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The dawn rises for crypto payment

Mohamed Ismail Amara, Content Writer at Dar Blockchain

In 2014, the renowned economic and social theorist Jeremy Rifkin made public his revolutionary theory of the collaborative commons in his book “The zero marginal cost society”. A large majority of the academic community disclaimed it as too utopic and theoretical. They thought the old man was trying to finish his career by writing his own magnum opus yet failed miserably at it. In a state of booming economic prosperity, it would be ludicrous to prophesize the fall of capitalism. The governing pillar and the Big Brother of the global economy, if you will, would stand firm against the soft, slight drizzle of the collaborative commons, the sound voice of logic would say.

Not to leave you in the dark about this new theory that is allegedly reshaping the global order, the collaborative commons tries to alter the way things go by usurping the power from the hands of a central bureaucratic, hierarchical authority to the loving embrace of a completely decentralized transparent interoperable society thus eliminating the need for a middle man.

Do not let this lead you to think of a collaborative commons secret brotherhood plotting to overthrow the capitalist system. The latter’s own essence is what will paradoxically shape the path for its own demise. In a perfect capitalist system, competition will drive breakthroughs in technology, which will boost productivity and linearly decrease the marginal cost of products until it eventually hits the ground. It creates an economy of free products through a Zero Marginal Cost Society. This theory’s hypotheses are far from coming to fruition yet the first rays of its dawn are looming.

Many producers are bypassing the middle man and eliminating the marginal cost such as in the case of e-books. A prominent example of going around a relatively humongous middle man is crypto payment. It builds for a decentralized financial system that spares us the issues of the banking conundrum.

Cryptocurrencies had a rocky debut as they were mocked for years and portrayed as some geek’s fantasy( Satoshi Nakamoto) that will eventually roll down the valley of death.

Bitcoin, the father of all cryptocurrencies, quickly defied expectations and soared up to the mountains with a whopping, skyrocketing value of 58 thousand dollars making way for the catchphrase of: “ I wish I would’ve bought Bitcoin when it was worth pennies”.

Despite the rise of Bitcoin, Ether and other cryptocurrencies, sceptics claimed that it is a fake bubble that will explode soon enough, arguing that crypto is stuck in its own cocoon as it lacks the ability to serve as a medium of payment outside of its blockchain. This theory of false assumptions sustained 3 lethal mortifying blows in one week.

First, tech enthusiast and billionaire Elon Musk announced last week that Tesla will be accepting bitcoin as a method of payment for its cars. As Mr Musk is quite known for setting trends, many car manufacturers are expected to follow on his tracks.

Following shortly, Paypal, the online payment giant Fintech announced its new feature of the crypto checkout system. If you have enough bitcoin, ether or litecoin to make a transaction, Paypal will convert it to the appropriate currency and complete the payment.

This is an enormous leap forward for crypto payment as it will further encourage ordinary individuals to get into this environment and invest in crypto thus contributing to its bloom.

Adding insult to the sceptics’ injury, Visa inc partnered up with Crypto.com to start using USD Coin for payment settlements. The transaction will now be completely digital as payment will happen through Anchorage digital asset bank on the Ethereum blockchain.

These and many other omens are foreboding the coming of a new contender for the throne. It would, as of now, be naive to turn a blind eye to the rising tornado of crypto.

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