Crypto Currencies – Can They Be Real Money?
With cryptocurrencies becoming so popular, one question seems to be on people’s minds – can cryptocurrencies by real money? Well, there are many answers to this question. If you ask crypto skeptics, there is no way that cryptocurrencies can be actual money. If you ask El Salvador, a country that adopted Bitcoin as its national currency – there is definitely a way. For example, many live dealer roulette for Australian players are actually able to pay in cryptocurrencies when they play their favorite games.
There are many casinos that are happy to accept cryptocurrencies, and it’s not just the casinos, as a matter of fact. Suppliers and content providers are just as happy to create excellent conditions in which people can continue to use cryptocurrencies. Now, you may be arguing – just because the gambling industry has adopted crypto, this doesn’t mean that crypto equals money. You are very much correct. But it’s hardly only the cryptocurrency industry that recognizes crypto as money. Let’s take a closer look.
Countries and Financial Institutions Accept Crypto
While cryptocurrencies are definitely still a novelty, their status as money is becoming firmer by the day. As mentioned, there are entire countries that are now enjoying the prospect of entering into crypto space and making cryptocurrencies the official currency. Bitcoin is already available in El Salvador.
Meanwhile, in places such as China, the digital currency known as e-yuan is slowly beginning to gather momentum. While there is a difference between cryptocurrencies such as Ethereum and Bitcoin and the ones called Central Bank Digital Currencies, they are still blockchain-based currencies, and they are likely to become the norm as the world is increasingly digitalizing.
Even today, most of your money is not in cash storage but in digital information available when you log into your banking account, for example. All of this is done to help manage money easier and simpler. But as countries, banks, and institutions continue to accept cryptocurrencies as money, there is a real chance that they will continue to be seen like that.
E-commerce, Free Trade and Markets
There is a good reason why crypto is beginning to look like real money, and that is that there is a very strong adoption of these currencies for everyday things. Many e-commerce platforms are open to the idea of using crypto. The Roulette 77 project, a website dedicated to understanding the game of roulette better, argues that while four years ago there were only one or two developers that supported cryptocurrencies, there are more than 20 today.
This means that cryptocurrencies are going mainstream in the most organic way possible, which gives them added momentum, as they hardly meet much resilience. Even MasterCard and PayPal are beginning to adopt cryptocurrencies as they are confident that they are getting the most out of the experience and that consumers truly desire to have access to these digital currencies.
Revolut is another platform that has been focusing on cryptocurrencies of late and it has been doing so successfully. But brands are also leading the push in this sector, as they help create unique conditions in which shoppers and consumers can actually pay for goods and services with Bitcoin and other currencies.
The Remaining Challenges
Of course, it’s easier said than done, and there are many inherent challenges to address and explore when dealing with various problems of this nature. Adopting a new type of digital money that is not backed by a real currency can be scary, and it surely is for central banks who are struggling to grasp the concept fully.
However, consumers seem keen to use this alternative payment option, and they are truly happy to be able to continue doing so. Adopting any type of money should come from the top and from the bottom in almost equal measures. Mainstream finance ignored crypto, but grassroots support thrived. Now it’s time for the authorities to step up their game and make sure crypto exists.