There’s no telling where cryptocurrency could catch on as a useful currency alternative. In fact at this point, there’s no telling if it will catch on, at least in any big or sustainable way. Because of this, every prediction in this area is just that – a prediction. With that said however, these are five of the areas that stand out as having some potential for significant cryptocurrency adoption.
1 Online Retail
Online retail has long been the sleeping giant in cryptocurrency, which is not to say with any certainty that it will ever wake. Back in April, rumors were swirling that Amazon could soon accept bitcoin, and it’s since been rumored that the retail giant could even create its own crypto coin of sorts. Either development would be a massive boon for cryptocurrency, or at least those cryptocurrencies involved. At a very basic level people simply want opportunities to spend cryptocurrency before they invest in it themselves, and nothing would provide more opportunities than mass adoption by major online retailers.
The last thing we’d want to do is be flippant about the socio-economic and political situation in Venezuela of late. By all accounts internationally, it’s been a very rough time throughout the country. It’s a matter of fact however that turmoil like that in Venezuela can lead to economic uncertainty, and as a result there has been some buzz about the country adopting bitcoin as an official currency. This isn’t necessarily new. We heard the same buzz surrounding Greece and Argentina in recent years as both countries dealt with struggling economies. The more we hear similar rumors however, the more likely it seems that some country could actually give this a shot, and at that point there would be a major potential domino effect that could make bitcoin or other cryptocurrencies a lot more useful and valuable internationally.
3 Unbanked Africa
This is one area that seems to consistently excite those who attempt to predict the crypto market’s future with any degree of accuracy. Throughout many parts of Africa there are significant “unbanked” populations, which is just to say people who don’t have access to or don’t trust in ordinary banking systems. There has already been a significant effort to make technology more accessible to the same people so that they can take advantage of various mobile payment and banking methods, which makes cryptocurrency something of a natural fit. To this point there’s no overarching example of a significant wave of crypto adoptions in this area, but it’s something that’s discussed frequently.
4 Sport & Event Betting
Sports and event betting seems to comprise a bigger industry with each passing day. There are always brand new sites emerging on top of firmly established ones to offer odds on everything from the weather at the royal wedding to the score of the latest Champions League match. And while there are numerous factors that go into the decision of choosing the best online bookmaker, a lot of bettors care most about how their finances are handled throughout the process. It’s for this reason that a few online bookmakers have begun to accept crypto. The built-in security and anonymity can appeal to customers. So far crypto bookmakers make up only a small portion of the market, but this is something that could certainly catch on and make a big difference for prominent cryptocurrencies.
5 Online Tokens
Finally there’s the concept of using cryptocurrency as a sort of online token system. This after all is effectively the whole point behind some semi-prominent coins such as dogecoin and steem, and it may ultimately be the best reflection of the type of currency we’ve really created these last 10 years or so. As a mainstream fiat currency alternative, crypto will always have its limits and challenges. If coins are more consistently designed for online token and up-voting purposes however, they could easily become more ubiquitous and more valuable.