Real-world uses of Cryptocurrency
Mass Cryptocurrency Adoption is Already Happening
- Despite plummeting cryptocurrency prices during 2018, cryptocurrency adoption has almost doubled over the same period
- In 2017, there were 18 million registered cryptocurrency users. As of 2018, there are approximately 35 million users worldwide
- As well as new cryptocurrency users, 2018 has witnessed more merchants start to accept cryptocurrency payments than at any point previously
Mainstream Cryptocurrency Adoption is Happening
Just a few years ago in 2013, it was still difficult to purchase meaningful goods and services with coins like Bitcoin. Merchant payment support for cryptocurrency either didn’t exist or was monopolised. Mainstream cryptocurrency adoption was, therefore, little more than a pipe dream.
Fast forward to 2018, and things couldn’t be more different. At present, it is possible to buy web hosting with Bitcoin, and it is even possible to charter a private jet with Litecoin.
Blockchain Technology is Now More Widely Trusted
Falling cryptocurrency prices throughout 2018, have been bad news for investors. However, during the last major Bitcoin bull run, something seismic started to happen. Major brands began to realise the benefits of immutable, irreversible payments, and blockchain technology as a whole.
- Unilever’s Schmidt Naturals website started to accept Bitcoin in May 2018
- Icelandic web hosting platform Orange Website now accepts Bitcoin
- The popular decentralised banking app Revolut now allows users to buy cryptocurrency and convert coins to fiat cash instantly
- Western Union has announced that it is ready to start processing cryptocurrency based money transfers based on XRP Rapid blockchain technology
- Analysts from Weiss Cryptocurrency Ratings have presented data showing that real-world cryptocurrency payments have become more commonplace throughout 2018, and show no sign of slowing
Businesses Now Realise that Blockchain Technology can be Used to Combat Chargeback Fraud
In the early days of cryptocurrency, naysayers argued that no cryptocurrency can ever have intrinsic value. Confusion surrounding the Bitcoin blockchain and blockchain technology itself subsequently resulted in cryptocurrency being regarded as ‘air money.’
Thankfully, these mindsets are changing.
Major retailers are beginning to realise that cryptocurrency can be used to combat increasing levels of charge-back fraud. For this reason, cryptocurrency does have a legitimate use case, and intrinsic value as a wealth storage medium. Chargeback.com in 2017, began encouraging retailers and payment processors to consider accepting cryptocurrency payments for this reason.
Will Cryptocurrency Adoption Increase in 2019?
Technologically, the capabilities of the Bitcoin blockchain have been surpassed already by coins like Dash, NAV coin, Litecoin, and Ripple XRP. However, it is only now that Bitcoin has reached its 10th birthday, that mainstream cryptocurrency adoption is finally becoming a reality.
Given that Bitcoin is now more widely accepted than at any point previously, it is certain that broader mainstream adoption of cryptocurrency will continue throughout 2019. The only question is, how high might coin prices rise as adoption becomes more commonplace?
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