We might sit all day and debate about how amazing cryptocurrencies are. But, the cold hard truth at the end of the day is that the future of cryptocurrencies is dependent on one thing – the ability to trade them for actual goods and services.
Now, you might argue saying that it’s already possible. But, we aren’t talking about buying and selling within the cryptocurrency network or the dark web. We’re talking about products/services in the real world. When that becomes a possibility, it won’t be too long before cryptocurrencies like Bitcoin become an official medium of exchange.
The good news is that we’re already a step closer to that reality, thanks to Coinbase.
Coinbase just announced a partnership that will make it possible for people to buy physical goods/services from retailers using cryptocurrency. WeGift is the company that Coinbase has formed a partnership with. The deal basically lets cryptocurrency users buy gift cards from WeGift using a cryptocurrency of their choice and use it when making a purchase at any of the 120 retailers covered by WeGift.
This includes retailers such as Uber, Amazon, Tesco, Nike etc.
So, where does Coinbase come in? Well, Coinbase provides the wallets and the cryptocurrency necessary for making these transactions possible.
As of now, only those living in Spain, France, UK, Australia, and Italy will be able to benefit from the deal. However, this is the first time that such transactions will be able to take place and that means it’s only a matter of time before other countries and retailers follow suit.
There will also be no fee involved in purchasing these gift cards. If that isn’t enough, some of the retailers will even offer bonus credits on the cards. The credit bonuses can go anywhere from 1 to 15%.
According to Zeeshan Feroz, Coinbase’s Chief Executive in the UK, the deal will make it possible for customers to have greater control and flexibility over their crypto assets.
Coinbase made the announcement concerning the deal last week, calling it a “new way to spend Coinbase’s crypto.”
Currently, the ability to use cryptocurrencies for purchasing goods and services has been greatly limited. But, Coinbase’s new move is capable of revolutionizing things. The deal opens up the possibility for a very vibrant economy that will benefit customers looking to make the most of their crypto assets instead of simply holding on to them as just investments and waiting on worthy returns.