After its meteoric rise, cryptocurrency peaked in 2021. Since then, value has dropped considerably with Bitcoin plummeting by 60%. However, comparing current values could be unfair, as the 2021 peak was unprecedented and appeared to be a result of crypto being in the right place at the right time.
Trading volumes have continued to drop and are at their lowest since November 2020. This has resulted in many critics saying it is the death knell of cryptocurrency, but this knee-jerk reaction is unlikely to be true.
Despite not reaching its previous popularity, crypto is still used in a variety of ways; many businesses and organisations accept it as a form of payment. It may not have the same investment buzz as it once did, but the idea that cryptocurrency is on its way out is far from the truth.
The relative stability of crypto is unlikely to see the kind of excitement and clamor in years gone by, but it still offers users a good alternative to traditional currencies and the financial institutions that manage them.
Political instability and distrust in the financial sector have created a need for a decentralized option. Crypto also protects owners from asset seizures and sanctions that can be applied through traditional banking systems.
Cryptocurrencies were once seen as the potential global currency of the digital age. Although it hasn’t replaced national currencies, the convenience and anonymity it can provide are still strong draws. El Salvador and the Central African Republic remain the only countries to have adopted Bitcoin as legal tender as of August 2023.
A lot of recent technological developments have caused concern among the general public with facial recognition technology keeping tabs on Chinese residents and AI threatening to replace workers and artists in the creative industry. Having a currency that is not state-controlled is something that will appeal to many who are concerned by these developments.
North America has embraced cryptocurrency; around 83% of cryptocurrency ATMs were located here in 2020, with the majority in the United States. While this number began to taper off in 2022, these ATMs still give users easy access to cash by trading Bitcoin and other cryptocurrencies when out in public.
Online gambling is another industry that has grown rapidly in recent years thanks to its accessibility and the ever-improving technology behind these engaging games. To capitalize on the crypto trend, crypto casinos like Megadice have also appeared and seem to be flourishing. These sites offer similar games and bonuses as their fiat currency counterparts, but often bigger and better. They generally offer hundreds, if not thousands, of the latest games, and huge welcome bonuses to attract players over from fiat sites.
Users who don’t want to invest, trade, or gamble their cryptocurrency can also spend it with a number of businesses. Some are set up to act as a middleman and allow bill payments with companies not set up for cryptocurrency payments.
Other businesses that are happy to accept cryptocurrency include:
- Starbucks
- Twitch
- Microsoft
- Paypal
- Wikipedia
Having such big names willing to accept cryptocurrencies as a form of payment lends a level of trust and belief that they will be around for the foreseeable future.
