It’s the holiday season. Gift giving is on everyone’s mind. But not only that, it’s a new era of commerce. Consumers have thousands to millions of dollars to spend in their wallets. Not in a traditional wallet though, but what’s referred to as a ‘cold one.’ Australia’s top shop for Dad Gifts is aware of the emerging ‘cold wallet’ trend, and plan to accept and adopt before Christmas 2022.
What is a cold wallet?
The latest form of spending to sweep the world is cryptocurrency. Fiat is becoming a thing of the past, whether people wish to admit it or not. Traditional banks, credit card companies, digital banking apps, and even eCommerce stores have invested billions in building the proper transactional systems and infrastructure to accept cryptos.
The way the consumer will keep their cryptos for spending is a hot or cold wallet.
The hot wallet is on-line and smart device apps, run by 3rd party companies to secure customer funds. Examples are Coinbase, Binance, Pancake Swap, and Kucoin. These are not controlled by the consumer directly.
Cold wallets are physical devices, which a cryptocurrency user keeps at their resident or place of business. Trezor and Ledger are the two most popular brands today. Cryptocurrency SafeHaven has introduced their ‘Safewallet’ hardware as well.
Rapper Drake recently flaunted his diamond covered Ledger Nano which is sure to raise popularity of cold wallets. This is expected to be the future method of transferring currency, above the 3rd party apps. This especially after the recent FTX scandal.
Either way, people are finding more options to store their cryptos each year. And with this year seeing over 1-billion people worldwide exchanging the digital currencies, commercial stores have taken notice for this holiday season.
Australian Retailer On Crypto adoption
One of Australia’s top Dad gift shops recently spoke on their plans to adopt cryptos, and the sentiment rings true with most.
The marketing director of DadShop.com.Au had this to say —
“We’re always looking to improve our customers’ shopping experience and a part of this is to allow customers a wide selection of payment options from credit card, buy now pay later, and now crypto.”
Adding to the convenience of shopping with the gift shop for fathers, the marketing head’s comment rings true for over 1-billion crypto users this holiday season. Christmas gift ideas will be even easier to decide on, if the shop these digital currency holders’ are browsing accepts a form of payment readily available to them, without 3rd party interference.
Trillions of dollars have been traded in crypto coins and stable-coins, and it costs money to convert these tokens to fiat. So being able to spend directly will be a major benefit to token holders. It saves them money.
And with $1.2-Trillion dollars expected to be spent for the Christmas 2022 holiday season, a little savings on 1-billion people can go a very long way.
And while analysts project less spending on non-food items, it’s likely the average person will still overspend their budget.
Christmas 2022 Gift Ideas
Popular items are sure to push people over their budget. As technology advances, so do the prices of the average gift for individuals.
Popular Gifts for Dads
- Grill Master Sets
- Flat Screen televisions
- Air Fryers
- Motorized Tie Racks
- Portable movie projectors
- Surround sound speakers
Popular Gifts for Moms
- Makeup Organizers
- Foot Massage Spas
- Android and Apple Tablets
- Travel arrangement
Popular Gifts for Kids
- Playstation5 (PS5)
- Desktop computer
- Nike.com gift card
- Sony SRS Speakers
- Amazon Prime or Netflix membership
Of course, there are many other gifts out there as well. However, there are a few popular ideas according to users on social media platform reddit.
Cryptocurrency Processors , Advancing Adoption Ahead of Christmas 2022
Many providers of such merchandise or digital gifts are looking towards adopting cryptos for 2022. Crypto-processors like Bitpay have become evermore useful in retailers growth into the digital currency space.
As sites like DadShop can’t create a platform for just their store to securely handle such transactions. Bitpay’s focus on being the solution to such needs make them a front-runner to the store’s coming adoption.
“Most likely going to use a merchant like bitpay to accept all mainstream cryptos,” wrote the marketing director of DadShop AU to CCO on how they shall handle such transactions.
Australia’s growth into the crypto space has been ahead of the curve of many countries. There are even grocery stores in the ‘down under’ where token holders can purchase all foods via cryptocurrency.
And while these are only a few examples of Crypto adoption in Australia, with Christmas 2022 looming, the trend will only see vertical growth.