People normally prioritize convenience in their financial transactions over efficiency. That’s why not everyone uses cryptocurrency — even when it offers more options and lower costs.: More than 15% of its citizens use the city’s LVGA stablecoin to pay their bills, make purchases at shops and restaurants, and access online services on a daily basis.Digital assets can offer improvements that are unmatched in the field of traditional finance, and they can be highly accessible.
For taxpayers, some companies are also ready to provide ready-made solutions. For example, Coinbase offers a dedicated solution that can help users report capital gains or losses to the IRS. Thanks to a partnership with Cointracker, the company can provide a summary of a user’s taxable activity to share with their accountant or input into tax software.
The biggest step for crypto’s integration with the financial industry was the January approval of spot Bitcoin ETFs in the U.S. It signaled that the “legalization” of crypto assets has already begun. Moreover, participation by institutional players — such as MicroStrategy, Square, and Tesla — brings credibility and paves the way for wider adoption of blockchain-related services.The crypto industry expands its pool of their services every year: new products, payment methods, and technologies. It’s unlikely that they will replace financial institutions overnight. However, this moment may come through intermediate stages — when seamless transactions or innovative payment solutions are needed.