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Whilst there’s still a large amount of hope that crypto can become a mainstream payment option, its uses have since remained quite limited with the most prominent uses being quite niche as online bitcoin casinos and similar platforms have found the most success with decentralized currencies as a payment method – whilst there had been some early hopes for bigger companies to get on board with a hollow promise from Tesla, those hopes were quickly put to rest. Despite the relative silence in this space, could crypto as a whole still be poised to become a preferred online payment method in the future?
Volatility will play a large role in this change, the past two months have seen a large shift in the price of the biggest crypto options with Bitcoin noticeably seeing a large drop before stabilizing once more, but with the possibility for price adjustments to swing in the thousands of dollars on a day to day basis the uncertainty may remain too high for many vendors to consider implementing until a more stable option is available – it will continue to be the heel of many crypto options as FIAT currency stability remains more important.
Legislation changes will also be important, with the European Union having suggested more changes for transparency in the way crypto is handled it could be a very impactful in how vendors choose to approach crypto in the future – for the most part any change that offers more transparency will be a good thing, but investor interest may change if wider scale changes are to be put into place and this could also have a dramatic impact on the pricing of many of the biggest options, this could also cascade as investor sentiment changes and volatility increases too.
Finally the current rules around some of the biggest options when it comes to mining are changing very quickly, Chinas crackdown on bigger mining operations have led to industrial scale farms moving to other countries leading to energy concerns and blackouts with some outright banning bigger mines too – it’s something that can’t be ignored when looking at the future of crypto currency as a whole, if opportunities to generate more of the coin is lower, then it will further create uncertainty and changes in the market and may also mean that any suggested change becomes more difficult to make.
For now, it seems little change will be made as there has been waning interest to make any bigger changes, but the use of Bitcoin and other crypto options has started to find its way to some major companies for very limited usage, but as the usage is very limited, it may not provide the exact answers needed.
