Cryptocurrency has made one of the fascinating transitions in our history. Several of these digital coins develop from the proverbial ugly ducklings into black swans in less than ten years. For example, Bitcoin transitioned from being less valuable than 2 Papa John’s Pizza to becoming the most valuable exchange tender globally. That must be the most profitable makeover in history.
Like every means of exchange, cryptocurrencies are only as valuable as their worth during transactions. Therefore, these coins establish their value with every acceptance they receive across different transactions. Skeptics used to poke at the value of Cryptocurrencies, but now everyone wants to see their potential across industries. This post reviews the worth of cryptocurrencies in daily transactions.
There is no better scale for money worth than luxuries. Crypto became more valuable when it became obvious that we could use it to pay for the ultimate holiday experiences. We now have holiday reservation websites that allow you to pay with crypto when booking your exotic holidays.
Expedia dropped the bomb on us in June 2014 when it started accepting bitcoin as payment for travel bookings. We know it was a marketing strategy, but you can’t fault its effectiveness. The new payment method opened Expedia to a new class of customers – The Bitcoin Investors.
However, the bitcoin investing community has been enjoying crypto travels since 2013, when CheapAir expanded its payment range to include Bitcoin. In addition, the website recently upped its game by increasing the type of cryptocurrencies they accept. Users can now pay for flights with other supported coins like Ethereum, Dogecoin, and Litecoin.
Making real estate transactions on blockchain technologyused to be a pipe dream, but here we are. The pioneers explored using bitcoin to pay for some property in 2014, but we now have a more structured system for such purchases.
One of the best features of these transactions is that they don’t require stacks of paperwork as you’d expect in regular real estate deals. You can find Crypto Certified Dealers on Propyand buy the house of your dreams without hassle.
We understand that it is quite an unlikely combination – using a volatile payment method for a risk-averse industry, but crypto transactions are getting acceptance across the real estate sector. This acceptance comes from the payment security we are getting from Web3-powered real estate websites like Propy. Propy establishes these real estate transactions by drawing up Blockchain Smart Contracts and even includes notaries to legalize the contracts.
Online Gaming (or, as the big boys call it, Interactive Entertainment) has enjoyed the use of cryptocurrencies more than several industries. The fact that the games and the payment method are online may have contributed to the ease, but crypto and NFT had seamless integration into the online gaming space.
Like most crypto-based innovations, online gambling was first integrated with cryptocurrency in 2013. Cloudbet casino was the first casino to explore the possibility of gambling with cryptocurrencies, and we have seen the transitions that followed that experiment.
Today, several crypto gambling sites only accept cryptocurrencies as their payment method. Like Duelbits, some are open to a variety of supported systems, but you still have several streamlined bitcoin gambling sites that only accept bitcoin. Again, btc casinos such as Cloudbet casino is on the top of this streamlined list.
But the interactive entertainment industry is experiencing more transitions than just payment.
The most interesting transition in the online gaming industry is the shift into the metaverse. Of course, we already know that the future of interaction is virtual, but gaming seems to be charting the course into the metaverse. We already play most of our games through virtual reality consoles, so the metaverse should be as receptive.
While adapting video games into the metaverse may be an easy transition, online gambling is an entirely different experience. Imagine having to play a live poker game in real-time with players from across the world without leaving your house. This time you would not be playing from behind a screen; it would be as if you were all in the same room.
Yes, it is as unbelievable as it sounds. But it is already here.
Atari Games has taken the leap that would change gambling forever. The company recently bought a large gaming estate in Decentraland’s metaspace, and guess what they are trying to build? Exactly- Metaverse Casino!
We know that fiat currencies may not be as valuable in the metaverse, but cryptocurrencies would be the hallmark of that space. We are talking about fast, seamless, and anonymous transactions hinged on blockchain technology.
Someone stated something earlier: “There is no better scale for money’s worth than luxuries” – Please, there is no rule against quoting myself, especially when I am stating the obvious.
The value of cryptocurrencies has gone through the roof with the increasing number of crypto-based transactions. We can now use cryptocurrencies for payment in almost all retail transactions. Even the most prominent hardware stores and other distributors of household items are finally coming around to accepting cryptocurrencies.
Leading online stores like Microsoft’s Xbox Store have been taking bitcoin payments since 2014. Other stores like Overstock, NameCheap, and Whole Foods have also pitched their tent in the crypto space. But one of the most unexpected news was when Home Depot included Bitcoin as one of their payment methods. I mean, that has to be one of the largest endorsements for bitcoin.
While more retail distributors include cryptocurrencies in their payment methods, others are increasing the scale of their acceptance. Bitcoin used to be the most accepted coin, but it currently shares the spotlight with several others. Leading online store Shopify is one of the stores exploring the scale of cryptocurrencies. The store currently allows payment through up to 300 different crypto coins. We also have Newegg, which seems to be bent on making a name for itself in the cryptocurrency community by mining and accepting a wide range of cryptocurrencies.
It was always a matter of time before cryptocurrencies found their way to regular payment structures like e-wallets and credit cards. Popular e-wallets and online payment institutions like Skrill, Ecopayz, and Neteller have crypto options that allow users to transfer crypto to one another. They also allow exchange from and to fiat currencies. But how does this work with credit cards?
The truth is that the cards themselves do not support cryptocurrencies, not yet at least. But the service providers work in partnership with accredited crypto institutions to channel payments through their platforms. For example, Visa used to partner with Crypto.com to create a system where Visa could convert its user’s digital transactions into fiat currencies. But that changed in 2019 when Visa upgraded its services through a new deal with Anchorage’s digital asset bank. As a result, Visa now has a crypto platform that its customers can link to their usual cards and make their crypto transactions.
Again, there is no better scale for money’s worth than luxuries. And when it comes to luxuries, cars are easily the most desirable. Lucky for us, we can now pay for our car with cryptocurrencies.
Of course, not directly from the manufacturers. Most manufacturers still prefer traditional fiat payment, but this has not stopped the crypto purchases at dealerships and online car retail websites.
Popular websites like CryptoExchange, AutoCoinCars, and Bitcars.edu now allow users to pay e-currencies when buying some car models. You can buy exotic models of popular brands like Toyota, BMW, Audi, and Nissan from these online dealers and even some on-site dealerships.
Like every other form of money, cryptocurrency draws its value from transactions and investments. The investment part is pretty settled with the number of hodlers, but crypto transactions are becoming just as rampant. We know you want to stock up your crypto for the next time it increases in value, but you should not shy away from making purchases.