When the concept of cryptocurrencies was first laid out to the entire world, not many paid attention to the white paper. In the beginning, only individuals paid attention to the platform because of its nature and the goal it tried to achieve.
The motive behind cryptocurrencies was simple, which was decentralization. This meant that the users would have the owner and authority over their personal and financial information. No one of the outside world or a third party should have access to a person’s sensitive information.
If we look at today’s world, we would realize that the entire world is centralized. While many consider this to be the very definition of security and reliability, yet it poses a huge risk to a person’s personal space.
Today, many incidents are being reported about firms such as Facebook and LinkedIn where the personal information of almost half a billion people has been compromised.
This is only because such firms always want to get access to your personal information such as full name, phone number, nationality, address, and so much more.
Unfortunately, when a hack attempt turns out successful, all the information goes into the hands of the wrong people. These people then use misuse the information for blackmailing and extortion.
This is what the crypto-sector desperately fought and wanted to save the identity of the individuals when using such platforms.
Initially, the platform faced a lot of resistance but then in 2020, the story started changing. It became clear that the world needed cryptocurrencies more than ever to survive in the cruel and harsh economic conditions. The pandemic ended up working like a charm for cryptocurrencies and decentralization.
An industry, that was once despised by the mainstream institutions from all over the world, became the beacon of hope for many. The industry is now flying high and the adoption rate from the mainstream sector continues to grow for the industry.
The industry is no longer limited to trading but is also being used for payments on different platforms. Recently, MercadoLibre (MELI) announced that it now accepts cryptocurrencies for payments through its platform.
MELI is one of the largest e-commerce marketplaces in the entire South American region. The platform has reportedly dedicated a particular section for items that can be purchased via cryptocurrencies. For now, the firm has dedicated a real-estate section on its platform where the users can make payments via cryptocurrencies.
One of the major highlights of MercadoLibre is that it has changed its payment mechanism for real estate purchases just to accommodate cryptocurrencies. Primarily, the platform does not perform direct payments/settlements for the purchase of real estate properties.
However, the firm has authorized people paying with cryptocurrencies to make the payments directly.