If there is a society where a pie would be an acceptable currency, then pies would be in huge demand. Yes, more than they are right now. These currencies should also be fungible. That’s a fancy term for describing something that can be easily exchanged for anything else.
When you have cash in hand, you can buy anything from a bottle of water to a car. So, that cash can be easily converted into any goods and services you want. This is the one barrier that the cryptocurrencies are slowly able to cross. Bitcoin could be earlier used for a very restricted set of transactions.
Today, even roadside food vans in the USA, are accepting bitcoins as a currency. This is huge. But, what is even bigger is that Craigslist has now added a button, where people can sell services on the platform using cryptocurrencies.
They just have to add this button to their ad posting, which says “cryptocurrency ok”. Why did they introduce this new option and what does that mean for the world of cryptocurrency? Let’s find out.
Why Did Craigslist add this option?
Will Eliminate Scammers. Craigslist is an open marketplace. Anyone can post an ad and start a business there. Users can buy and sell products and services. They can also decide the mode of payment they wish to use.
Since they transactions do not happen via the platform, the customer and the service provider often use checks. The problem is since it is all online and the two parties really do not need to meet each other in person, it is a fertile place for a scammer to be. It is not uncommon for sellers to be left with bad checks or never receive any payment from the buyer.
With the introduction of the option to use a cryptocurrency, these problems can be eliminated. Sellers can choose to work with buyers who are ready to pay in crypto-coins and avoid bad checks. Buyers can also work only with sellers who agree to accept payment in cryptocurrency. It is not possible to scam people when the payment can be controlled each step of the way.
It’s Updating With the Times
Cryptocurrencies are becoming mainstream slowly. With Bitcoin touching new heights every single day, people are becoming more curious about cryptocurrencies and are buying them. With the number of cryptocurrency owners on the rise, they will want to use them for transactions. And, Craigslist is updating their platform to meet this demand.
Most Sellers Are Doing It Already
Craigslist has been around for a while now and there are all kinds of sellers in that marketplace, including cryptocurrency users. These sellers have been offering their products and services on the Craigslist platform and taking cryptocurrency as payment. So, this step only looks like formalizing a practice that was already being followed on the platform.
A lot of options
Every day a new cryptocurrency is available in the market. Of course, not all of these cryptocurrencies are worth trading. And, not all of them will last either. But, there are many that will. With Craigslist formally adding cryptocurrency transactions as a feature in its arsenal, things just got interesting.
With this one move, Craigslist has added a good 20 payment options for its users, if not more. There are many more cryptocurrencies, 1000 by some estimates. But, even if only 2% of those currencies are usable, it’s a huge number of payment options.
Another good feature of cryptocurrencies is that they eliminate the need for any third party to be involved in the transactions. This means no extra fees to the middle man and reduced time of processing. This is a huge benefit for businesses that are on a budget. Sure, with prices of Bitcoin touching the sky, it may not be the best cryptocurrency to pay with because the transaction costs will be high. But, there are many other cryptocurrencies that can still be used to cut down the transaction costs.
How Will It Affect The Future Of Cryptocurrencies?
This is the real question on the table. While Craigslist may have added the feature for a whole lot of reasons, it is going to have a long-term impact on how people perceive cryptocurrencies. The huge popularity of the rather minimalist platform is going to do a lot of heavy lifting.
More People will be exposed to Cryptocurrencies
Some users on Craigslist may be already using cryptocurrencies as a payment method. But, that is a very small percentage of the total users on the platform. With a button like “Cryptocurrency OK” available, it will be visible to a large population.
They will also want to test the waters with this new kind of digital payment. The endorsement from a platform like Craigslist adds to the reliability quotient of cryptocurrency, and that is exactly what cryptocurrencies need right now.
It Will Break the Ice
People have a lot of reservations when a new technology hits the market. To break them in, it is important that people start using that technology. It normalizes it. Consider this. There is a seller that offers a discounted price, if the buyer uses a cryptocurrency as a payment mode.
Who doesn’t like a good discount? So, buyers will find the cryptocurrencies that the sellers are accepting, create a wallet and buy them. The need will drive people to become cryptocurrency users. They have not bought the currency for any investment purposes, but for a simple transaction on Craigslist.
But, they anyway are a user now. This will add to the pools of cryptocurrency users.
New Cryptocurrencies Will Become Mainstream
What takes a currency to become mainstream? It’s easy acceptance in the market. When a humungous marketplace like Craigslist identifies cryptocurrency as a legit means of doing business, people agree. Craigslist adding such a visible button to its ads will give people a sense of comfort.
They will feel that it is regular to transact in cryptocurrencies. They will be buying household items, cars, content services, advertising, and more using cryptocurrencies. With such everyday services available in exchange for cryptocurrencies, there is nothing stopping them from becoming mainstream.
Other Platforms Will Also Join In
Craigslist is a brand. When it has formally accepted that cryptocurrencies are used on its platform, it is only a matter of time that other platforms will follow. Recently, big artists like Mariah Carey, Motorhead, Slayer, and more became a part of the Project Coral Reef.
Under this project, the celebrities offer a collection of their own merchandise and they do offer a discount when they paid in Monero coin. There are so many eCommerce websites that already offer this service, but Craigslist is different. It is more popular and it holds an authority in the online world.
When its large user base will start using cryptocurrencies, they will also demand other websites use them too. Businesses will only try to fulfill the demands of their customers and allow cryptocurrency transactions on their platforms too.
Strengthen the Notion that Cryptocurrencies are the Future
Cryptocurrencies are a very polarizing topic. While some people believe that they are the currency of the future, others have strong reservations against them. However, with mainstream websites like Craigslist displaying its support for this futuristic money, it seems that the believers have an upper hand in the debate right now.
It is not to say that the cryptocurrency boom right now is not a bubble. But, it does say that once the currencies stabilize, they are going to become much more than just an investment opportunity. Regular people are going to buy the cryptocurrencies to make transactions like they use cash and checks.
There are so many currencies in the market and the ones with the most powerful technologies backing them will stay and change money as we know it. Of course, this is just a prediction. But, with how things are going cryptocurrencies are winning.
Craigslist has been one of the most popular platforms for buying and selling products and services for a lot of years now. This means that it already has an established seller base that has built a reputation. Cryptocurrencies have just acquired the trust of all of these sellers and buyers. So, when such a big platform is now joining the cryptocurrency brigade, it adds a lot of credibility to the concept of cryptocurrencies.