Cryptocurrency: A future payment option?

Having numerous payment options available to us enables us to have choice as a consumer. With more card and contactless payments being made than ever due to the impacts of the Covid-19 pandemic on spending habits, questions may begin forming at to the future of payments as a whole. 

According to current trends, some people believe that cash transactions may become somewhat obsolete in the coming years. Changes to how we spend, what we spend our money on, and the payment options we use, may also happen. Whether this is through our own choice or as a result of influences like not wanting to handle money anymore through fear of infection – as is the norm at present - it is undoubtedly something that could happen in the future. 

With that in mind, where does cryptocurrency fit in as a future payment option? Will this too become ever more popular, or will the recent hype surrounding it eventually crumble? These are questions that we will be considering a little more down below. Read on for more and get ahead of the crowd when learning about future payment options.  

 

History of Cryptocurrency 

First created in January 2009 by an anonymous source under the pseudonym Satoshi Nakamoto, Bitcoin was first created to pay for products or services without any influence from centralised networks, meaning there would be minimal to zero risks of manipulation from outside sources.  

Not to mention, Bitcoin offered interested parties a way of paying for services with a much lower transaction fee than what you would find with other, more traditional methods of purchasing.  

Naturally, like that of the more traditional stock markets, the price of Bitcoin and other forms of cryptocurrency changes over time; you can make a profit or lose value on your investment in the same way that you would on investments into stocks and shares.  

Cryptocurrencies that you purchase are stored in an online wallet, also known as an E-Wallet. This storage facility works similarly to that of a broker would when investing. With over 4000 varying versions of cryptocurrency and counting, it is easy to see why it has become increasingly more popular over the years.  

 

Increased interest in Bitcoin and Cryptocurrency  

Following a particularly financially challenging year for many people, there is no surprise that there has been an increased interest in extending how far our money goes or ways to boost the income overall. And it is not just people like yourselves and us who have become interested in the world of cryptocurrency. 

Celebrities over the years have been using cryptocurrency as a way of investing; using it as a way of paying for their albums - in the likes of Snoop Dogg and Kanye West – or are planning to use it as a method of paying for services in the future – the likes of Elon Musk and his company, Tesla.  

And it doesn’t just stop there. Celebrities have been investing in cryptocurrency, and some have even been considering creating their own forms. With that in mind, and with celebrities' backing, it is easy to see how so many people have been swayed and persuaded to hop on the bandwagon themselves.  

If you are beginning to wonder how you would go about purchasing Bitcoin or other cryptocurrencies yourself, read on to the next section to find out a little more about the options available.  

 

How to invest in Cryptocurrency? 

It is relatively straightforward, really, and works similarly to buying stocks and shares through a broker. While the prices of Bitcoin and other forms of cryptocurrency would naturally change over time, the ways that you can buy the currency has stayed pretty much the same throughout, but with minimal changes to make it easier and more accessible to the masses. 

Paxful is one website that offers interested parties like yourself the opportunity to purchase Bitcoin and other cryptocurrencies with ease. Not only do you have the option to pay using a debit card, but there are now opportunities to buy Bitcoin with PayPal and other payment methods. You are spoiled for choice! 

Not to mention, this is ideal for those who may not feel comfortable with inputting their card details onto a website. Using your PayPal account gives additional security when making the transaction, which is what you want at all times.  

When investing in cryptocurrency in this way, you also have the chance to buy as much or as little as you wish to. There is no expectation or minimum amount that you have to spend, which is ideal for those who are just looking to set out on their cryptocurrency investment journey.  

We hope that you have found this piece interesting and insightful and feel like you know a little more about cryptocurrency than when you first arrived on the page. One thing is for certain, cryptocurrency, in general, is sure to keep advancing and adapting to technology and is sure to be used in the broader payments sector at some point.  

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