CEX.IO company blog | Cryptocurrencies are integrated into our lives, starting from the premium segment

Opinion of Yuri Mazur, head of data analysis department at CEX.IO Broker.

Cryptocurrency is increasingly being integrated intoeveryday life, and if at the very beginning of the journeyIt was supported by enthusiastic businessmen, but now digital assets are quite tightly integrated into luxury brands and the premium industry. For example, it became known that the Pavilions Hotels & hotel chain Resorts will begin accepting 40 cryptocurrencies for payment for its services.

Pavilions Hotels & Resorts are notthe first luxury brand to announce the adoption of cryptocurrency as a means of payment for its services. If we consider the travel and leisure segment, many companies in Europe, Canada and the USA are ready to provide services in exchange for digital assets. For example, the Travala.com platform makes it possible to pay for hotel reservations and airline flights in bitcoins.

If we talk about more exoticWhen traveling, for example, into space, you can’t do without BTC here either. Thus, the products of Virgin Galactic of the outrageous Richard Branson can be paid for using cryptocurrency. Payment with digital assets is also popular among jewelry and watch companies. For example, the Franck Muller company allows you to buy premium watches for bitcoins, and the Jacob & Co., a global jewelry manufacturer, has partnered with CEX.IO to give its customers the opportunity to pay for purchases using cryptocurrency.

It’s interesting that now, in addition to premium cars andaircraft, which are traditionally associated with wealth and luxury, cryptocurrency can also be used to pay for objects of fine art that have cultural and aesthetic value. For example, Singulart.com, a platform where famous and emerging artists offer to buy their works, allows customers to pay in BTC.

Opportunities and popularity of digital assetsexpanding the services of payment systems. Moreover, the need to integrate cryptocurrencies into their services is also understood by global giants such as Visa, Mastercard, PayPal. Cryptocurrencies help them both maintain their position in the market and expand their customer base by attracting progressive-minded people. According to CNBC, users of Visa cryptocurrency cards have already spent more than $ 1 billion in the first 6 months of this year on the purchase of goods and services. And in the future, this amount will potentially only increase. Payment systems and digital assets can complement each other quite harmoniously, so we can safely talk about the gradual destruction of stereotypes and myths.

However, there are also some risksaccepting cryptocurrencies as a means of payment. The first risk lies on the surface - this is the dynamic rate of digital assets. However, this risk can be mitigated due to symbiosis with traditional payment systems. But there is another risk - if we take the same Tesla, which in the spring of this year announced the acceptance of Bitcoin as payment for cars, already in the summer the company’s decision was canceled due to possible harm to the environment when mining cryptocurrency. And in this sense, digital assets will need to show maximum flexibility in order to withstand competition. The ETH network updates were aimed precisely at reducing dependence on mining, and as a result, on regulatory environmental standards.

In my opinion, the crypto market and its infrastructureThey now have sufficient adaptive capacity to adequately respond to most challenges. Moreover, thanks to cryptocurrencies, the global financial system has taken an evolutionary rather than a revolutionary path, therefore, most likely, digital assets and BTC over the horizon of 5-6 years will become more widespread in all segments of economic activity in everyday life.

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