Cryptocurrencies have been dominating the online investment community for some time. Although once considered to represent nothing more than an alternative trading opportunity, they are now enjoying a real-world sense of functionality.
What is behind this transition, and how can cryptocurrency payment solutions benefit the average Londoner? Read on to fully appreciate the current state of play.
From Nebulous to Practical
Ironically enough, companies such as payment provider Mountain Wolf saw the proverbial “writing on the wall” years ago.
They understood that cryptocurrencies had the potential to become much more than blockchain-based investments.
This is why they placed a great deal of effort toward developing practical solutions such as prepaid crypto cards that offer the same flexible solutions as traditional credit cards.
The fact that these systems can be topped up with both fiat and cryptocurrency likewise offers a flexible edge; appealing to a wide range of consumers. However, this is only the tip of the proverbial iceberg.
The Rise of Web3 Technology
Another digital trend that has gone largely unnoticed involves the presence of a type of Internet protocol commonly referred to as Web3 technology.
This represents a decentralised means of performing everyday transactions, and it has already gained a significant amount of clout. For example, many online casinos have chosen to incorporate cryptocurrencies within their existing point-of-sale systems.
This provides an additional layer of security, and is intended to attract a wider audience base. Numerous other virtual retailers are already beginning to adopt the same strategies.
Not Only for High-End Investors
A fair amount of speculation has always been associated with the cryptocurrency community. Terms such as “blockchain”, “DeFi”, and “stablecoin” would often fall on deaf ears. Things are already changing thanks to mainstream recognition.
There are also many London-based cryptocurrency conferences open to the public; an excellent way for average consumers to better understand the potential benefits, and to network with others.
Another interesting development involves the sheer amount of information that Londoners can access when delving into the finer points.
YouTube videos, free crypto trading courses, and countless downloadable smartphone applications make it easy to become actively involved. Let’s also remember that brick-and-mortar retailers have likewise warmed up to the concept of cryptocurrency payments.
The Rising Cryptocurrency Tide
At the time that this article was written, no fewer than 55 London franchises accepted Bitcoin payments. Here are some examples:
- Coffee Tune
- Dream State
- London Speech Therapy
- Nincomsoup
- Rathbone News
This is a clear indication of things to come, and there is little doubt that the numbers will continue to grow.
However, it would be a mistake to assume that fiat payments may some day simply “evaporate”. These methods are still quite popular due to (if nothing else) sheer familiarity. The good news is that cryptocurrency alternatives can add another string to the proverbial bow.
These very same trends are likewise being seen throughout other major cities, and crypto payments should enjoy even more exposure in the coming years.
Featured image credit: Sarah Agnew, Free to use under the Unsplash License
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