Crypto – from myth to legend. There’s still a long way to go where trust is concerned, but we’ll discuss more towards the end of the article.
But since the initial concept, growth has been the most rapid of all financial concepts. You’ve got the Ethereum average price by year increasing year-on-year, and the same for Bitcoin, and a driving factor is the rapid expansion of crypto use in everyday life.
Below, we’ll tell you more about crypto use in everyday life.
Retail Revolution: Crypto Payments in Stores (Japan and El Salvador)
Japan is known for being one of the most technologically advanced countries in the world – it’s no surprise we’re talking about them for crypto. Numerous stores across the nation accept Bitcoin – crypto ownership doubled in Japan in 2023 from 6.4 million to 8.82 million.
El Salvador took a bold leap by adopting Bitcoin as a legal tender. It was groundbreaking at the time – and that’s why we’re talking about them compared to other countries. At the time, it was somewhat random that they attempted to do it, but other countries followed. They also introduced Chivo Wallet, which offers the same benefits as CBDC’s.
Since then, the following countries have explored central bank digital currencies:
- The Bahamas
- Jamaica
- Nigeria
Interest is also growing in these countries:
- United Kingdom
- India
- Brazil
- China
Government and Crypto (Estonia and China)
Estonia’s pioneering approach to digital governance uses blockchain and cryptocurrencies to offer secure, efficient, and transparent governmental services. There are other countries we could talk about – like the US, UK, Russia, etc – but these were two of the pioneers. They’re using blockchain technology across various government operations. And it seems to be working well. Estonia has enhanced data integrity and public trust in its digital services. Key initiatives include:
- The e-Residency program allows global citizens to start and manage an EU-based company online, illustrating the potential of blockchain for international business. It’s revolutionary, especially with the increasing demand for online services.
- Digital ID cards powered by blockchain give citizens secure access to public services. It demonstrates a commitment to cybersecurity and personal data protection.
China is exploring the potential of digital currency at a national scale with its DCEP initiative. This venture shows a massive step toward the digitization of the yuan. It’s aiming to increase its usage domestically and globally. Noteworthy aspects of China’s approach include:
- The DCEP system we just mentioned, is designed to replace physical cash. It positions China as a leader in the transition to digital currency, reflecting the government’s ambition to modernize its financial infrastructure.
- Pilot programs in major Chinese cities test the digital yuan for everyday transactions and government services – and it’s working, for the e-RMB system. These contrasting yet complementary approaches from Estonia and China show the diverse ways governments worldwide are using blockchain and digital currencies. It’s creating a new era of finance that could redefine global economic interactions.
Crypto in the Travel and Hospitality Industry (Thailand and Switzerland)
Thailand’s tourism industry is massive. It’s perhaps the most critical sector of its economy, generating $64.50 billion in 2023. And now they’re using cryptocurrency in connection with travel operators like Expedia to grow the industry further and contribute to economic growth.
And it’s not just tour operators, luxury hotels like the Pavillions in Phuket, are accepting digital currencies, catering to travelers who want to invest their crypto in living the good life. And it’s reinforcing Thailand’s reputation as a forward-thinking destination.
Switzerland, known as the “Crypto Nation,” shows the integration of cryptocurrency in the travel and hospitality sector on a more diverse scale. Numerous services across the country, like Bitcoin Suisse, facilitate crypto transactions or use blockchain technology, especially in the Swiss town of Zug, accepting Bitcoin and other cryptocurrencies.
Cryptocurrencies and Remittances (Philippines and Mexico)
The Philippines and Mexico use cryptocurrencies to revolutionize remittances, a vital aspect of their economies. By using blockchain technology, they are enabling faster, cheaper, and more secure cross-border money transfers. And it was needed – remittance transfers totaled $2.15 billion in 2020.
In the Philippines, where remittances constitute a significant portion of the GDP, cryptocurrencies give expatriates an efficient alternative to traditional banking systems. Indonesia accounts for 29% of the global adoption of crypto.
A similar thing is happening in Mexico – digital currencies are becoming a popular solution for remittance transactions. Finally, they’re providing relief from high fees and exchange rates.
Crypto Education and Workforce Development (India and the United States)
India is experiencing a surge in blockchain education – they’re one of the leading countries for cryptocurrency adoption. This recent 2024 article explains more about it.
But rather than investment, they’re focusing on careers. From mining to Bitcoin engineering, roles in India are thriving. That’s not to say they’re the country investing the most money in it, but they’re one of the countries with the most rapidly growing interest. What do we think this signals? A shift toward a more digital economy.
In the United States, universities and colleges are introducing blockchain studies into their curricula or including it in current financial courses – even business management. Princeton University, University of Buffalo, Duke University, and many more offer a crypto course. It shows the growing importance of this technology in various sectors and its potential to shape future job markets.
The rapid expansion of cryptocurrency in everyday life is incredible. It’s happening in more ways than we realize. It marks a significant shift in how we perceive and interact with money. Well, at least some people. There’s still the issue of global adoption and trust from the average Joe. But that will soon come.
