Bearing cash for everyday purchase has many disadvantages – fear of snatching, having a swollen pocket that looks and feels awkward, wasting time in changing bank notes at the cash counter to name a few. Cryptocurrency or digital currencies can solve all these issues. What if the country with the most robust economy stops using fiat money and use cryptocurrencies instead?

Although sounds very strange and unlikely, a recent report from Roll Call has given such a hint. According to the report, the U.S. government might be in the early phase of turning the country into a cashless one. That means U.S. citizens would be using digital tokens for everyday purchase instead of hard cash or credit cards.

However, the current scenario of the crypto market in the U.S. does not support the news at all. The country is lagging behind other nations in terms of crypto regulation. While Asian countries like Japan and South Korea are using cryptos quite comfortably, the USA is still struggling with the decision whether it should give cryptocurrencies a green signal or not. Many parts of the world have realized the potential of digital tokens and allowed payment for goods and services with such currencies.

Obstacles to the widespread use of crypto

Of course, there are sufficient reasons for the U.S. to restrict crypto use in everyday payments. The most important of those is extreme volatility cryptos. While the ‘Holy Grail’ of crypto was stability, most of the mainstream cryptocurrencies failed to keep the promise. These coins are susceptible to price swing, which may occur without warning and at a dangerous rate.

Nobody can tell you for sure as to when the price moves north or south. Although the recent price trend is somewhat promising, many traders could not put their trust back on cryptos. For the same reason, the U.S. government is still sceptical about using cryptos in payment platforms in large scale. Instead, they view digital tokens as investment tools.

From the consumer viewpoint, the crypto transaction is still a new concept to many. A cryptocurrency user must know what crypto is and how to use it safely. He or she will need to have a digital wallet where the crypto of choice would be reserved. You also need to understand how exchanges work, including the technical terms such as sending and receiving addresses which are some absurd string of numbers and letters.

In addition, one has to remain updated about exchange rates that can change every minute, and the transaction fees that are quite uncertain. Feeding these points to an average American is not an easy job. To overcome technical issues, crypto apps will have to be more user-friendly. A 60-year-old man will surely be reluctant to use an app that feels like a math program.

Some promising news

However, some large and reputed firms of the U.S. are trying to change the situation. Firms like Flexa have made a contract with Jamba Juice, Nordstrom, and Whole Foods so that people can pay with crypto to these retailers. Organizations involved in crypto transactions, including Celsius, are working hard on features like CelPay so that working with crypto assets become more straightforward and fun.

Practically, the U.S. could benefit from the introduction of crypto in all forms of transactions. For instance, the existing trade deficit with other countries and debt ratio might reduce significantly if cash transactions could be minimized. Digital currencies would eliminate the need for cash-based printing that is now borrowed from China and other tech-rich nations.

A lot of people in the U.S. are still below the poverty line. They always feel helpless in the credit card entrenched society. Introducing them with cryptocurrencies would potentially ease their suffering and allow them to enjoy a better living standard. While transitioning fully into cryptocurrency era will take a lot for countries like the U.S., it is never impossible.