Which online sectors are embracing crypto?

Which online sectors are embracing crypto? • CryptoMode

Even though it seems like Bitcoin and other cryptocurrencies have been around for years (which they have, with Bitcoin being launched back in 2010), they only truly came into the spotlight around 2017, when Bitcoin, in particular, saw a huge price surge. That sort of price rise has been dwarfed by the growth in 2020, and even with a dip in the market in 2021, the overall sentiment around crypto remains extremely bullish.

The ongoing pandemic has contributed to this as well, as quite a few people have taken to looking at digital investments during this time. At the same time, there has also been much greater adoption by several sectors, with many online portals and merchants beginning to accept cryptocurrencies as a form of payment. Leading the way in this regard is the online gambling sector. Online gambling has seen a rise in interest in 2020 due to the pandemic, which has led to land-based casinos being closed almost everywhere globally. Many casinos have taken advantage of this increased interest to also begin to push the usage of cryptocurrencies on their sites, with users able not only to play casino games for bitcoin on trustworthy online casinos, but also to make deposits and withdraw their winnings to the crypto asset of their choice. This has led to many crypto users beginning to use online gambling websites as well, and could be a template for other sectors to follow.

Nevertheless, this is not the only reason for increased interest in cryptocurrencies this year. Governments, central banks, financial institutions and the media have all been paying a lot more attention to this space, which, in turn, has led the general public to be interested as well. Bitcoin saw a huge fall in price earlier this year too, which fueled a lot of buying interest as people looked to pick it up for cheap. All of this points to the fact that digital currencies are not just a fad, and are here to stay.  In fact, research is projecting that 2021 could continue to be a huge year for this space.

One of the biggest bits of news which supports this assertion is the fact that several of the world’s biggest companies now support crypto. PayPal allows users to make payments through crypto to merchants, Visa and MasterCard are launching crypto cards, Tesla (briefly) accepted payments in Bitcoin, while banks like Goldman Sachs and JPMorgan are working to bring crypto investment options for their customers and clients. 

Younger people are especially more likely to use cryptocurrencies, and this is supported by a recent report by JPMorgan, which said that millennials are more likely to invest in crypto than they are in gold, which shows that the shift towards digital currencies is well and truly underway.

Digital currencies are much more accessible today, and this ease of access is improving as time passes. As these currencies become more stable, expect more and more people to begin moving money into them as a store of value, due to fiat currencies being volatile and open to manipulation by central banks and governments. While it is still some time before cryptocurrencies can replace fiat currency, they are definitely in line to be adopted and used a lot more than earlier, certainly in 2021.

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