November 8, 2018
By: Steven Anderson
If there’s one thing just about anyone can say about the token side of mobile payments, it’s that there are plenty of tokens out there to choose from. Some reports put the current number of cryptocurrencies at over 1,600 as of October alone, which means there were probably a few new ones since. Recently, TokenInsight dropped word our way about the payments token market, and what it had to say might surprise some.
The token industry, TokenInsight found, isn’t exactly stable. In fact, the mobile payments industry as a whole is more stable than tokens, which isn’t particularly surprising. After all, mobile payments tools are often just refinements of previously-held technology. They call on credit and debit cards, are paid off in local currency. There has been some withdrawal from the market, reports say, but the overall state of the payment industry—as expressed by current projects—really hasn’t been slowed.
Current payment tokens—particularly those whose markets have matured—are applying similar economic models, though right now, much of the payment industry is turning to bitcoin as its example. Market sentiment, meanwhile, seems to heavily favor bitcoin with sides of other currencies like Dash, Digibyte, and oddly enough, Dogecoin.
The TokenInsight study caps its examination of the market with this: “Currently, the payment industry has shown itself to be a relatively stable ecosystem, and the payment token, represented by Bitcoin, is entering daily life. Although the technology of most projects is not mature enough, some innovative projects are being continuously developed.”
The projections are sound enough. Right now, bitcoin is the big deal when it comes to commercial availability, though given how rapidly bitcoin is turned into most any other cryptocurrency–and vice versa–the issue is somewhat moot. what’s more, given how many projects we’ve already seen are readily turning cryptocurrency into local fiat currency, the whole concept may be particularly moot. Theoretically, with the right apps, literally anyone can take cryptos like normal and carry on. An app like Square, which allowed users to take credit cards without excessive infrastructure, could do especially well here.
Cryptocurrency is a market on the cusp of something. Various components have already been arranged, and once they’re all in place, they may come together in staggering fashion.