Can Cryptocurrencies Rise Again as a Legitimate Form of Payment?

If we observe Bitcoin as the original cryptocurrency, we can see that the invention has been tarnished. The creator, operating under the pseudonym of Satoshi Nakamoto, wanted cryptocurrencies to usurp fiat currencies.

They saw central banks as untrustworthy and that the responsibility of money should be placed under the control of a neutral entity such as the blockchain.

Over the last several years, Nakamoto’s vision has only moved further away. The peer-to-peer network beyond the control of governments has instead been transformed into an investment vehicle.

Many people associate Bitcoin and its kin with risky investments, and plenty of roadblocks remain. However, there are signs that crypto uptake based on its original purpose exists and could make a comeback before Wall Street starts buying in.

Where Crypto Is Being Used As Currency

Can Cryptocurrencies Rise Again as a Legitimate Form of Payment

Cryptocurrencies are accepted by major companies in North America and beyond. The reason for this may not be apparent, but using crypto coins as a form of payment at major brands offers additional credibility to the practice.

Names like AMC, AT&T, ExpressVPN, Microsoft, PayPal, Rakuten, Tesla, Twitch, and even Time Magazine all currently or have previously accepted Bitcoin, Ethereum, or Dogecoin.

In recent times, accepting cryptocurrencies has become an important trend in one specific industry in Canada. Cryptocurrency payments have become a hot trend among the new online casinos for Canadians like Lucky7 or Lucky Start.

It’s a way for new platforms to stand out from the more established brands. Crypto payments also offer that additional sense of trust because blockchains are widely known for their ability to enhance privacy and protect payments.

Players can deposit, bet, and withdraw money using popular cryptocurrencies. Bitcoin and Ether are, naturally, the most common coins for this, but some also take payments from Dogecoin, Litecoin, Ripple, and the like.

Still, using crypto as a form of payment will continue to rely on demand, which is dictated by awareness, understanding, and trust.

A Tough Year For Crypto Adoption Ahead

Where Crypto Is Being Used As Currency

Cryptocurrencies have been knocked back a fair bit in 2024. As laid out by Forbes, the FTX founder’s trial has rocked trust in the industry since its 2022 collapse.

On top of this, new regulations, particularly from the European Union, look to erode personal financial freedoms further. This is without mentioning the ingrained perception following the path crypto took to be known in the mainstream.

Investors and associated reports closely and, often hyperbolically followed the price of Bitcoin and other leading cryptocurrencies. People were piling in to invest and make a quick profit.

Ultimately, the bubble burst, as did many others after that, with the most recent occurring in 2021/22. None of it speaks to a stable form of money or financial transactions, which puts many off.

As Coin Telegraph shows on its chart, over 60 percent of respondents have heard of cryptocurrency, but just two percent used it in the year of the study.

Crypto needs to become seen as a payment method rather than an investment vehicle, which perhaps can only be achieved by government intervention.

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