Over the last decade, Poland’s economy has been witnessing a consistent GDP growth of an average of 3.7% per year. This not only means that the people living there can afford more things but also that the country’s future projections now include more technology investments and overall more inclination towards modern ways of doing business.
That’s why the future of digital currencies in Poland is a very interesting topic. Due to being relatively new, crypto is still a massively underutilized field and holds so much potential. Still, people are not easy to convince when it comes to abandoning traditional means of payment. It will probably be the biggest challenge to overcome for all blockchain supporters.
Let’s see what’s the current state of this market in Poland and whether we’re close or far away from these virtual tokens becoming a part of our daily lives.
The Current State of Crypto in Poland
A recent market analysis says that only 12% of Polish citizens use cryptocurrencies regularly, which tells you enough about how much room for growth there is. Whether it’s for day-to-day transactions, investments, or both, this number is way too low compared to what the future expectations are when it comes to this field.
However, it shows there’s a slow but steady progress that’s probably going to exponentially skyrocket within the next 10 years. Just a decade ago, the number of people within the country using these financial instruments was less than 2%. Considering that Poland has around 37 million citizens, that’s a huge leap from approximately 700k users to now 4.5 million of them, which is nothing but remarkable.
Yet, compared to much bigger markets like the US, Asia, or Western Europe, there’s still so much work to be done for crypto to become adopted as a mainstream payment tool.
Platforms & Preferences
When a country realizes almost 80% of its population is still unfamiliar with the crypto world, the first step is to analyze the existing users and see what their preferences are. That’s the right way to learn what works and what doesn’t, which will undoubtedly be helpful in the long run.
So far, Polish blockchain enthusiasts prefer platforms like Binance, Coinbase, and BitBay, the latter being a homegrown platform tailored specifically for domestic users.
The plan is to create the most user-friendly interfaces for these options, so they break the barrier between the platform and the user in the shortest amount of time. This way, they’re aiming towards bringing digital currencies closer to an average user, since we humans put up the biggest resistance to things that look unknown or unexplored to us.
The results are great so far, as more than 23% of Polish people have used crypto as a payment method at least once in their lives. On the other hand, it leaves the country with around 77% of the population that’s yet to try this tech advancement, which is approximately 29 million people.
Crypto in Online Gambling
If you know about the online gambling industry, you know that Poland has one of the best gaming landscapes in the world, led by highly professional platforms like verde casino pl. The approximate number of Polish casinos using crypto for payments stands at around 30%, with this trend increasing every year.
Players are quick to embrace these changes because of the advantages that come with using Bitcoin or other digital tokens for sports betting, slots, or table games. The rate of acceptance is much faster than in other fields and industries, and hopefully, the others will follow once they become aware of the positives as well.
The Benefits of Crypto Payments
Although they may seem obvious to you, the stats indicate there are many out there not know about the benefits of using cryptocurrencies. Here are some of the biggest ones:
- Low Transaction Fees – Compared to traditional banking systems, crypto payments come with much lower fees, whether you’re paying domestically or internationally.
- Speed of Transfer – Waiting 2 or more work days to complete your payment can be way too long, especially if the nature of your business requires quickness and efficiency. With digital currencies, this barrier gets eliminated since they’re all processed almost instantaneously.
- Decentralized Autonomy – In case there’s a bureaucracy type of problem with your bank, your funds will probably be frozen indefinitely since they’re required to strictly follow protocols and procedures. On the other hand, Bitcoin and other currencies aren’t under the direct control of banks and governments, so they provide you with a significant level of financial independence.
- Security – Despite being a technological tool, cryptocurrencies are one of the safest options for your transactions. Encryption protocols are a standard that protects your funds against hackers, frauds, and all other kinds of potential online hazards.
The Future of Crypto in Poland
If the goal is to spread awareness and get people to slowly but surely learn about and accept cryptocurrencies, Poland is doing a great job.
Although it’s still early to celebrate, the country has more than enough reasons for optimism as its economy, the e-commerce scene, and online markets in general are larger by the year. The main focus should remain on educating and introducing the population to simpler and better solutions. If done correctly, there’s no way they won’t see results in the future!
