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Why Cryptocurrency Might Replace the Usual Online Payment Solutions

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With today’s technology, more and more countries are starting to show a preference for cashless transactions. Countries like the UK have reported that the number of payments used with notes and coins already went down by 35% in 2020.

Other countries with more locals using cashless payments are Finland, Sweden, China, Australia, and South Korea. People have been using their credit/debit cards, mobile wallets, and cryptocurrencies to pay for purchases offline and online. 

However, if there’s any digital payment solution that many thinks have a big future, these are cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more. Why? Well, it’s proving to be one of the fastest and most secure ways to transact especially online.

For example, more gamblers are starting to play real money games and bet on sports online with cryptocurrencies. They find this advantageous because online gambling operators are usually generous with bonuses for their cryptocurrency players. 

Aside from that, the best betting site in India with instant withdrawal transact with cryptos. Typically, online casinos and bookies would take 3 to 5 business days to process payouts, but Bitcoin gambling sites can do so much better in terms of speed.

When Were Cryptocurrencies Created?

Many would assume that Bitcoin is the very first cryptocurrency as it is, after all, dubbed the father of cryptocurrencies. Bitcoin was invented in 2008, but there was already a similar digital currency that was created as early as 1990 which was called DigiCash.

After this, there were more attempts to create a cryptocurrency that would be accepted by the public like eCash, B-Money, But Gold, and Hashcash. However, only Bitcoin took off and became popular. Still, it took a while for Bitcoin to reach where it is right now.

While it was created in 2008, it mainly made some noise in 2017 when its value peaked at over 20,000 USD. This came as a surprise to many, especially the ones who knew nothing about cryptocurrencies.

 Since then, more people saw its potential, and many purchased Bitcoin and altcoins that they are hoping to also blow up like Bitcoin.

Then came 2021 when Bitcoin once again reached a new all-time high of around 65,000 USD. This once again made cryptocurrencies the talk of the town. Aside from Bitcoin’s new all-time high, this was also around when NFT gaming started to take off.

Many were then raving about playing NFT games to earn real money and true enough, many players earned and are still earning money from playing crypto games like Splinterlands, The Sandbox, Mir4, and Axie Infinity.

The rise of crypto gaming simply shows how there are a lot of things that you can do with cryptos like Bitcoin. The creator/s of Bitcoin called Satoshi Nakamoto only ever created this crypto as a convenient way to transact online. 

Today, aside from crypto games, you can shop for many things using Bitcoin and other cryptocurrencies. Some offline retail stores are also already accepting crypto as a mode of payment. People can even plan their next travel using cryptos.

Pros and Cons

Thinking of getting into the crypto world? Here are some pros and cons to consider:

Pros:

  • Quick and easy to track payment transactions – all transactions are recorded in a public list or blockchain
  • Decentralized – no bank needs to approve any transaction even if it’s overseas
  • You can trade with crypto around the clock
  • Many online and offline businesses including big industry names like Microsoft are starting to accept cryptocurrencies
  • Private transactions – you’ll only need a wallet address to send and receive cryptos

Cons:

  • Cryptocurrencies are volatile – values can drastically change in a day
  • Most cryptocurrency markets around the world are not yet regulated
  • There’s a chance of losing your crypto wallet, but this is the same thing with credit cards and actual wallets
  • Prone to scams – just go over Facebook pages and see how many people would try to scam others with cryptos 

Is Crypto the Future?

While many would easily conclude that Bitcoin and other cryptocurrencies are the future of digital payments, it’s still a tough call at the moment. However, it’s noteworthy that crypto investments are on a roll. 

Companies like PayPal are now involved in the crypto world and back then, PayPal was pretty much where Bitcoin was. It was something that some used but was not trusted by everyone. 

However, PayPal is already a proven digital wallet brand, and knowing that it believes in crypto, we can say that it might as well be something that we’ll see more commonly in the future.

Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

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