The digital movement is in full swing and with that, online options and activity are growing rapidly in influence. People are becoming increasingly dependent on digital devices such as smartphones, laptops, and even smart watches to go about their daily lives with more everyday processes and tasks finding a home on said digital devices in the form of apps. The increased time spent online has also led businesses around the world from all industries to adapt their offerings and products for the digital audience.
As our daily lives transition slowly to a digital format, other everyday aspects are having to evolve to play their role in the digital realm. It is not only the increasingly digitalised way people are operating to complete simple tasks such as shopping, ordering food, or entertain themselves that is reshaping the day-to-day, but new innovative ways of financing our lives are developing and gaining more recognition and use.
Crypto Craze
Bitcoin, Ethereum, Litecoin, Dogecoin, Tether, XRP. These are just a few of the thousands of cryptocurrencies that exist in the world. These digital currencies that operate exclusively in the online world, driven by the power of blockchain technology, are reinventing the way we go about paying for everyday items. While cryptocurrency has not yet been implemented across the board, there are already many examples of cryptocurrency in action.
First Crypto Transaction
The first evidence of cryptocurrency being used in an everyday scenario was back in 2010, shortly after the creation and release of Bitcoin (BTC) in 2009. A few months shy of fifteen years ago, Laszlo Hanyecz paid 10,000 BTC for two Papa Johns pizzas, which at the time was worth $41. This digital transfer of non-tangible currency brought cryptocurrencies into the public eye and gave the world a tiny glimpse into the future of finance.
The Power of Blockchain
Following Hanyecz’s example, many other companies have since implemented cryptocurrency as a payment method on their online platforms, albeit mostly in the past few years. While cryptocurrencies are also considered an investment option, their digital DNA make them a valuable asset to online businesses beyond pure finance. One of the most appealing aspects of cryptocurrency is the blockchain technology that can be utilised in other areas of a business.
The digital ledger that stores every transaction in a transparent database has been used by businesses to streamline administrative tasks. In the healthcare industry for example, blockchains can be beneficial in sharing patient medical records to authorised individuals in a way that provides extra security and privacy.
Speed is of the Essence
The transparency and security are key factors for businesses implementing cryptocurrency and blockchain technology, but the decentralised nature of cryptocurrencies is arguably the biggest advantage cryptocurrencies offer online businesses. Without the need to work with third parties, transactions can be completed almost instantaneously.
For emerging online entertainment options such as iGaming, online casinos and online sports books can benefit massively from the rapid transactions. More online casinos available at the Daily Star are beginning to incorporate cryptocurrencies onto their platforms, also as a way of enticing the growing number of cryptocurrencies users to play on their services. Cryptocurrency and online entertainment are fast becoming a partnership made in heaven in the new digital world.
Furthermore, the lack of intermediaries also eliminates any transaction fees that are involved when using other payment methods such as debit and credit cards. Free and speedy transactions are incredibly marketable aspects for online businesses and two that will raise the profile of cryptocurrencies further.
Online businesses to benefit more from crypto
The growth of cryptocurrencies around the world coupled with the digital takeover is painting a future where digital entities will thrive off each other. With blockchain technology, cryptocurrency is finding a way to overlap and intertwine with industries to increase its impact. The advantages are there to be capitalised on by online businesses and if the digital momentum continues into the coming years, cryptocurrencies might play a more impactful role in the near future.
Founder Dinis Guarda
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