’s How Cryptocurrencies Could Join Mainstream Financial Services

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Gold Medal-Vending Machine. Digital Currency can replace cash in the future. Bitcoin. Copy space. Cashless world concept. Source: shutterstock.com

Cryptocurrencies have come a long way from those days when they were just considered something for criminals. Even the icy attitude most traditional investors previously had toward digital currencies has thawed. Institutional investors are also including some tokens into their portfolio mix.

But the acceptance of cryptocurrency goes beyond its role as an investment option. Its function as a mode of payment has made inroads in recent months, and crypto’s integration into mainstream financial services is now an increasing possibility, thanks to a few positive developments that could push the trend in that direction.

Transaction Time About to Improve

While cryptocurrencies were originally developed as a payment method, their use in this capacity is limited because of one reason — very slow transaction speed. According to Hackernoon, blockchain-based transactions usually take 10 minutes or so to complete, and such slow speed is hindering their mass adoption for payment purposes.

But shorter transaction time could just be around the corner, according to the publication. On July 17, global payments and technology company Mastercard won a patent with the US Patent and Trademark Office to link cryptos with fiat accounts.

Mastercard already plans to introduce a new type of account for this purpose. Once the product is out, it will substantially cut down transaction time, making it easier for people to use cryptos in transactions. Since it will still be backed by blockchain technology, there is also that added assurance as transactions done via this facility will be more secure.

But it’s not only Mastercard that’s trying to solve the processing time problem of cryptocurrency transactions. Another company, called ORCA Alliance, has already demonstrated via a livestream event, the transfer of money from a cryptocurrency exchange to a user’s bank account in a mere six seconds.

Easier and Faster Crypto To Fiat Currency Conversion

In the past, people have been reluctant to buy cryptocurrencies because the process is too complicated. In addition, converting cryptos back to fiat currency usually takes some time, which can be a major problem if one needs the cash right away.

Photo of a cryptocurrency ATM. Source: shutterstock.com
Photo of a cryptocurrency ATM. Source: shutterstock.com

However, that will no longer be a problem, thanks to the rapid deployment of crypto ATMs. These machines are specifically designed to help crypto holders speedily convert their tokens into fiat currency.

The good news is that the installation of crypto ATMs is increasing, which means more and more people will soon have access to this service. According to Coinatmrader.com, there are now more than 3,500 crypto ATMs, and more than seven machines are deployed daily. These machines will eventually show to the world how easy it is to convert cryptos to cash, which, in turn, might convince more people to give digital coins a try.

Even big banks are reported to be considering the opening of their own crypto desks to cater to clients that want to invest in these digital coins. As more and more clients join the crypto community, it is conceivable that even ATMs maintained by traditional banks may offer crypto conversion services for their clients in the future, signaling the full integration of cryptos into mainstream finance.

Here’s How Cryptocurrencies Could Join Mainstream Financial Services was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.