Any conversation about money in recent years has inevitably ended up including cryptocurrency and its rising popularity around the globe. Currencies like Bitcoin and Ethereum led the way, and a new coin seems to be launched almost every week. This means digital currencies have evolved from being some sort of geeky niche investment to being recognized as significant features on the financial landscape.
Armed with this information, you are bound to wonder if cryptocurrency now counts as standard currency. While the answer is still in the balance, it's important to look at the different factors involved to get a clearer picture of which direction opinion is moving.
#1 Widespread acceptance
Cryptos'journey from obscurity to being a popular method of payment is quite remarkable. This is probably illustrated best by the fact that if you stopped a random stranger in the street, they could probably name more cryptocurrencies than FIAT currencies. This is likely to be true even if the person you talk to is not sure how they work. Major corporations and online retailers have also recognized this and now accept crypto as a legitimate form of payment, with some brick-and-mortar stores ready to follow suit.
Customers get a best-of-both-world solution with high-security transactions and lower fees coupled with the wide acceptance that was typically the preserve of traditional banking systems. That said, the volatile price movements associated with some cryptocurrencies can mean that stores that accept them must have real-time exchange rates applied to purchases to ensure they are not overpricing or undercharging for their wares.
#2 The crypto demographic is getting larger
The majority of those who are crypto-savvy aremillennials and Gen-Z, who are keen to add privacy and security to their financial dealings. For them,cryptocurrencies are the norm rather than novelty, and any business that wants their custom in the future will need to recognize this.The appeal of lower fees for retailers can also be a factor, with many more seeing the benefits of accepting cryptocurrencies as payment methods.This is because they do not incur the same charges as, for instance, a Mastercard or Visa transaction.So, if cryptos are not standard currency now, they are likely to become so in the future, mainly due to the sheer number of people using them.
#3 Online casinos and cryptocurrencies
One of the most notable industries embracing cryptocurrencies is online casinos. This is an environment where increased security and speed of transactions coupled with lower fees can enhance the overall player experience. When you add in the fact that using cryptocurrency can also have a level of anonymity, you have a match made in heaven. This means that players can use Bitcoin to play online roulette in New Zealand and other countries, where they will find different variations of the game available.
This will range from versions that accept different staking limits and can be found in both video and live dealer formats. Flexibility like this across table games and slots means that digital currencies are bound to be more widely accepted at even more casinos in future years.
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