Cryptocurrencies have experienced an incredible rise from the very first Bitcoin trade back in early 2009, to becoming a household name less than 20 years later. Behind this rise, there are influential figures like Trump who have promoted the currency, and favourable legislation changes.
Now, you can even pay for your weekly ASDA shop using Bitcoin! Industries like healthcare, ecommerce and iGaming have all been impacted by crypto, borrowing aspects of the currency in their own practice. We might not all be paying for a coffee using Bitcoin just yet, but crypto has certainly become part of our everyday lives, even if we don’t know it.
Starting from obscurity
We all recognise the word cryptocurrency now, but it wasn’t so long ago that crypto was confined to the corners of the internet. The idea of crypto grew from a 2008 white paper by its mysterious creator Satoshi Nakamoto. In his work, he called for a decentralised currency, meaning that it was not under the control of a central institution like the Bank of England, that was in the hands of the people and could be traded easily online.
His plans came to fruition in 2009 when the very first crypto transaction took place between the developer and a software engineer friend named Hal Finney. Bitcoin, which was the first cryptocurrency, remains the most popular in the world today. Out of this original coin came almost countless spinoffs, including Ethereum and Ripple XRP, and even a new form in memecoins like Doge, which was launched in 2013.
When did crypto start to gain mainstream attention?
Crypto became a respected, well-known asset around the end of the 2010s and into the start of the 2020s. Back in 2013, Bitcoin broke the four-figure barrier for the first time to grow from a worth of £13 at the start of the year to over £1,000 by the end. Crypto really hit its stride when we hit the 2020s, becoming infamous worldwide. Bitcoin’s value increased accordingly, and it was worth a rather extraordinary £19,000 by the end of 2021.
If you told anyone from those early days of fringe crypto just how much it would be worth today, they’d likely find it pretty hard to believe. Bitcoin’s current value is around £89,000 a coin and it’s projected to be worth more than gold by the end of 2025.
Do people have any reservations about crypto?
Although crypto is a household name today, there are still many people who have reservations about getting involved with the currency. These concerns are largely down to cryptocurrency’s high volatility, which means that its value fluctuates significantly. As crypto is decentralised, it’s not attached to any form of central bank, which is a selling point for many who are looking for more control over their money. However, this also means that there’s no institution to stabilise the value of the currency, so it is heavily impacted by external events.
Even the most popular cryptocurrency, Bitcoin, is incredibly temperamental. Between 2020 and 2024, Bitcoin had one week a year where its value dropped by 40% and four weeks where it dropped more than 20%. To put that into perspective, the value of the pound has changed on average 2.09% per year since 1751! Crypto never does anything by halves and even when its value is climbing, it remains highly volatile.
How did crypto move from a fringe concept to a part of everyday life?
Although there will likely always be those who have concerns over the volatility of crypto, it has still become a widely recognised currency. Changes in legislation, both here in the UK and across the pond in the US, have helped it to be taken seriously. In April this year, the government moved the regulation of crypto under the remit of the Financial Conduct Authority, who manage other financial assets. The move will make legislation clearer, crypto easier to trade and shows just how seriously the currency is taken today.
The President of the United States is a very vocal supporter of cryptocurrency, going as far as to create his own $Trump coin. He has also been introducing reform to support the currency, which has allowed 401K retirement plans to invest in crypto. Famous advocates for crypto, including the likes of Trump and Elon Musk, have helped it become part of everyday life. By promoting the currency and investing their own, and the country’s, money in it, they’ve helped crypto move away from being a fringe concept to become widely known.
Which industries have been impacted by crypto?
While we might not realise the impact that crypto has on our everyday lives, there are plenty of industries that have felt its influence. It has had a significant impact on retail, ecommerce and iGaming. Even if they don’t directly use crypto, many industries have incorporated elements into their everyday operations.
Retail and ecommerce
The most obvious impact has been felt by retail and ecommerce industries, many of which now accept cryptocurrency payment methods. Businesses such as Argos, M&S, Uber and John Lewis all allow you to pay for your purchases using crypto online. Although you can’t pay in-person using crypto just yet, there are an increasing number of retailers incorporating crypto as an option in some form.
Cryptocurrency uses something called blockchain technology, a sort of virtual ledger, to record all the transactions made using a currency. Once a transaction is made, it’s public and can’t be changed. Blockchain technology has become popular outside of crypto in industries such as ecommerce, for its improved levels of transparency and to help prevent fraud, human error and market manipulation.
iGaming
Crypto has become a popular option at iGaming providers, with many now allowing players to pay to play their favourite game using the currency. For players, the advantages are numerous. Deposits and withdrawals are quicker, and they usually have lower fees compared to alternatives. Crypto also means that players don’t have to upload their financial information onto a site, which can be a significant concern.
In fact, crypto is so popular in the sector that there are even crypto specialist casinos and sportsbooks, a wide selection of which can be found on the leading comparison site BitEdge.com. Their expert team boast over half a decade of combined experience and includes top voices such as Eugene Abungana.
An expert in the financial side of iGaming, Eugene uses the knowledge gained from earning his degree in Economics and 11 years working with crypto to bring players the top crypto casinos around. The team carefully selects the best options by looking at factors such as payment methods, bonuses and game variety, which ensures players have the best experience regardless of which casino they pick!
Healthcare
As we mentioned earlier, there are other industries that borrow aspects from cryptocurrency, with one of the more surprising examples being healthcare. Blockchain is being used by many healthcare providers to record patient information. In an industry where accuracy, transparency and secure records are essential, blockchain is a popular solution. It supports easier sharing of patient history between hospitals and makes records easier to find. In turn, this cuts down on intermediaries which reduces cost and saves time.
It’s not unlikely that we’ll see other industries cherry pick the parts of the crypto setup that would be useful in their own practice. For example, smart contracts, where the terms of an agreement are automatically executed, are already being used in finance and law.
Are cryptocurrencies part of our daily lives?
Although there are still many people who have reservations about crypto, it has risen from obscurity to become a household name around the world. The support of famous figures such as Musk and Trump, as well as favourable legislation changes, have seen crypto go from a fringe concept to a hugely valuable asset.
Now, crypto is used in some form across numerous industries, ranging from iGaming and retail to law and ecommerce. It doesn’t seem like crypto will be going anywhere anytime soon as other industries have taken elements of the virtual currency to use in their own businesses. As a result, crypto seems set to become even more integrated into our daily lives in the near future.
