For many people, Crypto and Blockchain technology is still a nerd’s wet dream. A Utopian fantasy and a slick topic to catch attention at a silicon valley cocktail party.
Nothing is further from the truth.
For these people, crypto is just invisible in their ordinary lives. But it all depends where you look. And how eager you are to learn. And, to be honest, how allergic you are for new technologies that haven’t popped up in your day to day life yet.
Crypto, Blockchain Technology and Bitcoin is not a bubble. In fact, it is gaining traction and visibility in ordinary life. You can buy books, clothes or a juice mixer with crypto on marketplaces. You can buy your next flight to your mother with Crypto and you can spend all of your Ethereum on buying virtual streets and real estate on Worldopoly or rent out your hotel there for real crypto.
The end of 2019 is nearing. Let’s do a reality check on Crypto and Blockchain technology.
These are the 3 main real-live areas where crypto is steaming ahead.
I predict with this pace, it will take only a few years till Crypto will become fully mainstream. There is only just one big hurdle to take for this to happen. Which one and how to tackle it I will explain in the end.
Did you know you can buy everything on eBay with Crypto like Bitcoin, Dash, and Litecoin? eBay doesn’t support crypto YET, but you can easily buy eBay gift cards with Crypto. The same goes for Aliexpres and other big online marketplaces.
So here it is, you can buy your electric car with crypto on Ebay. Welcome to the future.
It doesn’t stop there. The big online marketplaces of the world are huge middlemen in between me, the seller, and you, the buyer. Wasn’t a part of the beauty of Blockchain technology that we now can cut away the middlemen?
While eBay still has CEO board meetings trying to crack the join crypto or not nut, smart open-source developers came up with marketplaces owned by nobody. One of those platforms is openbazaar.org. It is not even a platform, it’s open-source software you can download as an app on your phone or on your laptop. OpenBazaar connects people directly via a peer to peer network.
Welcome to shopping in the 21st century.
In the near future, we will see more and more websites offering products and services for crypto. What about freelance platforms where you get paid in crypto? There are many already. Why not get paid in Bitcoin? This is a great explanation of how to get there.
When you offer a product through your website, you are literally just a few clicks away from getting paid in Crypto. The latest news is that Cardano offers payment gateways to integrate into merchant’s websites. Or what about adding a donation button to your website? Yes, why not just earn crypto while you sleep when you offer something valuable to the world or have a rock-solid proven product.
We spent billions to get from A to B. The International Air Transport Association (IATA) estimates net profits in 2019 at $35.5 billion.
I don’t even want to look into the complete travel industry. The world has become our oyster and booking a flight online takes about as much time as sending a Whatsapp to your mother explaining what you did last week.
I am sure the hungry mouth of crypto innovation will eat some part of that travel cake in the near future. Travala is one of the upcoming initiatives that just signed a deal with Booking.com. Through this platform, you will soon be able to book travel and stay with more than 20 cryptocurrencies. As reported by U.Today, Travala also partnered with Roger Ver’s Bitcoin.com wallet to offer saving deals for bookings.
I don’t know what about you, but for me, this sounds like full-on costumer adoption already. As said, the travel industry is huge, so penetrating crypto in this market will probably lead to further accelerating mass adoption.
Personally, I do hope this change will also make it easy when you buy your flight ticket with BTC to donate crypto through a charity blockchain to save a tokenized forest in the Amazon rainforest.
Crypto has the promise to disrupt and revolutionize the world of money. But the biggest mainstream adoption might start with gaming.
I don’t like gaming, but I have understood that from the beginning, gaming has been the nr. 1 industry for using and further developing Blockchain technology and the implementation of nano crypto payments.
This has mainly to do with the fact that gaming, like the travel industry, is huge. Recent research by McAfee showed that on average, children play video games for 2.13 hours a day. That’s a staggering 15 hours a week, almost 2 adult working days. The succeeders of Pacman expect to generate $180.1 billion by 2021.
Children spent on average $85,- on the game Fortnite, realizing a $300 million monthly revenue for the company. Pioneers of crypto in the gaming arena are doing their best to get a foot between the huge gaming door since they can offer a very needed innovation. The use of micropayments or nano payments. Next to this, gamer’s data can be stored on the Blockchain so it won’t get lost and can easily be connected to other gaming blockchains to form a huge network where games eventually will be connected.
Imagine when you shoot your enemy you get paid instead of points.
Not something parents would immediately vote for, but I am sure every kid would start dreaming immediately about becoming the next virtual Robocop cashing in while shooting their way towards digital fame.
And I haven’t even started about online gambling.
The biggest hurdle for mainstream adoption
What is the biggest hurdle towards mainstream adoption? And I am talking whatever industry that needs a technology sweep, that can use some crypto and blockchain magical innovation.
It’s about getting into crypto. You need to own crypto first before you can spend it.
You need to download a wallet, you need to do KYC, you need to learn how to make a transaction, you need to have a bank account.
The latter is not completely true. It is getting easier and easier to get your crypto as a starter. The Bitcoin ATM can do the job for example. Last month the Bitcoin ATMs reached a worldwide record of 6000 ATMs as Cointelegraph reported. I live on the small island of Ibiza, and there are even 2 ATM’s here. Well, not completely weird for an island full of millionaires.
The latest news is that the Bitcoin ATM firm Bitstop partners with the largest shopping mall operators in the US. All signs that the industry is working on solutions to increase the consumer-friendly entrance for newbies into the crypto space.
I remember when I pressed send for my fist crypto transaction, I was terrified.
At the end of the day, it is also very much about trust. In crypto, you need to trust a trustless system, you need to feel relaxed when you throw your hard earned FIAT into an invisible network.
After one time though, I loved it. I prefer this than waiting 4 days over the weekend to finally see my bank transfer arrive.
All of that is, in fact, small hurdles that won’t stop the daily increasing examples of Crypto and Blockchain technologies adoption.
Crypto will become fun, it will become easy. Blockchain technology already is cutting away expensive middlemen. In 2020, we will see accelerated use cases for crypto until it trickles down to the least tech-savvies among us.