In a recent interview while in Ethiopia, Cardano founder Charles Hoskinson stated that his vision is for people to make use of Cardano (ADA) for their day-to-day transactions. That’s quite different from what most people currently use crypto for, and that’s speculation. Most people only hold crypto in the hope that it will increase in value, then they can convert their profits into fiat. Charles wants to change this by having people hold and spend their Cardano just like they do with fiat money. So can Cardano achieve this?
For Cardano to achieve this, it has to outperform fiat and fiat payment systems that we have today. For instance, Cardano has to be better than payment systems such as Visa, as well as be stable enough to incentive people to spend it, instead of Hodling.
Looking at the Cardano roadmap, there is a good chance that it will achieve this milestone in the future. That’s because part of the Cardano roadmap entails the development of a debit card. This is a major move that could see Cardano get adopted for everyday usage. That’s because part of the reason why cryptos are yet to gain mass usage for payments is their complex nature, when it comes to sending and receiving money.
At the moment, only people who are really into crypto can do this. However, if crypto were available in the form of debit cards, it would be very easy for the average person to use them in paying bills. In essence, once Cardano launches their debit card, Charles’s vision of people shifting to Cardano in place of fiat, would become a reality.
Besides, once the Cardano debit card is in place, the other features of Cardano (ADA) will support its adoption as an everyday use currency. For instance, one of the biggest issues that affects fiat debit cards is that of security. The fact that the whole infrastructure is centralized and personal information is in the hands of a third party is quite troubling.
A Cardano debit card would not have such issues because it would be based on the Cardano decentralized infrastructure. It’s impossible for hackers to access and steal information on such a decentralized network. Cardano can use this as a selling point to push the Cardano debit card, and have it adopted for everyday usage.
Another factor that backs Cardano’s long-term goal of being used in place of fiat, is the coming crypto stability that will come from the incoming crypto regulations. The talk of crypto regulations has taken center stage in crypto space for the last few months. Once these regulations come in place, institutional money will come into the market, and reduce the incidence of pumps and dumps in this market. This stability will encourage investors to spend their ADA without the fear that they might miss out on the volatility.
In essence, Cardano (ADA)’s long-term goal of being used in place of fiat is firmly in place. The fundamentals are solid.