August 20, 2021, | AtoZ Markets – In terms of their potential for instigating seismic change, there have been two particularly far-reaching technical innovations in recent years. The first occurred in the mid-1990s when the first commercial dating website was launched. Online dating has become a phenomenon, with surveys revealing one-in-three of today’s relationships are initiated in this environment, while the industry is worth billions.
That financial theme is apt for the other revolutionary development: the introduction of decentralized, digital currency, or cryptocurrency in 2009. Here we assess how the flexibility of digital transactions is tailor-made for dating platforms.
The reason cryptocurrency has become so successful is that it relies on electronic payments that aren’t tied to a particular bank. This means they although they are being distributed across a computer network, like any other type of online banking in the modern world, the connection is effectively between two recipients, with no need for the involvement of a central authority or ‘middle man.’ So where does this fit in with the management of virtual matchmaking resources? The meteoric rise of online dating has meant there’s now an incredibly diverse range of websites out there. The ability of bespoke web design systems like WordPress to offer dating-specific themes to tailorable web pages means these sites can be cobbled together effectively using customized templates, rather than relying on experienced coding experts. This has led to more and more sites being available, many with app versions that are freely downloadable from Apple or Google Play stores. Dating sites cater for every possible relationship aspiration, whether singles are seeking local opportunities for hookups, or would be prepared to travel further afield to find their soulmate. Because so many dating sites attract millions of regular users from across the planet, utilizing cryptocurrency makes so much sense.
2.) Lower commission
Although online dating is springing up all over the world, the majority of their memberships are based in North America, Europe, and Australasia (with emerging markets in South America and the Middle and Far East of Asia), so the lion’s share of the subscriptions costs and other fees will be conducted in dollars, sterling or Euros. Cutting out the need to defer to a centralized bank is one of the reasons crypto payments are becoming more widespread for transactions on dating outlets. Unlike the heavy fees that are charged by mainstream banks for aspects like currency conversion, the trading fees for crypto payments can range from 0.09% to 0.16%. Compare that to the charge for exchanging currency to dollars, typically 1% of the purchase price.
3.) User autonomy
Cryptocurrency gives users a much greater degree of freedom than they would have experienced with centralized payment methods. This chimes with the sense of unlimited possibilities facing any singles choosing relationship outlets.
4.) Mobile payments
The flexibility of cryptocurrency is ideal for topping up online dating accounts. Users scan the QR-code of their Android mobile wallet with their webcam, before copy/pasting the Bitcoin address into their desktop wallets. Now you have access to cryptocurrency to send payments anywhere on your network via your phone.
Cryptocurrency is now widely accepted. Because cryptocurrency is digital, it is highly flexible as a means to purchase products, or to pay for services. Microsoft is now accepting the cryptocurrency, Bitcoin, which users can then use to pay for other digital content, covering everything from Windows to apps to Xbox games.
Online dating may have only been a ‘thing’ since the tail end of the last century, while cryptocurrency has been with us for just over a decade, but these often inter-related topics look set to influence the way dating platforms continue evolving.