A lot of the early stories people heard about crypto had something to do with its growth and the profit some people made out of getting in on cryptocurrencies early. You might say that this was an inadvertent side-effect of cryptocurrencies which were actually made to be used, rather than just being made as an investment piece for people.
Like any currency, the addition of cryptocurrency created another tradeable asset and there were those who bought Bitcoin when its value was much lower. The intention, though, is not for this to sit in investment accounts, it is more to revolutionize the way money is used and add protection for the users, cutting out banks and reducing the need for a middleman.
Cryptocurrency in Use
Using cryptocurrency is easier than ever before as there are more businesses accepting the payment method. The industry that has embraced it the most is the gambling industry, with crypto becoming a huge way to deposit and withdraw from gambling accounts.
When playing at an online casino for real money, people want both convenient ways to deposit and a high level of security, and crypto can provide both. Bitcoin casinos have become more common, and some established casinos that have been around for decades are also accepting these payment methods.
Crypto gives people a level of anonymity as well as autonomy, and no bank or bank account is needed to make the payments, as it takes place using crypto wallets. In casinos, people can use their crypto balances to play poker, baccarat, and more games that have been around for hundreds of years but now have a modern twist. There are also new games such as crypto slots and “Crash” games with an interface that replicates the stock markets.
Crypto has proven to be a popular match in other industries, too, but sometimes requires a separate payment facilitator. For instance, much of the gaming industry has embraced crypto through the help of BitPay, they provide a way for people to make transactions using cryptocurrencies, and for the company to be paid in their chosen currency. Effectively, it performs an exchange during the transaction, but to the consumer, all that matters is the fact that they can pay using their chosen currency and buy games and other items using crypto. Similar arrangements exist at many top retailers meaning people can buy things like food and drink, clothing, and even a car using crypto!
Paying in person has become much more straightforward, too, with many retailers having payment solutions for mobile pay, letting you use a contactless method to pay with some Bitcoin.
Cryptocurrency as Investment
Every investment can go up or down, and the key is for people to do their research. New cryptocurrencies are being launched all the time, as well as other blockchain-based technology such as NFTs, forming another option for peoples’ investment.
There is a huge industry involved in cryptocurrencies now, including predictions of whether the cryptocurrencies are going to go up or down in value, though nobody can tell for certain, like all forms of investment.
Investment analysis can show whether currencies have gone up or down in value and this shows the potential for investors.
Cryptocurrency’s Use in 2024 and Beyond
Cryptocurrency, including the most popular currencies like Bitcoin, has spread around the world, and in some countries a high percentage of the population uses crypto. In Nigeria and Turkey, almost half of the population uses cryptocurrencies, which shows how mainstream the currencies have become since their launch.
Some large companies also hold a huge number of Bitcoin, for instance, Elon Musk’s Tesla is known to have almost 10,000 Bitcoin in reserve, and Musk has been a long-time advocate of cryptocurrencies. For a while, Tesla directly took Bitcoin as a payment method, so people could buy their new car using decentralized currency.
Use is predicted to continue to grow as people seek more security and embrace modern payment methods. People are getting more used to paying on mobile devices and there are many more big businesses starting to accept the payment method, which also helps to drive crypto.
As you can imagine, there are new companies using blockchain technology, trying to stay ahead of the curve and driving the future. 2024 will be another big year for this technology, Bitcoin mining is still popular but some are shifting to other currencies, especially due to the “Bitcoin Halving” event that will take place, meaning newly-mined Bitcoin doesn’t have quite as much value.
Conclusion
Cryptocurrency is designed to be used but like all currencies and financial assets, there will be a market for investment in which people can choose to get involved if they wish, it is a decision for everybody to make individually.
Crypto’s growth has been incredible over the last decade or so, and fascinating to watch, as we enter an era with both investment and everyday use for crypto.
