Will Crypto Ever Become Mainstream?
Cryptocurrency is a form of digital currency with no centralized authority. It utilizes blockchain technology to be able to function and has become increasingly popular in the last few years.
It all started with the invention of Bitcoin in 2010. To this day, nobody knows who invented it, only under the pseudonym Satoshi Nakomoto. It was initially designed to be internet cash, but many still cannot agree on what it is. Often it’s dubbed “internet gold” with crypto investors seeing it as a store of value and an alternative to physical gold.
Nonetheless, over the years it doesn’t make sense to actually spend Bitcoin, as it has skyrocketed in price. And with such volatility, many ask the question: will Bitcoin ever become mainstream?
Today, there are a plethora of places to buy crypto online in 2022, ranging from exchanges to wallets. Purchasing is simple, just like you would buy anything else online, but storing Bitcoin safely is still an issue for many investors.
The notion of security is off-putting to investors, if you send Bitcoin to the wrong wallet it’s gone forever, and there is no 3rd party to help you. On the other hand, there is a benefit, you are your own bank. You only need a smartphone to be able to send money to anyone in the world without any interference from banks or the government.
It’s fair to say the world has moved online. In a short space of time Amazon is dominating commerce and social media is the place to be for the latest news. The internet has had a major effect on every industry from banking to gaming. For the latter, a good example would be, that players no longer have to go to a land-based casino for once to play their favorite games. Today, you’re able to play from the comfort of your own home.
Brick and mortar casinos do not offer the benefits of online ones either. Rarely will it offer promotions whereas online operators offer regular bonuses. Comparison sites will help you find the latest casino bonuses, so you’re spoilt for choice. In addition, these sites provide you with comprehensive reviews on each casino and will let you play demo versions of the game.
The internet has made monumental changes, and the next step touted by many is blockchain or crypto. Younger generations are more inclined to send each other crypto, whereas older people are more apprehensive. It’s also a geographical factor too.
In places where many people are unbanked, like in the developing world if you have a smartphone – you have a bank. It allows people access to banking products like loans and decentralized finance is a real-world solution to this. It utilizes smart contracts, often on Ethereum to give everyone access to banking.
Trading cryptocurrency is also far easier than that traditional financial instruments like stocks or bonds. You just need to sign up for an exchange, purchase some Bitcoin or Ethereum, and off you go. From there you’re able to trade over 20,000 crypto coins, of which some have value and most do not.
A major issue in the crypto space is PR, as regular people still think Bitcoin is used for illicit means. It’s not the case, as cash is a far safer vehicle to use when trading in black market goods. Many believe that Bitcoin is anonymous, but it’s a myth. If it enters the traditional financial system, there’s a name somewhere where it can be traced back.
The environmental impact of Bitcoin is seen as an issue too. To keep the network running the cryptocurrency requires a massive amount of computing power, which in turn consumes a lot of energy. Nonetheless, some of the brightest minds in the world are currently working in the industry, and are currently working on solutions to reduce C02 emissions.
Since its inception, more and more major companies are accepting Bitcoin too as a method of payment. You’re able to use it to purchase holidays, cars, houses, and more. Theoretically, you can buy anything with Bitcoin, provided the seller will accept it.
Bitcoin and crypto have a long way to go to enter the mainstream but have overcome many issues y in such a short space of time. What do you think? Will Bitcoin be a mainstream payment method in a decade’s time?