Cryptocurrencies are gradually finding their way into our everyday lives. Not so long ago, the idea of a digital currency that you cannot touch or feel seemed strange to many. For so long money has been tangible – a tactile material that had a sense of value in its palpability.
Changing our perception of money
We accept the value of coins and cash because we trust the system. After all, money has existed in a physical format for close to three thousand years. But to truly embrace cryptocurrencies we have to let go of the concept that money has to be palpable.
We already do this on a daily basis without realizing it. We get paid wages directly into our bank accounts. Then we go shopping with our debit and credit cards and perform digital transactions from our phones and PCs. We go and buy clothes online at the press of a button.
When we place a sports bet, play video slots or enjoy daily jackpot bingo games such as Dynamite Riches at our favorite casino site, we do it all without handling cash, even when we are winners of such a jackpot. We see the money leave our bank accounts and arrive in our casino wallet. Then we see our casino or bingo winnings paid back in and we accept the whole process without the need to see any physical evidence whatsoever.
The comfort of cold hard cash
But every now and then, we go to an ATM machine and withdraw cash. And we feel comfortable knowing we have money in our pocket. We are just that one small step away from discarding cash for good. So, in theory, walking into a café a buying a coffee with a bitcoin-linked card or wallet should not feel unusual – but for many, it still does.
Safe and anonymous
Those who are already using bitcoin or other cryptos understand the benefits. They feel safe in the knowledge that their money is protected from fraud, theft and other crimes associated with cash. And they feel safe that they can carry out transactions anonymously.
Many of the traditional transactions mentioned above can already be performed using digital currencies. We can shop online with bitcoins and many online casinos and sports betting websites, as well as payment providers such as Skrill, already accept cryptocurrency transactions.
Education, not exclusion
Perhaps the biggest obstacle is making digital currencies easy to understand. If people are going to accept cryptocurrencies as an integrated part of their everyday lives, they need to be able to participate easily and not feel left out.
Right now, bitcoin ownership feels like some exclusive club for tech-savvy people under a certain age, and looking into other cryptos, the market is even more niche. This can only change through better education about the benefits of these currencies and how and where they can be used on a daily basis.
With a global market, it is a slow process. But once people understand how cryptocurrencies can eliminate exchange rates and high transaction fees and provide a faster and safer service, we could see them start to replace existing forms of payment. We could even eventually arrive at a scenario where traditional banking systems are no longer relevant.