How are Cryptocurrencies Changing the way in Which we Pay?

by Klaus on November 26, 2021

in Cryptocurrency

What was once seen as an internet fad has now become a global sensation. Bitcoin has gone from being a novel concept that many believed would never take off, to a trailblazing new form of currency with a market value of more than $700 billion.

Aside from the news of spikes in the digital coin’s value that have turned people into millionaires overnight, Bitcoin is now making a case for its mass acceptance as a superior method for performing transactions. This has been evidenced by the fact that small and large businesses alike are beginning to accept Bitcoin and other cryptocurrency payments.

New Jersey Restaurant is One of Many Small Businesses to Accept Crypto

Throughout the 2010s, people slowly began to hear about Bitcoin. Few really knew what it was or how it worked, though. The media tended to focus on the coin’s volatility and the way that it was constantly subject to massive swings in value. This was true to an extent, but mainly because of its appeal to traders who would frequently pump and dump. Nowadays, Bitcoin is still open to huge leaps and falls, but it has proven that it will never dip below a certain safety point.

2018 felt like a major turning point for Bitcoin. This was just after the cryptocurrency’s biggest spike in its history, wherein the space of a year it went from a value of around $1000 to over $20,000. This highlighted how the coin was becoming mainstream, and how more people were beginning to believe that Bitcoin or something similar could represent the future of payments.

That same year, an independently owned pizza shop in New Jersey decided to start taking Bitcoin payments, and this felt like a significant step forward. Monica’s Restaurant in Pompton Lakes opted to accept Bitcoin and Litecoin payments as it aimed to attract new customers. Owner Atila Ajdinovski believed this was a good way to bring in younger generations who are more open to alternative payment systems. This was just one of many small businesses at the time to begin with this forward-thinking payment method, and many other companies have followed suit over the last few years.

Major Companies Like PayPal Have Jumped on Bitcoin

It’s not just small businesses that have realized that Bitcoin could be the future. Indeed, some of the world’s biggest companies have helped promote the currency and foster trust in it. Microsoft was one of its earliest adopters, getting into the blockchain-based payment system in 2014. Users were able to pay for services and games on Windows Phone and Xbox. More recently, Tesla’s investment into Bitcoin caused a huge upsurge in its value, when the company purchased more than $1.5 billion’s worth of the coins.

PayPal’s acceptance of Bitcoin has been revelatory for the cryptocurrency, as it has helped to legitimize it as a trusted form of payment. PayPal itself is another revolutionary eWallet that is helping to drive the digital finance industry forward, and it has gone from strength to strength since being spun off from eBay in 2015.

In the same way that Bitcoin has earned more credibility since PayPal began to accept it, online companies offer PayPal as a payment option to encourage customers that they are trustworthy. This has been boosted by the online casino industry, where NJ casinos online are recommended based on the payment options they offer. Players can also make selections based on bonuses, but the familiarity of the PayPal logo is sure to put their minds at ease when topping up funds at these sites.

What Does the Future Hold for Cryptocurrencies?

Integration with well-established and trusted platforms like PayPal is key for the progression of Bitcoin and other cryptocurrencies. This is because there are no cryptocurrency wallets that could be considered mainstream options at the current time. One of the major stumbling blocks for Bitcoin in the past has been in users being unaware of how to use it properly. This could be about to change, as it seamlessly merges with PayPal and other eWallets.

Cryptocurrencies offer an efficient solution to outdated forms of payment. Their main draw is that they cut out the banks in the middle, and their advanced technology means that all transactions are recorded and can be traced. Bitcoin and other digital options could be ubiquitous within the next decade.

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