Can Bitcoin be an Alternative to Struggling Currencies, and How Will Global Economies Adopt It? An Expert’s Opinion on the Never-Ending Debate

According to a recent survey conducted by José Simeón Cañas Central American University in El Salvador, 12% of the population in El Salvador has already used Bitcoin at least once for local goods and services.

While the Western World being just in the early stages of shifting cryptocurrency for everyday consumer use, some lesser economies are already switching towards the non-tangible and more economically stable cryptocurrency as opposed to traditional physical currencies such as the US Dollar.

Alex Guseff, the CEO of Tectum and the founder of Softnote, believes that the rapid adoption of cryptocurrency by local vendors in Latin American countries has the potential to further attract investors into crypto-projects and shows the other, practical side of Bitcoin.

Alex Guseff, the CEO of Crispminds ltd and founder of Tectum and Softnote

“Allowing the users to use the seamless p2p transactions for local vendors will eventually eliminate the need for third-party exchanges and extra fees while using your hard-earned funds”, believes Guseff.

The visionary foresees rapid growth in funding for crypto-projects focused on the end-user and the means of using the crypto on a daily basis.

“Right now we are perceiving Bitcoin as a stock, similar to gold or any other stock that it is invested in but not spent – this must change”. 

In his recent interview with “Bitcoin.com News”, Alex was able to discuss the benefits of Bitcoin against the traditional hard currency such as the US dollar which is fully dependent on the US economy and, therefore is directly impacted by multiple geopolitical factors.

Guseff also stressed the importance of “rapid devaluation of local currencies”, mentioning the cases of Venezuelan Bolivar and Argentinian Pesso that are directly affecting the citizens, the state’s economy and potential foreign trade that is currently often dealt in US Dollar, which further negatively impacts the local currency, creating a vicious circle of dependency and economic failure.

“Seeing just the 12% of the local population of El Salvador using Bitcoin for buying groceries and paying for services may not seem inspiring at first glance, however converting 12% into 760 thousand people being able to buy, pay and exchange crypto daily – changes the landscape and one’s perspective.”

However, to further evaluate the potential behind Bitcoin transactions is crucial to understand why such transactions are happening in the first place.

Bitcoin – Why Use It?

When evaluating the advantages and disadvantages of cryptocurrencies, it is important to reflect on the current state of affairs in the world of crypto.

“When it comes to crypto adoption, we are currently at the stage of the Wild West”, proclaims Guseff.

Nevertheless, despite the ongoing high public interest in cryptocurrencies, we are highly dependent on various obstacles that are delaying the adoption of cryptocurrencies for daily use.

“Bitcoin, Ethereum, USDT and many other currencies may confuse anyone, therefore we should choose one”

Having a choice is better than not having one, however, when it comes to finance we should be confident in our choices and therefore stability of one becomes the priority. On the other hand, Guseff believes that being able to choose one stablecoin may be sufficient but not enough and therefore the user should have the freedom to exchange it at any moment.

Plenty of exchange offers, not-so-trustworthy crypto exchange offices and complicated processes are tiresome to many crypto-holders. 

The CEO of Softnote has dedicated himself to creating a user-friendly environment and a network that will allow seamless p2p transactions between users. The ability to negotiate the exchange rate with another Softnote user and simply evade questionable companies and monopolists on the market eliminates the early skepticism regarding the exchange ratios for your crypto stocks.

The proven devaluation of currencies and contemporary geopolitical struggles are pushing investors to look for alternatives to traditional stocks and brokerage. 

At the same time, the Softnote team believes that we should look further beyond cold investments and search how can we spend it later on. 

The common scepticism about the transparency of cryptocurrency has motivated Alex Guseff to develop a user-friendly and fully secure service that will allow everyone to adopt crypto for daily seamless use at their local vendors.

The Softnote wallet via the revolutionising model in software allows transparent transactions within a fully confidential network of wallets. The seamless everyday transactions are aimed at local vendors and currently expanding its network of clients in the Middle East.