We are used to talking about how quickly the world is changing. It has only been 13 years since the first iPhone came out, and the way we live life looks incredibly different to how it did before. At the turn of the century, we were still using dial-up internet, and look at us now. In this context, cryptocurrency looked like it would take off. After all, it is the logical next step in the digitization of the world.
However, the practical use of cryptocurrency has not really reached most people. It is still seen as a niche way of doing business, and particularly useful for people who want to send money under the radar.
Until now, at least. COVID-19 has made the pace of change over the past two decades look laughable. The world we live in changes every day now. Suddenly, hundreds of millions of people are working from home. Online conference calls have become the norm. And more business is happening digitally than ever.
This could signal a turning point for cryptocurrency and its introduction into the mainstream. Here is why.
Everyone is online
The masses have been using the internet daily for years now. But suddenly everyone needs more from their online presence. People are rushing to build websites for themselves and their companies. It is the most practical way to do business now.
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Something that every new website owner needs to consider is how best to process payments. Cryptocurrency is starting to look like the natural option, as an online currency now makes far more sense than one which relies on physical cards or cash.
But the prevalence of online business is only one reason this might be a turning point for cryptocurrency. Perhaps more importantly, the way we think is changing. People who were committed to the traditional way things worked no longer have that option. They are operating digitally whether they like it or not. And this digital existence is going to transform how we see the world.
Cryptocurrency has always been a bit too abstract for some people. Now, however, that abstraction makes more sense than the concrete world we are used to. It is starting to seem stranger that we still pay for things using non-digital currencies.
Yet another reason that cryptocurrency may soon become the new normal is that many existing currencies are now tanking. This is particularly true in developing countries. Investors are moving their money to safe haven currencies like the dollar. People in these countries are seeing their spending power cut significantly. Trade is becoming far more expensive and prices of essential goods are shooting up.
This is only further exposing the problems with the traditional currency system. The value of your money should not be dependent on how things are going in your current location. Globalization should have put this reality to bed long ago.
Of course, cryptocurrency is still far less stable than any non-digital currency. However, once the world gets on board with the new financial reality, cryptocurrency can become a stable force that unites people around the world, rather than creating further divisions.
This period in time is unlike any we have seen before. The world is changing on a daily basis. We might soon see a turning point for cryptocurrency in all this.
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