Is Cryptocurrency Really the Future?
Is cryptocurrency really the future? Many people have been asking themselves this question as cryptocurrency becomes more popular and prevalent in the news. After Tesla Motors, lead by CEO Elon Musk, purchased Bitcoin in February of this year and other large corporations’ subsequent purchases, cryptocurrency is becoming mainstream faster than many anticipated. Companies like Facebook are attempting to create their own versions of cryptocurrency. Bitcoin and other cryptocurrencies have also been in the news almost daily for breaking records and attracting new users.
Ethereum hit a record-breaking $2k which, at the time, was a higher percentage gain than Bitcoin had reached. While Eithereum is not as well-known as Bitcoin, it is still a popular cryptocurrency investment and an excellent opportunity to start investing in cryptocurrency.
These signs and more point to the answer that yes, cryptocurrency really is the future. Keep reading to discover details surrounding the question, “Is cryptocurrency really the future?”
How Is Cryptocurrency Really the Future?
There are a few signs that we are moving toward cryptocurrency becoming the future. Mainly, we are slowly becoming a cashless society. Additionally, Bitcoin is becoming mainstream and available for everyday use, which it was not previously. There is an increase in Bitcoin debit cards and cryptocurrency rewards on specific credit cards. These things wouldn’t be popular if cryptocurrency weren’t slowly working its way into many people’s everyday lives.
Becoming a Cashless Society
As time continues, we are slowly becoming a cashless society. In the summer of 2020, many stores and small businesses asked that you pay in exact change or with a card only. That was because there was a coin shortage due to the lower bill circulation. With millions of people staying at home and shopping online, cash was not as readily available. Along with that, people are more conscious about the number of germs cash can have on it, and it’s cleaner to use a credit or debit card.
Regardless of the change shortage, many people don’t carry cash anymore because it’s an inconvenience. Payment services like Venmo and Apple Pay and even Bitcoin have allowed society to pay friends and family back with the touch of a button.
Some countries are already moving to a cashless society for various reasons. For instance, India and Sweden are among the few countries that have changed laws to become a more cashless society.
Using digital assets such as Bitcoin and other cryptocurrencies to purchase items is more convenient and efficient and is one of the answers to the question, “Is cryptocurrency really the future?”
Bitcoin Becoming Mainstream
In February, many companies purchased large amounts of Bitcoin, which drastically increased the price. Along with their $1.5 billion purchase, Tesla also announced that they would soon allow Bitcoin to purchase their products. This announcement was monumental for all cryptocurrencies because it’s the start of Bitcoin becoming mainstream.
A few companies accepted Bitcoin as payment before, but none were as widely known as Tesla. After Tesla’s purchase and the subsequent price increase of Bitcoin, other companies began to purchase and announce that they would soon start accepting Bitcoin as payment as well. Mastercard, Microstrategy, and Square are just a few of the many corporations that have purchased Bitcoin.
After Bitcoin hit record heights of almost $60K, it decreased tremendously, and many were worried there would be another crash similar to the crashes that happened in 2018. However, Bitcoin prevailed, and the price rose again after the small slide in price.
The fact that Bitcoin keeps making a comeback when everyone thinks it’s done proves that cryptocurrency is the future. Decentralized finance has a way of raising itself again with the help of government institutions.
This increased attention to Bitcoin has many new users investing, and seasoned users are purchasing more Bitcoin. Some expect Bitcoin to rise as high as $300,000+ in the near future, and as Bitcoin becomes more mainstream, cryptocurrency slowly becomes the future.
Bitcoin Credit and Debit Cards
Recently, Visa and BlockFi have partnered together to release cryptocurrency rewards on Visa credit cards. Instead of cashback or airline miles, you will earn cryptocurrency rewards on your credit card. This release is set to roll out in the spring of 2021 and will be available in all states except New York due to regulation issues. The card will have a $200 annual fee; however, users will receive 1.5% cashback converted into Bitcoin monthly.
Gemini is also coming out with its version of a cryptocurrency rewards credit card. These users will earn up to 3% for every dollar spent that will be converted into Bitcoin or the cryptocurrency of their choice. Both of these cards currently have waitlists, but Gemini is also projected to launch later this year.
Cryptocurrency credit cards are great because they’re an easy way to get into Bitcoin without investing money to get started. Your Bitcoin rewards could also see an increase in value, and all you have to do to get them is keep using your credit card as you would normally.
There are also cryptocurrency debit cards that convert your cryptocurrency into regular money upon purchase. These kinds of cards are great for travel because you don’t have to worry about calling your bank or converting currency; the card does it all for you. Cryptocurrency credit and debit cards will only increase in popularity as cryptocurrencies become more popular.
Find a Pelicoin ATM to Start Investing in Cryptocurrency Today!
Experts expect that these developments will only continue to increase as time goes on. Now that “is cryptocurrency really the future?” is on your mind, you may be wondering where you can purchase Bitcoin or other cryptocurrencies. Pelicoin ATMs are a great way to get started in cryptocurrency investment. We have user-friendly ATMs all over the Gulf South that will help you begin your cryptocurrency journey. When using our ATMs, we have a step-by-step guide that allows you to make your first cryptocurrency purchase with ease.
It’s never too late to invest in Bitcoin; find a Pelicoin ATM near you and start investing in Bitcoin, Ethereum or Litecoin today!