Since the introduction of Bitcoin in the cryptocurrency market emerged, crypto enthusiasts have been very optimistic about what the crypto market can offer to the world in the future. Some are looking forward to having cryptocurrencies as the future ‘money’. Some are skeptical about it and never believed that cryptocurrency will prosper in the coming years.
The first decentralized cryptocurrency, Bitcoin, which was introduced in the market in 2009 is continuously growing and new altcoins are tremendously hitting the market by storm. But how long will it withstand in the financial market? What would cryptocurrency offer in the future?
Cryptocurrency Over the Years
Let us closely look at how the world is embracing cryptocurrency.
Cryptocurrency has been widely used as an alternative payment option mostly on E-commerce websites. The E-commerce platform has tremendously grown and continuously emerging in the world of online business. Some platforms are now offering altcoins as an alternative payment instead of Credit Cards, Paypal, Debit Cards and the like. E-commerce websites are the most visited sites and have more than over a million consumers, buyers and sellers audience in a day.
Shopify, one of the leading E-commerce platforms for online stores and retail POS has announced Bitcoin as one of the payment options for consumers in 2013.
Overstock.com was the first big online retailer who has been accepting Bitcoins as payment since January 2014.
Newegg, one of the biggest electronic retail giants, has partnered with Bitpay and integrated Bitcoin as a payment option.
Television and IT Companies
Even the satellite television and Internet service provider, Dish Network, has partnered with Coinbase for all its Bitcoin transactions in August 2014, making it the first subscription-based TV provider to adopt Bitcoin as a payment option. Thou the bitcoin payment option is only available for DISH customers who are willing to make one-time payments, other users could still opt to make payments online via credit card, debit card or bank account.
The Korea Customs Service has signed an agreement with the IT Arm of Samsung, Samsung SDS, and has developed a blockchain technology based on Nexledger, for its customs clearance system. The SDS offers features like Smart Contract, Management Monitoring, and Real-Time High Volume Transactions Management.
Even Tech Giants are competing for the most number of blockchain-related patents filed to date. On top is Alibaba, who has filed a total of 90 blockchain-related patent applications. Next with 89 filings, is IBM, followed by Mastercard with 80 filings, Bank of America with 53 filed patents and People's Bank of China with 44 filed patents.
Do you know that you can add funds to your Microsoft account using Bitcoin? Yes, you read it right! These Bitcoin funds can be used to purchase games, movies, and apps in the Windows and Xbox stores, and gift cards.
Travel and Leisure
Have you heard of a cinema offering cryptocurrency as a payment method? Probably, not? Major Cineplex, Thailand’s Largest Movie Theater Chain, has announced a partnership with Swiss Fin-tech developer, RapidzPay, to integrate cryptocurrency payments for all its theatres.
Travel sites are also accepting Bitcoin as an alternative payment option. CheapAir.com accepts Bitcoin as payment for all transactions made for hotels booking accommodations, flights, and car rentals.
There are a lot more companies offering different cryptocurrencies as payment options. These companies embracing cryptocurrency speaks a lot about its future. The blockchain technology is continuously evolving and rapidly growing. As the companies continue to believe in what the cryptocurrency market could offer and have to offer, the number of people who will also believe in the power of cryptocurrency in the financial market will grow. When the internet was first introduced, a lot of people were very pessimistic on what it can offer and have never imagined what impact could it bring them, not until today. The cryptocurrency market may be volatile, for now, but we will never know what the cryptocurrency may bring us in the future.