There have always been concerns over using Bitcoin as a currency. Not only is it not straightforward for most consumers, the number of platforms accepting BTC is also limited. That situation is slowly coming to change, but other things are happening as well. A lot of major musicians and online stores now accept Monero payments. This makes Monero the one currency seemingly succeeding where Bitcoin and Ethereum failed to make a big impact.
No one can deny the appeal of Bitcoin and Ethereum in the world of cryptocurrency. However, using them for real-life purchases can be quite cumbersome. In most cases, it is simply impossible, even for most digital services and products. In the music industry, cryptocurrencies have not made the biggest of impacts yet by any means. Bitcoin and Ethereum have been talked about a lot, but bar a few artists, no one is jumping on this opportunity just yet.
Monero Makes Mainstream Progress
That makes it all the more interesting to see 45 musicians accept Monero payments right now. Additionally, five online stores will also accept XMR payments as of this week. Anyone who pays for purchase son any of these platforms will receive a nice discount. Artists such as Weezer, Slayer, Dolly Parton, and Mariah Carey all embrace Monero in this regard. This is a remarkable decision, considering how this cryptocurrency has flown under the radar for most of 2017.
It is evident a lot of people have ignored this cryptocurrency for far too long. It is important to have proper use cases, instead of only being a store of value. Considering how Monero is about privacy, it makes this news even more interesting. Monero is, according to G-Eazy, the safest, more secure, and most private cryptocurrency. It is an intriguing development in the world of cryptocurrency, that much is certain.
All of this is part of the Project Coral Reef. This venture is the brainchild of Naveen Jain, a big Monero fan. His collaboration with various artists allowed this venture to become a real thing. Cryptocurrencies lack general acceptance first and foremost. Monero may be the first currency bar Bitcoin to make a meaningful impact in this regard. It is evident big things are happening to all cryptocurrencies right now. This initiative will help put this currency on people’s radar.