As economies have developed in the course of the last century or something like that, they have streamlined the manner in which business is transacted. As a part of it, massive worldwide cryptocurrency adoptions have been taking place since the rise of Bitcoin in 2009. The number of cryptocurrencies available over the internet as of now is over 1600 and growing. A new cryptocurrency can be created at any time. Day by day many promising Cryptos are forming with varieties of visions and advantages.
Many businesses all over the world have been considering accepting Bitcoin as a form of payment since it’s forming. Now the total number of venues worldwide that accept bitcoin as of January is 14k+, with the highest concentration of venues being in Japan, Korea, Singapore, Europe, the United States, and Venezuela. Because of super faster transactions rather than other fiat transfer agencies, elimination of chargeback frauds and most of all it’s lower transfer fees, Cryptos are getting recognitions as a worldwide phenomenon of payment solutions among merchants and consumers.
Now there is no need of a third party dependent waiting period like the way with bank based payments. Once payment is successful, the transaction amounts are in receiver’s wallet and accessible immediately. Individuals can convert Cryptos into their local fiat currencies at the end of each transaction, at the end of each working day or according to a custom set schedule.
Due diligence is important when looking into any asset class. Doing one’s homework may be even more important when it comes to digital currency, as this asset class has been around for far less time than more traditional assets and comes with substantial uncertainty. However the Crypto Coffee Index can be valuable assist for those interested in exploring the crypto space. The Crypto Coffee Index is based on the average price of coffee, the average barista hourly wage, the block speed of the cryptocurrency and transaction fees associated with the particular crypto. This Index is based on a discussion in the Bad Crypto Podcast.
“The higher the Crypto Coffee Index, the better chance there is of adoption of this crypto as a small-payment currency (money) and not only as a store of value or large-scale payments.”
How does it work?
Given that an average cup of coffee costs $2.70 and a barista has to prepare this coffee for around $9.55 an hour. The Crypto Coffee Index takes into account that the longer the confirmation time is on a transaction, the more time is wasted by the barista and thereby costs money thus increasing the price of a cup of coffee.
The index is comprised of the price of a cup of coffee, transaction fee of the used crypto and the cups of coffee/time average for the barista.
Check on CryptoCoffee.info now for the best Cryptos!