- Although the U.S. has yet to adopt cryptocurrency as a form of payment, other countries have begun the adoption process
- Mastercard will be one of the first major credit card companies to convert to cryptocurrency instead of a point system. The bitcoin can be used to get airline miles, hotel stays, gift cards, and more.
- In 2020, it was estimated that 328,370 bitcoin transactions go through each day, with approximately 15,174 businesses accepting crypto as a form of payment
- LQwD’s Lightning Network helps to send bitcoin payments, providing quicker settlement times and fewer user fees
Since the introduction of bitcoin, cryptocurrency has been steadily increasing in popularity among users. The rise in popularity promoted an increasing number of businesses and institutions to adopt digital currencies. Even some countries, such as El Salvador, have begun accepting bitcoin as a form of currency.
Although the United States has yet to commit itself to crypto, major credit card company Mastercard announced plans to incorporate bitcoin and other cryptocurrencies into its payment and banking platform (https://ccw.fm/o77IY). Most banks and credit card companies reward members with points. These points can be redeemed for rewards, like airline miles, gift cards, and more. With digital currency in the mix, customers will be given cryptocurrency, which can grow or shrink in value based on the market. It is also likely that existing member points will be able to be converted to cryptocurrency.
Mastercard’s integration couldn’t come at a better time. The crypto market, especially bitcoin, is booming. In 2020, it was estimated that 328,370 bitcoin transactions went through each day – with approximately 15,174 businesses accepting crypto as a form of payment.
The market growth and increased adoption are benefitting digital payment companies such as LQwD FinTech Corp. (TSX.V: LQWD) (OTCQB: LQWDF), a financial tech firm focused on creating an enterprise-grade infrastructure to drive bitcoin adoption.
LQwD’s Lightning Network is a platform as a service (“PaaS”) that users leverage to send payments instantly, securely, and with as little expense possible to anywhere in the world. By integrating LQwD’s infrastructure into their business, companies can network transactions in bitcoin. The Lightning Network nodes can be deployed, monitored and managed with little to no technical knowledge required.
A viable solution for massively scaling bitcoin for microtransactions around the globe, the network also helps reduce fees and offers instant settlement times. LQwD sees the Lightning Network as an enabling technology that will bring bitcoin to hundreds of millions of users worldwide, thus further driving the company’s sustained growth.
For more information on LQwD and the Lightning Network, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ccw.fm/LQWDF
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