Despite some recent setbacks, it seems that cryptocurrency is here to stay. Bitcoin, Ethereum, and Dogecoin are the current industry leaders, according to recent data. In fact, crypto ownership in 2021 is teetering on becoming mainstream. There are lots of reasons for this, including many new consumer adoptions. No longer is crypto reserved for fringe millionaire investors.
Now, it’s become a viable form of payment for all consumers, especially young people. Here are some of the top reasons why crypto is becoming more and more mainstream.
Consumer Adoptions for Crypto are Blowing Up
Lots of consumers are opting to use crypto for online purchases for its privacy. Since advertisers can’t trace transactions, they won’t become bombarded with emails and ads. Its discreteness doesn’t end there, either. Crypto payments allow consumers to keep their private data and personal information secure. Privacy continues to be one of the biggest selling points for cryptocurrencies in the eyes of consumers. Major financial institutions are also becoming more accepting of cryptocurrencies. PayPal now allows users to buy and sell Bitcoin through their accounts.
Other companies accepting crypto include Microsoft, Home Depot, Starbucks, Overstock, and others. Consumers can now use crypto as a viable method of payment in more areas than ever before. As the number of businesses accepting crypto grows, more consumers will see the value of investing in alternative forms of currency.
Expanding Levels of Trust
No currency can succeed unless a healthy amount of trust backs it. Since crypto has endured for so long, we’re now seeing that essential trust start to form. As more and more businesses accept crypto, the confidence in it will continue to rise. It’s this trust that has allowed crypto to expand beyond its early investors and adopters. Bitcoin’s recent recovery from the ‘harsh crash’ also shows a lot of faith in the currency.
Crypto Mortgage Payments
United Wholesale Mortgage recently announced that they would start accepting crypto payments. In particular, they’re focusing on Bitcoin but are open to other currencies such as Ether. They will become the first mortgage company in the United States to accept crypto. That’s massive news as investing in a crypto mortgage and properties are major steps towards becoming mainstream. Starting in Q3, Bitcoin owners can start making crypto mortgage payments. However, it isn’t yet clear whether UWM will keep Bitcoin on hand or convert it to US dollars.
Bitcoin is Finite
Another factor contributing to the rise of Bitcoin is that it’s a limited resource. While banks can print paper currency indefinitely, Bitcoin is different. There are only 21 million Bitcoins in existence, and there’s no way to create any more coins. As the demand for Bitcoin continues to grow, the value will continue to rise as well. There will be a scramble to get in on the action as the rarity of Bitcoins continues to increase.
Crypto has seen its ups and downs, but it continues to muscle its way through. Cryptocurrencies have been able to endure every hardship they’ve faced so far. As more institutions and consumers continue to adopt crypto, going mainstream seems inevitable.