PayPal is a very popular platform currently used by people all over the world. This is clearly evident from the fact that PayPal currently has over 403 million users. As such, in 2021 when PayPal announced they were going to be allowing customers to buy and sell cryptocurrencies using their platform, it caused quite the storm. The price of Bitcoin saw a large increase as it rose to its highest in three months. Following this, people everywhere are wondering whether or not the PayPal adoption of Bitcoin will pave a new way for crypto and make it even more mainstream than it already is.
The Public Interest in Crypto
There is no doubt that the public interest in cryptocurrency is growing. A survey on yougov.co.uk in 2019 revealed that 3% of the UK had purchased crypto. Since then, this has risen to 8%. This increase will likely continue thanks to the PayPal announcement, plus the number of different industries that have begun accepting the use of cryptocurrency is increasing.
One of the major industries that have begun embracing the world of cryptocurrency is online gambling. Online casinos have seen a large increase in popularity over the past decade and with that increased popularity, more casinos exploring different kinds of games and niches have been popping up. There are now so many options in fact that comparison sites such as bonus.ca are necessary in order to let online gamblers review promotions, games, and prizes offered by sites and make an informed choice about which they would like to use.
One of these comparisons at the moment is whether or not said online gambling sites are allowing players to bet and win accepted cryptocurrencies. There are now sites out there that operate entirely on crypto and as such, these comparison websites list the best places for gamblers with an interest in the likes of Bitcoin and Ethereum to play.
The online casino world is just one example of how the public interest in crypto is manifesting itself in consumer behavior as industries such as travel and gaming have also begun accepting it as a legitimate means of payment.
What Could Stop Cryptocurrency Going Mainstream?
There seems to be risk involved in the purchase of cryptocurrency which is why a lot of people are hesitant to purchase it. There are a few individuals such as Elon Musk who have a lot of power over its value and members of the public are hesitant to make an investment that can swing so rapidly depending on the actions of one person.
Not only that but countries continue to impose different laws on cryptocurrency which means that even though it might go more mainstream in the near future, later down the line there could be restrictions imposed on its use. For instance, as per this insiderpaper.com article, Watchdog has been urging for more strict controls over crypto and how it can be used.
Is Cryptocurrency Ever Going to Go Completely Mainstream?
Cryptocurrency has been steadily getting more and more popular throughout the past decade and with that popularity, more industries have begun accepting its use. These industries include the likes of online gambling, travel, and gaming. On top of that, recently PayPal announced that its users will be able to use their platform to buy and sell crypto. All of these factors come together to set cryptocurrency up to become more mainstream.
That being said, there are some potential issues getting in the way of crypto becoming so widely used. These include the fact that the value tends to fluctuate somewhat unpredictably and new laws continue to be imposed on its use. As such, though the tools are there for the use of crypto to become a lot more popular, it is still uncertain whether or not it will.