The majority of people agree that if crypto currencies are to be successful then they need to be adopted by the general population, and for this to happen they need to be something that is used in everyday life. However, at the moment this is not the case, while over the past few years many more people have heard about crypto currencies through news reports and social networking, it is still not a thing that most people would consider using. In this article I am going to be looking at what I believe to be the three options that crypto currencies have to be used widely and by many people.
One of the ways in which crypto currencies could become more widely used would be for them to be accepted in more stores. Everyday more and more people are starting to accept crypto currencies as an alternative form of payment in their stores, and some that really support crypto currencies are even offering discounts to people who pay with them, thus encouraging more people to get some crypto currency. However the main problems we are having currently with this approach is that it is only small businesses that are accepting crypto currencies, there are not any major supermarkets or large franchises that accept crypto, this means that while it is good that the smaller merchants are accepting crypto we really need al larger company to do so so that it is brought to the attention of many more people. A major merchant accepting crypto would also give us many news headlines.
What many people deem to be the most likely course for crypto currencies to take is for them to be used as ‘internet money’for people to buy goods and services on the internet. One reason people think that this is the best option for crypto currencies is because this is possibly the most developed of the three options. There are many websites on the internet who accept crypto currencies and furthermore there have already been large companies showing their support of crypto by accepting it themselves, these sites include Zynga, Brazzers and Overstock. These are all large websites that are either using or trialling the use of crypto currencies for their products furthermore when each of them announced this it resulted in a large boost to the price of the respective coin in each case. Another reason why crypto currencies would be good for purchases on the internet is because you can not preform a charge back as you can on a credit or debit card. This means that people selling products on sites like e-bay do not need to worry about the person who bought their item performing a chargeback and just keeping the product. However the downside of there being no way to claim your money back is that it would allow people to take payment for an item and then sever send it, however this could be prevented by using an escrow system.
BANKING AND INTERNATIONAL MONEY TRANSFERS
This is an option for crypto currencies that I don’t think many people think about as it doesn’t result in the direct use of the currency by the majority of people, but by companies. Currently if you wish to send a large sum of money to someone else’s account in some other country you will usually use a bank wire transfer. The problem with this system is that for the banks to send the money it takes a few days and they also take a large fee, so if you run a business where you need to constantly transfer money these delays are very annoying and you will also end up accumulating a very large fee for all the transactions. This is where crypto currencies come in, with crypto you can transfer money to anywhere else in the world and the payment money will arrive in the other persons account within a few hours, much faster than a bank wire. Furthermore this means that the fees are much less as you would only have to pay the standard miners fee which is less than what the banks charge. Another added bonus of using crypto for this instead of bans is that crypto also bypasses any barriers that have been put in place by the government, so you would not be affected by trade restrictions. This is a market area that I could see crypto currencies being quickly adopted in once the price of them begins to stabilize as it would allow companies to transfer their money much faster and at a smaller cost.
In conclusion I definitely think that crypto currencies will be able to expand into at least one of these areas and in the future it is quite likely that people will attempt to make a new currency that is designed to fulfill one of these roles, this would mean that the currency could be marketed to the sector that may use it, and it it is well made then it could become adopted much faster. However in my opinion the main obstacle in the way of a widely adopted coin is the availability of it. At the moment people have all of their money in FIAT currencies and they need a way to trade it for a crypto currency that is both cheap and easy, at there moment there is no way for them to do this besides the few crypto ATM’s that there are scattered around the world. If we want crypto currencies to really become popular we need to create a way for the non tech-minded people of the world to get their hands on it quickly and easily, and that is when the price will skyrocket.