As cryptocurrencies and the technology they are based on – blockchain – gain more and more traction globally, the number of different businesses that start to integrate digital currencies into the mainstream economy is also rising. And this trend is only the tip of the iceberg of how cryptocurrency is making steady progress into our everyday lives.
With thousands of crypto transactions every day, it is clear that there is already a substantial user base for cryptocurrencies worldwide. According to Statista, the number of cryptocurrency users rose from 8.9M in 2016 to 42.3M in 2019. And this user pool will serve as a foundation to bring blockchain technology on the next level and right into the mainstream because the applications of cryptocurrencies beyond trading for profits become more and more apparent. Becoming a functional everyday currency will be the next big step for crypto.
But even today, as data suggests, mainstream adoption of cryptocurrencies is steadily moving forward. According to KPMG, 63% of respondents see crypto as a secure payment method, and 78% are willing to use crypto from the companies they know. And while younger generations are more likely to use cryptocurrency, even 50% of Baby Boomers have a positive view on the future of this technology.
Another critical step is the propagation of the crypto ATMs. And they are already being installed everywhere. Today almost 7K such ATMs are operating all over the world. With more than 60% of all crypto ATMs, the United States is leading the way, followed by Europe – 22.1% and Canada – 12.4%.
These machines can be used to exchange cryptocurrencies for other cryptocurrencies or fiat money. The availability and convenience of using such ATMs mean that digital currencies are becoming a natural part of our lives. If people can go and grab or exchange a few crypto coins in an ATM, it normalizes the concept.
Using Cryptocurrencies in Everyday Life
Want to pay for coffee using a card linked to your Bitcoin account? Today it is not a problem, but it is only the beginning. As fascination with cryptocurrencies continues to grow, the number of vendors accepting them multiply daily.
According to different estimates, today, more than 48,000 businesses accept crypto as payment. From Microsoft and Apple to Home Depot, McDonald’s, Best Buy, and Tesla. And these are just a few examples, in Europe, more than 80,000 stores that accept Bitcoin. E-commerce retailers, naturally, also support the transition, with more than 75K retailers accepting digital currency only on Shopify.
Aside from Bitcoin, Ethereum is one more currency that is expanding into everyday life. Today hundreds of electric car charging stations in Germany use ETH. Similar stations appeared in California, while Toyota wants to create an alternative to Uber that uses ETH. The list goes on. In the end, you know for sure that crypto is going mainstream when you can buy a cup of coffee at Starbucks using digital coins.