Tech Leading All Sides of the Crypto Equation
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As a result of technological evolution, cryptocurrencies are inherently tied to the digital world. Though many understood this as a reality from the beginning, what was less obvious was how crypto would rely on other aspects of the tech world to expand. From online wallets to the purchases of physical and digital goods, this combination has proven a driving force in crypto proliferation.
Finding a Relationship
For any industry, one of the strongest ways to create growth is to guide users down related paths. This is the basic idea behind tech’s association with crypto, but the concept itself is hardly new. Many industries both physical and digital placed have adopted such an approach, and to a far greater effect than they might manage otherwise.
One of the more popular modern examples of this can be found in this article about gambling on casinos versus the stock market. Despite operating in betting versus investment, the shared aspect of chance acts as a bridge here, which can drive users to cross over where they normally wouldn’t. Though one involves long-term risk and one involves short-term, the shared factors for users interested in one can be too much to ignore.
"#stock_market #finance #motivation #futu" (CC BY 2.0) by Free For Commercial Use (FFC)
Among the first of the relationships to arise from crypto and other industries came from video games. Mining crypto has always appealed to computer enthusiasts, and there is a lot of cross-over here with gamers. Combine this with the reliance that crypto mining has on graphics cards, and the combination makes undeniable sense.
Even Steam, the largest online game retailer in the world, got in on this idea. From 2016-2017, Steam opened its doors to Bitcoin trades, earning itself considerable fame. Eventually dropping the idea due to price uncertainty, other businesses were happy to pick up the slack. Today, many other sellers accept bitcoin, and they’ve been embraced by the market openly.
From this point, the next major crypto-related markets then opened in forms of more general trade. Electronics, household goods, and even property, all would eventually be tradeable with crypto from dedicated and forward-thinking websites. These might have started niche, but today they're worth billions of USD annually, and they're only growing more popular.
The Next Step
While certain crypto like Bitcoin and Ethereum are already a part of the mainstream financial vernacular, there are a few steps yet to take before full public-adoption takes place. Primarily, this is due to the difficultly of making fast-paced transactions, but there are players behind the scenes working to address this issue.
Crypto-linked Visa cards are one illustration, as officially supported payment devices that can payback into crypto cashback. Otherwise, prepaid cards supported by Bitcoin that are translated into a fiat currency are also making a mark, and are just as effective as anything else on the market.
"Buy Bitcoin with credit card" (CC BY 2.0) by wuestenigel
Just as the 2010s were the decade where cryptocurrencies grew, the 2020s could be the decade where they get to stretch their legs. While tech will undoubtedly play a large part in this equation, more visible applications in the mainstream will also undoubtedly arrive. Even if you’re not yet looking to cash out, this sort of market growth is beneficial for everyone.