Bitcoin was conceived in 2009 as an alternative to traditional payment methods, in line with a more futuristic view of how people will one day transact. Most forward-thinking internet users can agree that thanks to online payment methods, cash and coins are on the way out. The question is whether the company will also move away from traditional fiat currencies and embrace global solutions like Bitcoin.
Many enthusiasts support cryptocurrencies for a bright future. However, digital coins are still far from mainstream. This may require fast-growing industries like the esports sector to help bring crypto to the fore and encourage more people to join.
Huge increase in adoption over last year
Adoption of Bitcoin has been a gradual process, but throughout its history its value has steadily increased as more and more people have invested. In the early 2010s, it was worth next to nothing. However, as more tech companies started offering it and awareness grew, its price started to rise dramatically.
2017 was a huge year for cryptocurrencies, and it was when Bitcoin saw its first major spike. This was then followed by a huge drop. There was a “Bitcoin winter” throughout the latter stages of 2018 and throughout 2019. However, in 2020 cryptocurrencies began a resurgence and Bitcoin broke records throughout 2021.
With Bitcoin currently valued at over $24,000 at the time of writing, the digital currency is clearly getting much more global attention than it did five years ago. Research shows that a lot more people are starting to believe it too, and there’s been a huge uptick in adoption between 2021 and 2022.
Bitcoin still has a long way to go, however. According BitcoinCasinoWiz.com, 3.8% of the world’s population now owns the cryptocurrency, and there are 460 million BTC addresses containing at least capital. Figures show that it is most popular with young adults, and 31% of users are between 18 and 29 years old. This could suggest that in the coming years, cryptocurrency will see more investment from new generations entering this demographic. With these people added to existing holders, this could lead to Bitcoin being nearly ubiquitous within 20 years.
Esports Fans Are a Key Demographic for Cryptocurrency Adoption
There is a strong correlation between the main age group interested in Bitcoin and the main eSports demographic. This is supported by research from business.yougov.com, which revealed that 57% of UK-based eSports fans are interested in Bitcoin. What is even more encouraging is that there has been a 10% increase between 2021 and 2022, suggesting that the cryptocurrency phenomenon is accelerating.
The esports industry has grown in tandem with cryptocurrencies, having gone from relative obscurity before 2010 to global craze in 2022. The two sectors could enter the mainstream hand-in-hand in the years to come, thanks to their strong compatibility with the way the Internet is heading into the future. For example, these two sectors are likely to be at the forefront of virtual reality worlds like the Metaverse.
The great thing about eSports is that there is a vibrant online community of people who follow the games, and it’s growing every year. Gamers and industry fans often search for the same news and companies online, which means it can be the perfect place for cryptocurrency-based businesses to make their presence known.
Playing computer games can prepare people for cryptocurrency
Perhaps one of the reasons there is so much love for cryptocurrency in the gaming industry is the fact that many games use their own forms of digital wealth. Since the early days of the game, players have had to collect tokens in games which they can then use for other things, such as bonuses. Sonic the Hedgehog, for example, had to collect rings and Super Mario collected coins. Over time, these incentives have evolved and brought with them greater opportunities.
Nowadays, in-game currencies can be used to earn valuable rewards. In EA Sports’ FIFA series, players can use coins to purchase everything from players to kits. This currency can be earned by playing games and completing challenges, but players can also spend real money on it. Doing this is like exchanging dollars for Bitcoins on a crypto platform, and it could have made a lot of gamers more open to the idea of this way of exchanging real money for virtual coins.
Other games outside of the eSports world have focused even more on preparing players for cryptocurrency lately. For example, titles like Axie Infinity, Decentraland, and The Sandbox are all crypto-powered. It only seems like a matter of time before every game has its own currency that can be bought and sold the same way as Bitcoin.
When will cryptocurrencies be mainstream?
To say that less than 5% of the world’s population currently uses cryptocurrencies, it’s fair to say that they are far from common. Bitcoin has been adopted in various industries over the past decade, but it is still only an intermediate option for people who want to transact with other currencies. In other words, you rarely see products or services listed in BTC.
Chances are, virtual reality will transform the internet into a completely different world in the future, and auralcrave.com/en thinks people may soon be living much of their lives in the metaverse. Right now it would make sense to have a single currency for this world, and crypto would be the perfect fit. It’s hard to imagine right now, but it might be easier to envision when the Metaverse becomes a reality.
Cryptocurrencies and eSports have grown together, and both are modern concepts that appeal to young people. The competitive gaming scene could end up playing a big role in pushing crypto into the mainstream.