Crypto Future: Can Digital Wallets Replace Credit Cards?

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Living in a world where almost everything is at our disposal 24/7 due to the Internet certainly has many benefits, but somehow it also seems that no matter how swift the transactions are or conveniently we can order something online, there is always room to improve and make it even faster and more convenient.

But, we must all agree that certain items like credit cards really changed our lives for the better. Understandably, due to constant movements on the market and changes, today it seems like even credit cards are something that will not stay with us for long, as there is a much more efficient and faster way to purchase goods or/and services.

The tech accomplishments

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When we look at how fast technology advances, it’s nothing unusual that some people simply cannot keep up with that vast flow of information. Don’t believe us? Well, let’s take cryptocurrencies as an example because just two decades ago, you would probably have no idea what this word represents, and today, it seems like everyone is only talking about them.

Now, even today, there are certain things and aspects that people, even though they are aware of what cryptos are and how they work, find confusing as, once again, technology is so rapidly advancing. Since cryptocurrencies are some of the most popular topics, you should know that if someone would consider investing in digital assets, or, to be more precise, digital money, they would need to create a digital wallet first.

These new wallets really represent a change for the better, as depending on whether you choose to go with a cold or hot one, both of them come with certain advantages and disadvantages, but, in order to understand them better, let’s check out some facts about these wallets first.

Digital wallets – explained

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First of all, we need to explain what digital wallets are and how we can use them to make our everyday life much simpler and easier. They do not store physical money or banknotes, and we do not need to have a physical card to use them. That makes transactions made with them almost instant and much more secure than ones made by credit cards.

We can use our computer or tablet to make these transactions, but probably the most popular way is the usage of mobile phones since we all have them with us all the time. The great thing if we use the digital wallet on our phone is that it is enough just to scan it in front of a reader and finish the payment without any contact. Besides that, we can compare them with physical ones where we can store our credit cards, money, loyalty cards, and much more.

The principle is the same, and the only difference is that in the digital wallet, we can store all of it but in digital form. If we decide to switch to digital wallets, the biggest advantage is that we can use them for every currency we want and store every card in it without carrying all of them physically. All the transactions are much simpler because we do not need to enter too many digits, and all we need to do is to access the desired card through the wallet.

There are many digital wallets on the market, and almost each of them we can download to our smartphone, so the biggest problem is to choose the best one. Speaking about cryptos, probably the best one is Crypterium because it is known as a reliable one, and it supports many different currencies, so if you want to be sure that you made the right choice, visit their website and create an account in only a few minutes.

The Pandemic changed it all

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We all agree that the COVID-19 is one of the worse things that modern society experiences, and it is still not over, so no one can be sure what will happen until its end. Besides many bad things that the pandemic brought, some industries have much more work thanks to it. The main reason for that is the necessity for avoiding direct contact with other people, so people around the world are finding the best possible solutions to continue with everyday life.

Because of that, the online gambling industry is increasing every day, and also the payments without contacts like crypto and regular transactions by digital wallets. More and more people are switching to this payment method, and it is most likely that many of them will continue to use digital wallets even when the pandemic is over. Once they see how easier and simpler it is, there is no reason to use the old methods again.

What do the numbers say?

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If we look at the facts, we would see that cardholders are fastly switching to account holders, meaning that the usage and ownership of credit cards are reducing year after year, until it will eventually be a pretty small amount of people still having and using one. Now, this doesn’t mean that credit cards are bad in any way, as it just means that digital wallets are the future of banking and how we store and manage our money. It doesn’t have to be just about cryptos, and that’s one thing where people often make a mistake. Namely, digital wallets can be used to store any currency.

The verdict

In the end, with everything going on in the world, no one can predict the future and be one hundred percent certain that digital wallets will replace credit cards, but at the current rate, it looks like something inevitable.

It’s all about convenience, and since technology can only get better, it’s much more likely that these wallets will get even better than that their usage and all the benefits that come with using them will drop. As for the current disadvantages, the main one is that some shops still don’t use them, and, more importantly, aren’t ready for this type of change, but, once again, with time, even that will change.