Crypto is revolutionizing the world economy. A decade ago, it was unimaginable that we would come to a stage where shops and service providers would allow crypto as a payment method.
How did we get to this reality?
First of all, people were educated about crypto. The big crypto boom during the pandemic, made more people more aware of the world of cryptocurrencies and invest more in it. Well, the benefits of crypto outnumber the risks it poses and its competitors. Thanks to cryptocurrency businesses have speed transactions, security and privacy with their customers and the biggest allure from them all – the lower transaction fees. Both business and customers do the transaction directly, without intermediaries, and can access their funds immediately.
In this article, we will explore how cryptocurrencies have made our lives easier when shopping online or paying for our services. Additionally, we will examine how cryptocurrencies have enabled online and cross-border payments, peer-to-peer transactions and smart contracts, and decentralized and distributed applications. Lastly, will delve how the entertainment service industry benefited from using cryptocurrencies.
Our Point of View
Our main argument is that cryptocurrencies have revolutionized the payment method, by offering more choices, opportunities, and benefits for both consumers and providers. However, we also acknowledge that cryptocurrencies come with some risks, such as volatility, regulation, or adoption, and that users should do their own research and use reputable and reliable platforms before they engage with any future endeavors.
Online and cross-border payments
One of the most obvious ways that crypto enables online and cross-border payments is by allowing users to transact directly, without intermediaries. Let’s take SWIFT as an example. SWIFT payments usually take 1-5 working days, depending on the banks, currencies, and time of the transfer. Let’s not forget the other factors that can affect the speed of SWIFT payments – cut-off times, intermediary banks, fraud checks, and holidays. Sometimes a normal cross-border transaction can take up a month to be delivered. And let’s not forget the fees, you will have to pay up to 2% of the sum to get your money to your account.
On the other hand, Crypto transactions are fast, convenient, secure, and private, as they only require a crypto wallet and an internet connection. Crypto transactions are really low-cost, as they do not incur high fees, commissions, or exchange rates.
The challenges of using crypto for online and cross-border payments are volatility, regulation, or adoption. Governments do try to regulate them, but they fail miserably. They only do harm to all pirates involved.
If you have ever traded with crypto, you know that the prices are often volatile. This means they can go up or down in a short period of time. This can affect the value and stability of crypto transactions, and expose users to market risks and uncertainties. But these things can be easily fixed, and the future looks bright. We can see in the next 5 to 10 years, crypto be adopted by bigger companies, governments will make regulation more friendly to the users which can lead to a real game change.
Benefits of Peer-to-peer transactions
When it comes to peer-to-peer transactions with crypto, both users and business owners have it better compared to the traditional payment method. The transactions are interacted directly, without intermediaries or those middlemen who make things even slower. No more middlemen like brokers, agents, or other third parties to facilitate simple transactions. Businesses get their money, while users get their product or service! We should forget about escrow, as it is already outdated compared to crypto.
The simplicity of crypto transactions are always transparent. All of them are recorded and verified on the blockchain, which anyone with internet access can check if they’ve been completed. And now compare that with what we have now – the traditional transaction method. Crypto is simply superior.
Even the biggest challenge coming from crypto exchanges as we mentioned before still makes it a better payment method for business. Disputes can be solved by market adaptability and will surely find a way on how to resolve the issue of returns and bring more security for the customer.
Decentralized and distributed applications
Next comes the use of decentralized and distributed applications. They make it easier for customers to use various services and applications on the blockchain, without having the state or your bank know what you’ve purchased. With this users won’t have to wait on software and hardware intermediaries, (internet service providers, web hosts, or app stores) to simply pay for their online services and applications.
Casinos and Cryptocurrency: The Rise of Crash Gambling
Cryptocurrency has not only transformed traditional shopping for the users, but it has made a huge impact on one of the most profitable industries – the online gambling industry. With one of the most popular games across the casino industry, crash gambling has make full swing of the potential of crypto. For those who do not know, Crash Gambling is a type of game that allows players to place bets on an increasing multiplier, where the goal is to cash out before the game “crashes” or it simply ends. If you want to know more about crash gambling, be sure to read more on this page.
From our point of view, integrating cryptocurrency into the online casino world has made these games even more accessible for players around the globe, who once weren’t. Some websites simply do not have all the payment methods available for users from particular countries. However with cryptocurrencies, we’ve seen the rise of crash gambling in and how players that were obstructed by their location, simply enjoy this game at its fullest.
Conclusion
As you’ve read, we’ve shown how cryptocurrencies changed our daily life, especially when it comes to the way we shop and use entertainment services online. We have argued that cryptocurrencies offer more choices, opportunities, and benefits for both consumers and providers and are a better solution than the traditional SWIFT system that is slowly, but surely losing its top position. The future looks bright for cryptocurrencies in the eyes of both customers and business owners.