If you’ve ever been in a conversation about crypto adoption, you will be familiar with how it usually ends. Any sort of serious discussion is, sooner or later, brought to a dismissive conclusion, by some modern day equivalent of Dickens character John Podsnap. With a dismissive sweep of the arm, he – or she – will make the observation that you can’t use Bitcoin or Ethereum to buy groceries or pay your telephone bill.
It is as much the prevalence of that attitude as anything else that has led to such a stir in crypto quarters over AT&T’s recent decision to allow users to settle their bills using Bitpay, thereby becoming the first mainstream telecommunications company to accept crypto payments. The question on people’s lips now, however, is whether this is the first step towards a brave new future or a media stunt that is more style than substance.
What is Bitpay?
In layman’s terms, Bitpay is very much the PayPal of the crypto world. It provides a safe platform through which transactions can be made, and will automatically deal with currency exchange rates and the like. The platform works with Bitcoin, Bitcoin Cash, Paxos Standard, Gemini USD and a few others so, ostensibly, these are the cryptocurrencies with which you can settle your AT&T bill.
This is the point at which the Podsnaps of this world will be pricking up their ears, however. AT&T will still be billing its US customers in US dollars, and so Bitcoin payments will be subject to exactly the same volatility risks that are already familiar to those who are trading Bitcoin and Ethereum on their trading platforms day in and day out.
Trading and investment on the rise for crypto