For those looking for evidence of cryptocurrency hitting the masses, news emerging over the weekend did not disappoint. Indeed, shopping malls in two tech-savvy countries – Singapore and South Korea – appear to be anticipating a future where cryptocurrency is globally adopted.
Coming via the South China Morning Post, at least five stores in a Singaporean shopping complex (Sim Lim Square) are now selling cryptocurrency mining machines. Sim Lim Square is a popular destination for customers looking to purchase electronics.
Singapore – along with Hong Kong – is known for having the world’s most responsive, dynamic free-market economy. Therefore, this news fuels optimism regarding the possibility of blockchain technology and cryptocurrency ever becoming normalised. Deciding to stock personal mining rigs alongside mainstream products like video games and bluetooth speakers is indicative of retailers acknowledging demand-side pressure, and responding accordingly so as to maximise their profits.
The dissemination of mining rigs throughout retail stores globally has had the unintended consequence of angering the gaming community. So much so, that well-known GPU manufacturer, Nvidia, recently took to recommending that their trading partners impose restrictions on the amount of GPUs able to be ordered per transaction.
Prompting this recommendation was ongoing availability issues with Nvidia’s product range (despite price increases) courtesy of soaring demand from the cryptocurrency mining demographic – who often buy in bulk. Losing out was the (annoyed) gaming community – Nvidia’s target audience.
In sticking with the retail theme, Yonhap today reported that Wemakeprice Inc., the ecommerce provider headquartered in South Korea’s capital of Seoul, is preparing to enable payments to be made with twelve different cryptocurrencies, using their innovative “WonderPay” payment system.
Contributing to this pioneering effort will be Bithumb; the popular South Korean cryptocurrency exchange that is partnering with the online retailer. Three of the twelve virtual coins have been confirmed: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
Considering Bithumb currently offers twelve pairings, it is reasonable to expect that these will be the coins adopted by WeMakePrice. If so, the remaining nine payment options will be EOS, QTUM, ETC, BTG, LTC, BCH, XMR, DASH, and ZEC.
Cryptocurrency Image From Shutterstock