The use of cryptocurrency has become a widespread thing across the planet, as more and more people and organizations continue to adopt virtual currency as a form of payment.
Indeed, Bitcoin continues to remain the number one digital asset in regard to market capitalization and price, however, there are a number of different cryptos that continue to gain traction amongst investors including Ethereum as well as a number of altcoins and stablecoins.
As a result, there has been a significant rise in the number of crypto payment options to have been made available across a variety of different industries, including the iGaming industry.
iGaming industry has benefited greatly
Some might ask the following question “How impacted is crypto gambling?” given that crypto slots have become a widespread activity. Considering that there are a number of great benefits that can be experienced when using virtual currency, it is hardly a surprise to see more and more of these platforms continue to offer a number of different crypto payment options.
Amongst the plethora of benefits that can be experienced, gamblers who decide to wager with the various forms of crypto available include faster and cheaper transactions, thus potentially making their overall gameplay sessions much more enjoyable. Additionally, they have been able to benefit from greater levels of protection as Bitcoin provides them with enhanced security and anonymity, whilst the blockchain technology used also means each transaction is as transparent as possible, as are the games that are being played.
Nonetheless, it has become evident that payment methods are becoming important, as some will still want to switch between digital assets and fiat currency.
Research has found that between 14% and 15% of the U.S. public now owns or have owned cryptocurrencies in the past, with Bitcoin the main token despite the fact that Ethereum continues to gain momentum after being established as its predominant challenger, payment systems are becoming even more important than before.
More set to dive into cryptocurrencies in 2022
Furthermore, studies have suggested that another 17% have already planned to dive into cryptocurrencies before the end of Q2 in 2022, thus suggesting even more people are going to become interested in virtual currency due to the potential ability to be able to use it as a viable payment option.
Indeed, that would seem to be the thoughts of Stephen Pair, who is the CEO of crypto payments processor, BitPay. He stated: "I think in 2022, you'll see many more people - that next wave of people - getting interested in crypto both from an investment perspective and a 'let's try it for a payment' [perspective].
"There's going to be many more places with that service - that you'll be able to spend crypto and do it in an in-person setting, which may make people more comfortable trying it out than perhaps if it's on a website where they're not sure if they're doing it right or wrong."
The future certainly appears to look bright in regard to crypto payments in the near future, with a number of major companies looking to embrace blockchain technology as it continues to evolve and become potentially available for payments that can be made.
Amongst the companies to have already started to make movements are Microsoft, Wikipedia, PayPal, Starbucks, AT&T, Overstock, Twitch, Amazon, Home Depot, Whole Foods, CheapAir, Newegg, Namecheap, Rakuten, as well as fast-food restaurants: Pizza Hut and Burger King (Venezuela), KFC (Canada), Quiznos (Denver airport), Subway (several branches).
Will we actually see improved payment methods?
There is every reason to believe that we will see more and more businesses accept cryptocurrency as a form of payment in the future. There are a number of statistics to suggest that the market is becoming more widespread than ever before and is only likely to increase as we go further into 2022, thus making it simply too hard for industries to ignore.