Pay with cryptocurrency: the growing trend
Over 100 million people worldwide have now invested in cryptocurrency. The trend has evolved into a way of life for many, and it can no longer be seen as a fad, with the industry anticipated to reach a value of $32.5 trillion in the next five years. As with anything new it can be difficult to get your head around, so we’ve done the hard work for you, demystifying this digital currency.
What is cryptocurrency?
Cryptocurrency is a virtual or digital currency, secured by codes known as cryptography. This makes it extremely difficult to forge or spend more than once. Examples of cryptocurrency which you might have heard of include Bitcoin, Litecoin, Ethereum and Z Cash.
Countries using cryptocurrency
Cryptocurrencies are growing in popularity across the world, especially in developed countries including the US, UK, Canada, South Africa and Australia. Emerging economies, such as China, India and Brazil are also significantly growing their use of the digital currency.
In 2022, El Salvador became the first country to formally introduce Bitcoin as legal tender, with many financial commentators believing Panama, Paraguay and Guatemala will also follow in its footsteps.
How to pay with cryptocurrency
Set up your cryptocurrency wallet, an online place to store your Bitcoin or other virtual currency. Do your research and find the best wallet to suit your needs and your type of currency, many of the latest wallets allow access through your laptop as well as mobile apps.
The next step is to buy your digital currency of choice. You can do this using your credit or debit card or even Paypal.
Next up, check if the company you’re purchasing from accepts your digital currency. Even though the trend is growing in the UK, there are still limited companies that are accepting virtual currencies as payments.
Finally, making a payment is easy! Simply add the company address into your cryptocurrency wallet and assign the amount you’d like to transfer. Transactions happen immediately, so both you and the merchant can see incoming and outgoing payments in real-time.
Cryptocurrency in the future
Cryptocurrency was initially met with uncertainty and caution by many, but in recent years has seen a surge in popularity which has eased many consumers’ concerns. Financial analysts believe that by 2030 the market will have more than tripled creating a value of over $5 billion – a figure that can’t be ignored!
In the future, more forward-thinking global companies are set to introduce cryptocurrencies as a payment method globally, including Tesla, Starbucks and Mastercard. While brands such as Microsoft, Burger King and KFC have already introduced Bitcoin as a payment method on a small scale within their companies.
Cryptocurrencies are still in their infancy and with little history to analyse it is difficult to predict how big this global trend will become and how long it will last. However, it’s clear to see that big brands, investors and consumers are starting to take this digital trend seriously, introducing virtual currencies to the mainstream market. With this in mind, there’s definitely more to come from cryptocurrencies in the future!
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