One of the biggest questions surrounding cryptocurrency during its meteoric rise to fame has been based around its real-world application. Are cryptocurrencies usable in the physical world, and will they ever be accepted by the mainstream for this?
It’s one of the remaining big tests for crypto. Ultimately, it’ll confirm whether or not crypto is a purely digital phenomenon with limited uses offline or a valid real-world currency that could potentially challenge fiat money in some areas.
How cryptocurrencies deal with that challenge could be the key to mass adoption of the technology. The ability to pay vendors in brick-and-mortar stores, easily and without risk, could be the deciding factor when it comes to mainstream acceptance of crypto.
We’re closer than many people might think. These currencies already have a large user base, which is growing every year, and lots of big companies are already accepting crypto as a method of payment.
The benefits are clear, too. Crypto payments promise greater ease, reduced transaction fees, lower waiting times, anonymity, reduced third-party interference, and much more. If popularized, this technology could be a real game changer.
On the other hand, if we can’t use these coins to buy goods and services in the real world, they lose a lot of value. For crypto to be taken seriously by the public, it needs to adapt to real-world transactions.
The good news is that’s more than possible. But first, there are some hurdles to overcome. We need to make it much easier for merchants to accept cryptocurrency as a form of payment.