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Cryptocurrency (crypto) already seems to be changing how we spend our money, changing the system from today’s gatekeeper system of flat currencies to a new model for financing our daily lives, one that is frictionless and more transparent.
While crypto-assets such as Bitcoin and Ethereum are increasingly being used for payments (in 2018, the volume of payment to merchants increased by nearly 90 percent compared with the year before), e‑wallets are also able to mint new assets, issue securities, lend money or distribute loyalty points. In other words, they are the interface between the cash and the digital world.
Crypto Goes Mainstream: Industries Embracing Digital Currency
Crypto is no longer just on the fringe: in many industries, entrepreneurs are already looking to digital assets as a way of modernizing transactions – and improving experiences – for their customers. In the online casino gaming industry, crypto has been promoted as a means of providing secure and anonymous deposits and withdrawals when playing real casino games online. This is a key advantage of crypto over conventional online payment methods, allowing an extra layer of privacy for players. The transaction speeds that can be achieved with some cryptocurrencies are an additional benefit, enabling near-instant gameplay.
Similarly, futuristic retailers are accepting cryptocurrency payments to offer customers a speedier and safer experience through the checkout. It caters to a tech-savvy audience and prevents incurring the charges of credit card processing.
It doesn’t stop there either, booking flights, hotels, and experiences with cryptocurrency is becoming a common occurrence. It simplifies the booking process, eliminates the exchange rates for foreigners, and the international option makes it easier for foreigners when they’re traveling. Finally, cryptocurrencies’ transparency and irreversibility are ideal for tracking and tracing the materials around the supply chain. This will result in better efficiency, keeping ledgers of all transactions, and enhancing traceability for companies and consumers alike.
This is just a sample of the industries accepting cryptocurrency. As technology advances and consumer adoption evolves, we predict that we will see even more creative uses emerge for cryptocurrency, and eventually make up the perimeter of a changed industry: commerce and finance.
Early Traction: Pioneering a New Frontier
Back when cryptocurrency was a startup ecosystem, innovation was its driving spirit. When credit cards and ATMs weren’t genius enough, the financial services space was disrupted by desktop computers and the internet. Meanwhile, those who were in tech before people thought it might be a viable career path, and early investors with a nose for the next game changer, guided its early fortunes.
Before the Bitcoin hype fully caught up, many in the sector were tech-savvy folks who believed they had found the next big thing. Bitcoin caught the world’s imagination with its decentralized architecture and permissionless nature.
Beyond Transactions: The Rise of Decentralized Finance (DeFi)
And it’s not just peer-to-peer cash transfers that are part of the digital crypto-everything revolution. A wave of Decentralised Finance (DeFi) applications has created an entirely new stage in financial emancipation. DeFi has created a peer-to-peer alternative for everything from lending to borrowing to asset management, which means that we can now make and earn money without once having to pay a cut to a bank, broker, or other third party. It means that we become more sovereign users of finance, and perhaps even earn more on our money in the process.
A Brighter Tomorrow? Innovation and Widespread Adoption
As cryptocurrency adoption continues to gain momentum, exciting developments are shaping the future:
- Better Tech: Developers are working on cutting-edge solutions to ease scalability issues, and more efficient transaction speeds and lower transaction fees could eventually provide an improved user experience and allow crypto to enter the mainstream.
- Raising Awareness and Education: As more educational materials and mainstream media attention are devoted to cryptocurrency, public awareness of it is growing. This allows the technology to be more widely understood, leading to an informed user base – an essential step in responsible adoption and for sustainable long-term success.
- Central Bank Digital Currencies (CBDCs): Central banks across the globe are actively investigating the possibility of issuing their own digital currencies (CBDCs). In the long run, the effects are far from straightforward but, ultimately, CBDCs could normalize digital assets and drive a more interconnected financial system.
Building a Future of Opportunity
More widespread crypto adoption means a more open, inclusive, and accessible financial world for everyone, as the technology matures and users are better educated we’ll see a continuous stream of diverse applications that challenge the status quo. Effortlessly moving money across borders, investing in new ventures, remodeling global finance for the benefit of all – the possibilities are endless.
While we can’t exactly say where in the mainstream early adopters will lead cryptocurrency, the future looks promising. Enhanced technology, greater consciousness, and a maturing ecosystem of applications edge cryptocurrency towards a world-changing role in the financial future.
