More than 46 million Americans now own some form of cryptocurrency. As digital assets grow in popularity, cryptocurrencies like Bitcoin and DEX are beginning to challenge the dominance of government-backed fiat currencies.
Some nation-states are even betting on crypto. El Salvador formally endorsed Bitcoin as legal tender. The Chinese government is testing government-run forms of blockchain currency.
Cryptocurrency is integrated into everyday life, and here are the top 4 examples of how digital currency is redefining daily life.
1. Large Tech Companies are Buying Into Crypto
Billionaire Elon Musk’s Tesla bought $1.5 billion in bitcoin earlier this year. Jack Dorsey, the co-founder of Square and Twitter, recently said that “Bitcoin changes absolutely everything.”
Companies that currently accept Bitcoin payments include:
- Whole Foods
- Home Depot
Popular money transfer apps now exchange cryptocurrencies. PayPal allows personal account users in the United States to buy, sell, hold, and checkout using digital currency. The feature is not yet available for PayPal business accounts.
2. Crypto Is Commonly Used to Transfer Funds
One practical application of cryptocurrency that is growing in popularity is money transfer. Bitcoin, for example, offers a high level of protection against fraud during those transfers. Traditional legal tender can be converted into cryptocurrency, instantly transferred, and exchanged to another mainstream currency in another state or country.
Transfer rates using crypto are very low. Some companies provide the service for a fee of .16% or even 0%.
3. Bitcoin ATMs Are Growing in Popularity
Bitcoin ATMs allow customers to purchase digital currency using cash or debit, and some machines allow users to sell their cryptocurrencies. Nearly one-third of those ATMs were installed within the prior five months. As of early 2021, there were nearly 30,000 Bitcoin ATMs in the United States, according to Reuters.
Reuters reported that many gas stations will soon feature Bitcoin ATMs, which charge a set fee in return for services. Annual growth in the digital currency ATM market is expected to remain at around 40%, according to Reuters. To find a Bitcoin ATM near you, see here.
4. Many Products and Services Are Now Bought with Cryptocurrency
Companies are increasingly willing to accept cryptocurrency for payments. Tesla famously announced that its electric cars could be bought using Bitcoin but withdrew that offer in May. Still, the overall trend is toward expanding the purchasing power of digital currencies.
Major credit card companies like Mastercard are helping make payments with cryptocurrency easier. Around 46 million Americans say they plan to use cryptocurrency to make a payment or purchase a product.
Learn More About Cryptocurrency
Cryptocurrency and decentralized computing systems like Dapps are revolutionizing how people buy, sell, and invest. The expansion of Bitcoin ATMs will only further mainstream acceptance of digital currency in everyday life.
Sound financial advice can be hard to find. Our business-centric articles offer reliable and timely advice on a wide range of topics that range from tax advice to common financing and accounting questions. Our industry experts break down complex topics into easy-to-read blogs.