Are Cryptocurrencies Disrupting the Economy in 2018?

More companies are accepting cryptocurrency payments in 2018. How does this change the future of crypto?

June 8, 2018
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Despite the hype around bitcoin and other cryptocurrencies, the digital forms of payment have thus far failed to challenge traditional and well-established methods. In fact, the use of credit cards is actually on the rise in Canada, with 61 percent of online shoppers using that option in 2017 compared to 51 percent three years earlier. The online casino industry has shown, though, that opting to accept varied forms of payment can increase the number of customers. And, with cryptocurrency payments offering low transaction fees, there could soon be a shift towards the modern system.

Online Casinos are Thriving by Offering Multiple Options

The online casino sector is a prime example of an industry that has thrived by offering multiple different forms of payment. It has also shown that it can adapt when new methods become available. Doing this can be a means of reaching as many different customers as possible. Some online gambling operators have chosen to operate solely with cryptocurrencies now, believing that they can get ahead of the curve in this respect. Others choose to offer a range of payments to suit the needs of all the different customers.

Looking at this review of Casino Cruise, it is clear that diverse payment options are one of the key features that help the site attract a high number of players. At the Canadian online gambling, players can choose between topping up their gambling accounts with VISA, Neteller, Entropay, Instadebit, and many others. This makes the site accessible to players from all over the world, not just those residing in Canada. The introduction of crypto payments would help international players further.

While online casinos are among the most likely companies to adopt cryptocurrency payment solutions, other businesses are beginning to appreciate their uses as well. A number of ecommerce companies such as eBay are using them, as are a number of travel websites like Expedia.

Cryptocurrencies are Still in Their Early Stages

Bitcoin may have come into existence back in 2009 but Satoshi Nakamoto’s cryptocurrency is still in its early stages. There are numerous places where the e-currency can be used such as Starbucks, Subway, and several online casinos but there hasn’t yet been widespread adoption. Other currencies such as Litecoin and Bitcoin Cash are even younger but are busy devising ways in which they can be used on a grander scale.

The developers of Litecoin, for instance, are working on creating the currency’s own payment system which will allow Litecoin holders to spend it at various retailers. The original plan was a system called Litepay but the development of this ceased in February. Now, founder Charlie Lee has decided to partner up with Aliant in an effort to give customers new ways to spend their Litecoin.

The cryptocurrency market is still a speculative one, and nobody knows which one will prevail in terms of gaining mass adoption first. But, with the extremely low fees and instant transfers available regardless of borders, cryptocurrency payments have the potential to usurp any of the existing ways of completing transactions, especially in an online setting. 2017 saw a rise in alternative coins; now the race is on for the developers to create workable systems to use them. 2018 could be the year that one of these currencies breaks out and becomes recognized as a viable form of payment.

There are other market uncertainties that we will need to be prepared for. Regulation is one of the biggest changes that cryptocurrency providers and businesses that accept them will need to deal with. China and several other countries have started banning the use of cryptocurrencies. This could create a number of changes that consumers and businesses may not be prepared for. They will need to respond to these issues in time as they become clearer.

Conclusion

Cryptocurrencies have changed the future of our economy in very surprising ways. Pundits have discussed the implications of cryptocurrencies for the past 10 years. However, 2018 seems to be the time when these discussions are taking a new turn. Cryptocurrencies are being used both for online purchases and local businesses.

A growing number of businesses are starting to accept cryptocurrencies. This is likely to make things more convenient and streamline payments in a number of ways. However, it could also create other complications that businesses may not be ready to address.