For decades, the term cryptocurrency has been banded about with increased regularity. Not everyone owns cryptocurrencies such as Bitcoin, Ethereum, Litecoin, or Dogecoin, but in some conversation circle or on the news, most people around the world would have come across the mention of cryptocurrency. While digital currencies have been steadily increasing their influence on society, what does the future hold for them and when will they make their breakthrough as a standard payment method around the world?
Cryptocurrencies Craving Stability
The main obstacle for cryptocurrencies in their quest for domination as a financial medium is stability. Volatility is a term closely connected with cryptocurrencies due to the heavy fluctuations experienced in the price of all digital currencies, even on a day-to-day basis. As perhaps the most recognised and widely used cryptocurrency, Bitcoin has witnessed the entire range of price fluctuations, dropping as low as a few cents to reaching the dizzying heights of tens of thousands of Dollars.
The instability stems mainly from the amount of people around the world using cryptocurrency as an everyday payment method. The vast majority of crypto users are happier retaining digital currency as an investment, perhaps waiting patiently for those moments when the price suddenly spikes. And with the landscape of politics constantly shifting in influential markets around the world, there is a distinct possibility of this happening.
As recently witnessed with Donald Trump’s new tariff laws, owning cryptocurrency is a rollercoaster ride. In the build up to Trump’s inauguration, crypto users were revelling in a record high price for Bitcoin that trumped (excuse the pun) the 100,000 USD mark. But shortly after, upon the announcements of new tariffs to be introduced on imports into the U.S, Bitcoin owners were brought back down to earth. The happenings and subsequent fluctuations in crypto prices in the short time Trump has been back in power is evidence of the instability of cryptocurrency in a nutshell.
Cryptocurrency finding wider worldwide usage
As we have established, the stability relies primarily on the usership of cryptocurrency. Greater recognition leads to more consistent usage and therefore, more transactions that improves circulation of a cryptocurrency. You can think of it like blood pumping around the body delivering oxygen and nutrients to help us function.
While cryptocurrencies are not close to experiencing the levels of exposure required to be taken seriously, there are wider uses of digital currency in everyday life. More companies are accepting cryptocurrency as a form of payment like Starbucks, Microsoft, and Tesla. And even in the entertainment industry, there are more signs of digital currency at work in the emerging online casino industry.
In an industry that has quickly risen to be worth billions in the global market, more online casinos listed at the Daily Star are starting to implement blockchain technology into their platforms to support cryptocurrencies as a payment method to finance game play. Online casinos and large companies are beginning to see the advantages of cryptocurrency and the blockchain technology that powers it. With faster transactions and lower transaction fees due to the absence of a third party, cryptocurrencies are also representative of the increasingly faster lifestyle we live that is being driven by the digital revolution.
Many with an invested interest in cryptocurrency will be hoping that Bitcoin, Ethereum, and Litecoin can play a major role in a digitally oriented future. Until that stability is reached though, the future of crypto will remain clouded.
