Over the past few years, there has been a sea change in attitude towards how we pay for consumer goods.
Previously, cash was the king before credit and debit cards quickly took over. People are always searching for smarter and hassle free ways to purchase goods if they are on the move.
Now, there appears to be a new kid on the block – cryptocurrencies. A recent report on our site showed e-commerce is still growing, but not at the rate that most people think.
While initially frowned upon, retailers are beginning to accept cryptos as there are more of them in general circulation.
Starbucks, for example, allows reward members to convert crypto into cash balances, while Whole Foods has agreed a deal with spending app Spedn, so customers can pay for groceries using cryptocurrencies, such as Bitcoin and Gemini. A poll even suggested that three in ten Americans think cryptocurrency is the future of money.
Concerns may be mounting about the state of Bitcoin, which has seen it slump by almost 5% in value – the lowest since September.
When asked for his thoughts on Bitcoin, Matthew Dibb, COO at Singapore crypto platform Stack Funds, said: “We are seeing broad risk-off sentiment across all markets currently as inflationary concerns and rate hikes appear to be at the forefront of speculators’ minds.
“Liquidity in BTC has been quite thin on both sides and there is a risk of retreat back to the mid-‘30s on the short-term.”
Nevertheless, cryptos have in general gained more traction, and the negative connotations that were previously attached to them, are quickly evaporating.
Industries, such as tourism are likely to see a big uptake in the use of cryptocurrencies to pay for foreign holidays, while many prefer to use cryptos to carry out online banking.
As we have seen more recently, Bitcoin et al are permeating their influence across other walks of life. In the online casino industry, for example, fans can play the NFT Megaways slot and see a few of their favourite cryptocurrency symbols including the Bitcoin logo.
The slot is also offered by some of the most reputable online casinos, such as LeoVegas, which is known for its generous offers of free spins with no wagering.
In the grand scheme of things, crypto has already had a huge impact, and it is here to stay. You therefore can’t possibly ignore the influence it has had, and will continue to have in the years to come.
It is unclear to what impact cryptocurrencies will continue to have in the future in terms of market value. However, they have moved the needle, and this is a very exciting time for all businesses.
As such, it is a situation that society will continue to watch with great interest.