Will Bitcoin Ever Become a Mainstream Currency?

For anyone familiar with the cryptocurrency market, you might be convinced digital currencies like Bitcoin and Ethereum will eventually become mainstream and used by regular consumers on a daily basis. You may be thinking: Hey, I’m a regular customer and I use them already. But in reality, most high street shoppers have little practical knowledge when it comes to cryptocurrency.

Bitcoin has always been the most likely cryptocurrency to breakthrough but there are still a few obstacles. Many people are still bemused by how Bitcoins work and are fearful of getting involved in something they do not understand. The whole process of purchasing, storing and spending the coins seems complicated and many people are naturally suspicious of anything that breaks with established traditions. Cryptocurrency is seen as volatile and part of a niche subculture of geeks and techies.

Financial revolution

However, many retailers understand that there is a generation of consumers who want a break with tradition. They are tired of the old banking system and want to be part of a financial revolution that embraces new technology. As a result, many retailers and service providers are now accepting payment via Bitcoin and other cryptocurrencies. This does not mean that digital currencies are about to become mainstream payment methods but it is a step in the right direction and a sign that they are here to stay.

Major players who accept Bitcoins

Some of the world’s biggest companies including Wikipedia, Microsoft, and AT&T now accept Bitcoins. And global fast food outlets such as Burger King, Subway and Kentucky Fried Chicken have already dabbled in bitcoin transactions in certain territories, most notably in Venezuela, Germany, and Canada.

Entertainment

Some online casino operators and sportsbooks have now started accepting bitcoins. Of the huge list here, there is already a handful, including BitStarz and PlayAmo, who are accepting payments via digital currencies. Many more are expected to follow.

Many professional sports teams including Dallas Mavericks, Miami Dolphins, Sacramento Kings, Cleveland Cavaliers, San Jose Earthquakes and Los Angeles Dodgers have also experimented with cryptocurrency in one way or another. Cryptocurrency trading platform, StormGain, recently became the short-sleeve sponsor of English Premier League side Newcastle United, while Portuguese soccer club, Benfica, accepts Bitcoins for match tickets and merchandise.

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Travel

Budget airline company Norwegian Air has invested in an exchange system and plan to make cryptocurrency the premium payment channel for their flights. Their young management team are acting ahead of a predicted future decline in traditional banking. American online travel agency, CheapAir, also accepts Bitcoins through the BTCPayServer.

Another travel company to embrace cryptocurrency is Virgin Galactic. Richard Branson’s venture allows clients to pay for private space travel with Bitcoins. Meanwhile, travel giant Expedia has teamed up with Coinbase to offer limited Bitcoin payment options.

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Beyond these well-known names, there are hundreds of other smaller companies already accepting Bitcoins and other cryptocurrencies. It is clear that digital currencies have a big part to play in the future of the financial world. Whether they can truly compete with the traditional banking system remains to be seen.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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