Digitization, or using technology to manage and control transactions and assets, has become an unstoppable trend. Cryptocurrencies are now turning from a form of payment used to buy drugs and hitmen into the method by which we sell our data, brand loyalty, and shares of ownership. They’re the essential tools of choice for building a robust financial model and conducting smart contracts for cryptocurrency security platform.
This tech’s diversity will soon manifest in a gold rush across industries, causing the global cryptocurrency market to balloon. Mobile payments, decentralized money transfers, and crypto payments are just a few examples of how developed blockchain cryptocurrencies are poised to influence daily transactions around the world. Casino sites like BetFury.io are also adopting cryptocurrency as a payment method.
Huge Changes to Watch Out for in Bitcoin
Massive changes will happen in Bitcoin and other cryptocurrencies by 2022. Let’s see a few of them:
Mass Adoption on a Global Scale
Bitcoin and cryptocurrency are in the very early stages of mainstream adoption. Currently, these digital assets are only used for remittances, purchasing illicit goods, and transferring money from one side of the world to another. It is likely that cryptocurrencies will experience more widespread use before they become widespread for mainstream purchase. As a result, companies that accept cryptocurrency are poised to have a big impact.
Lest you think that you need to be a member of an elite club to be able to use cryptocurrencies, think again. Small businesses are already adopting this technology, and larger businesses are increasingly accepting Bitcoin as a form of payment.
Sharing Economy Platforms
Digital service providers, including Uber, Airbnb, and Airbnb, are paving the way for mass adoption in the sharing economy. Airbnb is one of the first startups to begin accepting Bitcoin as a form of payment. When you book a trip through Airbnb, you can select a payment method such as credit cards or Bitcoin to pay for your accommodation. In return, the property owner of the listing receives a small commission that they can use to offset the cost of their home. Although this commission is small, it can add up when a large number of hosts are accepting cryptocurrency payments.
Similarly, Uber is one of the few major ride-sharing services to accept cryptocurrency as a form of payment. They are likely going to benefit the most from the adoption of cryptocurrency because their riders are likely already comfortable with using digital currencies.
The global finance sector is not quite ready to accept Bitcoin as a form of payment. Bitcoin is used mostly as a payment for goods or services that need to be sent to someone else, such as Bitcoins for a mining operation or Bitcoins for a pharmaceutical transaction.
However, custodians will likely accept cryptocurrency in the future, as a way to secure assets that belong to wealthy or powerful people. For example, a major bank is working on a cryptocurrency security platform that will store the virtual currency of wealthy individuals. This will give cryptocurrency a much greater place in the global finance world.
The Global Impact of Bitcoin
It is currently difficult for a company to be listed on the world’s major exchanges. However, this may soon change. Bitcoin is not only the most valuable cryptocurrency on the market, it also has the most developed blockchain. This will lead to greater integration of digital assets across multiple sectors, in many cases to the benefit of consumers.
For example, the world’s stock exchanges, including the New York Stock Exchange, Nasdaq, and the Tokyo Stock Exchange, are working to incorporate Bitcoin’s blockchain technology into their financial infrastructure. This could lead to the widespread adoption of digital assets across the globe.
Bitcoin and Blockchain: An Opportunity for the Developing World
It is also important to note that Bitcoin has a large potential to be used in developing markets, in much the same way that cash is currently used. For example, in India, Bitcoin is used mostly for online gambling purchases, among other things. Nevertheless, Bitcoin and other digital assets could be used to improve the lives of many individuals in developing countries. For example, in Kenya, bitcoin is used to allow farmers to transfer money to their local bank accounts.
Blockchain technology, which is also known as distributed ledger technology, is still relatively new. It was developed as part of Bitcoin. This means that the blockchain, in particular, is likely to play a key role in the future development of digital assets. According to CoinDesk, many experts predict that digital assets could become the next “big thing” in the world of finance. However, this doesn’t mean that the future is now.
It’s no surprise that cryptocurrency trends are constantly evolving. We’ve witnessed a rapid rise in price since last year and it seems as if every week, there’s a new exchange introducing new, innovative features. In fact, 2021 is a breakthrough year for the industry as a whole and 2022 trends will be more outstanding.