Cryptocurrencies such as Bitcoin or Ethereum are very popular and have gained even more importance due to the uncertain times in the corona pandemic. More and more people are placing their trust in these virtual currencies and are at least partially swearing off cash. Because of this upswing, the legitimate question is, of course, what the future of these virtual currencies will look like and whether they will be able to replace cash in its entirety one day. The fact is that Bitcoin and Co. have been on the advance for a long time and are conquering the terrain. But are you ready to take over the entire market?
Cryptocurrency as a means of payment in retail?
In order to replace cash, it is imperative that cryptocurrencies are more woven into everyday life. This also includes the use for paying in retail. The term cryptocurrency is actually still a foreign word here. Most people pay at the checkout in the supermarket with cash, an EC card or a credit card.
However, it is precisely these everyday purchases that cryptocurrencies have to achieve in the long term if they want to establish themselves effectively in the market and take precedence over cash. Until then, however, there is still a long way to go, because many people are still too fickle at this point in time to fully rely on them. Cash still offers more security in terms of value and therefore this thinking is understandable, but the trend towards crypto money is growing and growing.
Why cash will likely always have a permanent place in society
People like to complain about how cumbersome cash is and, above all, coin money doesn’t have that many fans, but when things get really serious, psychology also plays an important role. In times of crisis, people like to have something solid in their hands and cash is a good thing. Knowing that you still have certain bills in your wallet gives you a feeling of security and calms you down when the world goes crazy around you.
Not even the credit balance in the private account or the possession of a credit card can replace this feeling. For this reason, it will also be difficult for crypto money to force cash out of the market in the future. Cash has played an important role in human history for a long time and it will certainly be conveyed to him for a long time to come. However, it can be observed that more and more people are paying with EC cards, especially during the corona pandemic. This also includes those people who didn’t really like doing this before the pandemic. So humans are capable of change and who knows, maybe one day the world of cryptocurrencies will also benefit from it.
Which cryptocurrency has the best chance?
When it comes to replacing cash, Bitcoin certainly has the best chance of assuming a similar status in society today. Bitcoin has the advantage that it has already made a name for itself and therefore has confidence. An important factor when it comes to being established as a means of payment, because that requires people’s trust and that is not easy to win. Cryptocurrencies also play a bigger role in media coverage than they did a few years ago.
Here, too, the Bitcoin is often staged, which of course is ultimately a great help in building a good image in society. In the long run, Bitcoin will certainly manage to maintain people’s trust and then its reputation will grow even more. Whether he can really displace cash, well, that is rather unlikely. But it will certainly be able to become a widely used means of payment and maybe it can even make the leap to being used as a means of payment in everyday life such as shopping in the supermarket. This would indeed be a huge success for all cryptocurrencies because it would pave the way for other types of currency of this type and make the leap into everyday life much easier.