Those in the know are confidently suggesting that the crypto bear is on its last legs and Bitcoin has bottomed out. The surge in market cap reported in recent press certainly suggests that might be the case, and the 2019 of steady growth that crypto analysts were promising at the end of last year might just become a reality.
For those dabbling in the markets and trying to make a buck or two out of their Bitcoin and Ethereum holdings, that’s all interesting enough. From a broader perspective, though, the ups and downs of Bitcoin and the altcoins over recent months are interesting from a quite different perspective. Bear or bull, high or low, crypto adoption has been slowly but assuredly continuing undaunted. In fact, if anything, the bear market has hastened adoption among those sitting on the fence and generated a sense of urgency.
Spending Bitcoin for fun
The world of cryptocurrency straddles two highly complex worlds, encompassing the very latest digital technology and the dark mysteries of the financial markets. As such, the words Bitcoin and fun are not ones you might expect to hear in the same sentence. However, the online gaming sector is one that has been right at the forefront of crypto adoption. The first licensed Bitcoin casino opened its virtual doors in 2013 and has steadily gone from fringe operator to one of the better-known names in a crowded sector. Last year, it started to accept other cryptocurrencies in addition to Bitcoin.
Gamers are drawn to a Bitcoin casino for a whole host of reasons, including reduced transaction costs, speed of transfers, online security and the anonymity that comes with using a Bitcoin wallet to play online instead of a bank account or credit card.
Keep your coins on your phone
The smartphone sector is one that knows all about the concept of “mass adoption.” Around 85 percent of adults in the western world own a smartphone, and if digital currency really is going to see similar market penetration, it doesn’t take a genius to see that the two technologies will be bound together in some way.
Samsung is a company that has a reputation for being one step ahead of the curve, so the news that its new Galaxy S10 will come ready equipped with a crypto wallet speaks volumes about the way the wind is blowing. Given that many of us are already accustomed to using our phone to pay for everyday purchases, this feature will serve to further smooth the adoption process.
New countries entering the fray
For some, crypto adoption is simply a matter of opportunity. As the tide continues to turn in crypto’s favor, it is not just individuals who will jump from the fence but also governments. This is starting to be seen in what could easily turn into a snowball effect. Indonesia recently legalized crypto trading, leading to an explosion of trading activity, while Bahrain’s Central Bank recently drafted a roadmap for crypto regulations.
Countries like China and Russia are still standing on the sidelines at present, but the more governments that join the fray, the harder they will find it to maintain this position. It is surely only a matter of time before these, the largest countries in the world by population and land mass respectively, join the rest of the world in cryptocurrency adoption.
Every May, Bitcoin pizza day rolls around and we all have a good chuckle at the earliest crypto transaction. But at the current rate of adoption, we could all be ordering fast food with our digital cash sooner than we think.
