Bitcoin and Other Cryptocurrencies Still Need Gateway to Mainstream Adoption

Bitcoin is currently hovering around all-time highs, appearing ready for a breakout to record-breaking numbers in the next few months. The cryptocurrency market is looking healthier than ever, with mass adoption from institutions and nations helping to drive the total market cap higher.

This is all good news in the long-term, but it’s highly likely that Bitcoin will soon embark on a parabolic blow-off top move before entering another bear market at the end of this year. This is the traditional cycle, albeit the next major drawdown is unlikely to be as severe as the one in 2022.

In the next few years, though, Bitcoin could face mainstream adoption. When this happens, the classic four-year cycle may break, and the digital currency will continue to rise in value. However, it will require massive online industries such as entertainment to help it boom.

Payment Services Like PayPal Have Already Integrated Crypto

There are some promising signs already that cryptocurrencies are already getting closer to enjoying everyday usage. For example, PayPal integrated digital assets into its wallet in 2020. The payment platform is one of the most popular options for online transactions in the world, and it’s heavily influential in the entertainment industry. Streaming services like Netflix and Spotify accept its payments, and it can also be used by people who play Megaways casino games such as Bison Moon Megaways and Mustang Gold Megaways.

The main issue with PayPal’s crypto integration is that it works as a middleman between the crypto user and the service they want to interact with. PayPal users can transfer crypto to their wallets, but then PayPal converts this into the preferred currency of the service. In the future, there needs to be a direct link that allows people to instantly connect their crypto wallets when using a service.

Crypto Wallets Could Soon Become User Accounts

There are already some sites that allow people to connect their cryptocurrency wallets when interacting with them. Anyone involved with the decentralised finance scene will have seen this, and they’re mainly found on decentralised exchanges like PancakeSwap and Uniswap.

The beauty of this method is that it’s easy to connect your wallet and know that your funds are safe, as any transactions have to be signed off within the wallet itself. That means you can check that everything is above board before you agree to move any funds.

As the move towards Web3 gathers more pace, there are likely to be many more sites that allow people to connect wallets such as MetaMask and Phantom. When this happens, they will serve a greater purpose than simply confirming transactions. Indeed, they could be used as a way to instantly create and verify user accounts everywhere online. This effectively means that crypto wallets could one day become a means of identity as well as a means of storing finances.

This could be the gateway that cryptocurrencies need to earn widespread adoption. When more people discover how easy it is to connect wallets, and when entertainment sites and other industries offer this option, it could spread like wildfire.