- Change theme
it's an internet thing! est 1999
The Evolution of Online Cryptocurrency Transactions
Cryptocurrencies such as Bitcoin have become ever more popular and there are now over 14 million Bitcoins in circulation.
18:56 10 August 2022
In the past few years, cryptocurrencies such as Bitcoin have become ever more popular and there are now over 14 million Bitcoins in circulation. To respond to this, lots of online websites are starting to accept this as a form of payment. There are restaurants, traders and some of the best crypto casinos are now growing in popularity.
Investors are speculating on the future possibilities of these new technologies - and this isn’t easy to predict given the instability of prices and market value.
The blockchain public ledger (that which underlies crypto) could potentially disrupt numerous transactions and not just the classic payment systems. This includes stocks and bonds as well as other financial assets that have their records stored digitally and for which there is a third-party required to verify transactions.
Ultimately, we believe that the crypto market will develop at the pace that has been set by its key participants. We will likely see growth spurts and even credentialing moments. However, for the cryptocurrency market to reach the next step in evolution, it needs to be more widely accepted in the mainstream and its expansion more stable. For this to happen, the key market participants will all play a role.
Merchants and Consumers
For consumers, the use of cryptocurrencies allows for more cost-effective and quicker peer-to-peer payment options compared to the more traditional money services and businesses - without needing to provide your personal details.
Although cryptocurrencies keep gaining acceptance as a viable payment option, the prices are highly volatile and because there is so much opportunity for investments, consumers are currently more likely to trade them rather than spend them online for goods and services.
At the last time of asking, only around 6% of people claimed to be very familiar with cryptocurrencies. Having said that, we believe that the understanding will grow as consumers start having access to innovative services and goods that they cannot get through the more traditional payment methods.
From a merchant’s perspective, cryptos have lower transaction fees and they are at lower risk due to their instantaneous settlements, which means less chance of chargebacks.
Another key player in the growth of cryptocurrency is the investor who, at the moment, seems to be confident in investment opportunities associated with the crypto world. The value of the technology used for these currencies gives investors plenty of reasons for optimism. The more they are worth, the more attention they will gain from the regular investor and the understanding will increase ten-fold.
In our opinion, cryptocurrency is just the beginning of the next phase of technology-driven markets that could potentially be huge - and could well disrupt the more conventional market strategies, established regulatory perspectives and even the most longstanding business practices. This will benefit both merchants and consumers.
The cryptocurrency world offers incredible potential to give consumers access to a worldwide payment system, wherever, whenever. The only restrictions are technology rather than the accessibility of a bank account or credit history. As such, it’s not whether or not cryptocurrencies will survive, but how it evolves and when it reaches full maturity.