With each new announcement of a cryptocurrency platform, a token being floated, or even major attention for the blockchain industry, we are closer to adopting cryptocurrency as an alternative to the current way we handle money. Indeed, there are already indicators that show the way we look at money is changing, from the growth of digital payment options to the increase in blockchain uses, which could lead to us legally recognizing cryptocurrency as a viable payment option.
Benefits for Small Businesses
The growth of digital payments worldwide opens the door for cryptocurrency being accepted as an official payment option. Indeed, there were critics of digital payments, but many industries have benefited from the increase in their use. For instance, smaller businesses are benefitting from digital payment growth, which means they can waive some of the fees that larger corporations pay through more traditional payment methods. More people have a smartphone than a bank account globally, so options will be opened for more people to send and receive money. Plus, the efficient nature of digital payments frees up time for experts to work on what will bring them greater profit and actually work on their businesses instead of chasing payments.
Digital Payments in Gaming
Indeed, digital payments are a simple solution for online gaming and offer much more variety and scope for the needs of those wanting to play the games. Gaming is a tech-forward industry that is leading the charge for the latest developments, accepting digital payments long before other industries did. Indeed, Microsoft allows gamers to purchase content for the Xbox with Bitcoin already, so it’s only a matter of time before the online gaming industry moves towards the next big advancement in payments.
Banking Industry Embraces Cryptocurrency
Major banks have now begun utilizing the blockchain facilities that underlie what makes something a cryptocurrency. SWIFT payments may soon be replaced with cryptocoin Ripple, which means that they would be faster and more secure. This would also lead to the proliferation of cryptocurrency if they work as effectively, showing that cryptocurrency isn’t as volatile as some media outlets impart that it is.
The Future of Cryptocurrency Adoption
The fact that uses for blockchain are being adopted across many different sectors means that the crypto industry as a whole is being viewed differently by everyone. Should blockchain’s uses become more widespread, those interested in benefitting from the tech will likely increase, which will be one step closer to the uptake of cryptocurrency.
The world of finance has changed massively in the past five years alone. Whether it’s the ability to pay in places we never expected to – even vending machines and buses accept card payments nowadays – or the ability to pay contactless or even have a bank with no physical location, technology, and finance are moving forward together. The way we want to handle and benefit from our money has changed too – such as developments like the Monzo card, which helps track what you are spending money on in order to change your habits. All of these are indicating that cryptocurrency could become mainstream and could be used instead as a feasible payment method.