Ways Crypto is Becoming More Relevant to Consumers

Roughly a year ago, we looked at cryptocurrencies’ increasing recognizability, which included payment using crypto, institutional interest, and an upcoming regulatory framework. Now, crypto is becoming a household name, and in 2022 it’s showing signs of becoming more relevant to consumers as opposed to just investors, big business interests, and other larger entities. Let’s take a look at what we expect to see soon with crypto becoming more relevant to the everyday consumer.

Crypto Credit Cards

We know the basic idea behind credit cards: A financial entity issues you a card with a limit. You can spend up to that limit, and you pay that amount back in monthly payments, plus whatever interest you signed up for. In addition, you get rewards or points the more you use the card. The only difference with crypto cards is that your reward is cryptocurrency! There are things to consider regarding cryptocards, however: taxes, flexibility, and benefits all vary from card to card. As with every type of loan, credit card, or other financial decision, always read the fine print.

Sports Fans

It’s useful for sports fans not only because of the possibility to make online and arena purchases but also through the fan token concept. The concept of fan tokens is essentially that people obtain crypto-based representation of their fanhood connected to different teams. Fan tokens give fans the power to possibly influence decisions of their

favourite teams and unlock VIP rewards, depending on the team. They are the ultimate show of fanhood – apart from buying your favorite player’s jersey, of course.

Retailers Accepting Crypto

All types of businesses from small local ones to enterprises are now starting to jump on the cryptocurrency bandwagon by allowing purchases of their goods and services to be made with crypto. While some companies have their own crypto payment apps to process the payments, others are opting for larger, already well-known payment processing apps. Several big companies have already made the switch, and we expect many more to do so in 2022.

Growth of Stablecoins

One of the main objections people have to cryptocurrency is the volatility of the market. It’s true: the value of a coin

can skyrocket or plummet in the blink of an eye due to market changes, news, or whatever the star alignment is that day. However, there are coins that tend to be less volatile. It’s even in their name: stablecoins. The current biggest stablecoin is Tether. Rather than being backed by a simple idea or plan (which is why you should read the whitepapers of every cryptocoin you want to invest in), stablecoins are instead backed by government issued currency such as dollars or even gold. These coins are more appropriate for everyday transactions, and as such, have gained popularity among those who make purchases or receive their salary in cryptocurrency.

Growth in Gaming

NFT and cryptocurrency-based gaming is taking off with games such as Axie Infinity, DeFi Kingdoms, and CryptoBeasts. In fact, people in countries such as the Philippines have made these games their day job in order to get by, especially since the pandemic hit us so hard right in the wallet. These play-to-earn games offer the possibility of earning money while playing, although there is almost always some initial investment required.

It’s clear that cryptocurrency and blockchain technology, in general, are here to stay, so we’d better get ready for whatever new way crypto finds its way into our daily lives.