The surging demand of cryptocurrency
Cryptocurrency has undoubtedly become the newest available option in being a trading medium and form of investment for quite a while now. Since bitcoin’s first release in 2009, people have slowly started to turn to digital cash because it is relatively more effective and cheaper. It is considered a modern innovative invention that is currently still disruptive to the economic industry. Cryptocurrency is controversial and questionable. But it is only getting a lot more popular day by day that even the online gambling industry has started trusting https://smartbettingguide.com/crypto-sports-betting/.
Overview
For those who don’t know, cryptocurrency, or simply known as digital currency, works under a technology called the blockchain. Bitcoin is only the first and one of the existing currencies. Cryptocurrency is a distributed ledger network that records transactions between parties and has no central entity to administer and verify transactions like banks do. If banks keep your transactions private, then it isn’t the case with cryptocurrency. People can see your “banking” activity bluntly. However, you can always go anonymous with your account information.
Advancement
Several countries like Japan, America, and Singapore have legalized its use as a form of payment in the modern era although some countries (China, Russia, Bolivia, and Iceland) forbid the use of digital currency. Many think that using bitcoin is a dangerous way of investing. This is because bitcoin has a volatile value pace. The obvious reason why it is so unstable compared to fiat currency is the fact that it is still considered new that even one bad headline covering bitcoin will leave an impact on potential investors. It should not be a surprise that an uproar caused by the opinion of a public figure could really affect the flow of this currency. People are still weighing whether or not this cryptocurrency is really worth investing in.
Other obvious reasons that bitcoin shouldn’t be trusted immediately should be the fact that digital money has higher risks of being hacked and stolen from. There are a lot of security improvements needed in the digital world that don’t make cryptocurrency anymore safer than other digital usages. We should remind you that when we talk about topics, we should equally talk about the pros and cons that surround it. While the short term possibility of cryptocurrency can be scary, we should think about what good possibilities it could bring in the future (although there is no guarantee about how it could be). Luno’s CEO Marcus Swanepoel spoke at the AfricaCom 2019 about what good would cryptocurrency could bring to Africa’s future considering inflation and devaluation, fraud, and high transaction rates that is caused by the current system.
Use cases
The most recent company to open up with the trading option is Tesla. This early January Tesla has decided to trust bitcoin as one of their payment options. Causing a massive demand over the cryptocurrency and stirring up the market by 20% the day Elon Musk added #bitcoin on his Twitter biography to only jump again by 16% the next month after he revealed that Tesla Inc. bought $1.5 billion worth of bitcoin. It can be quickly concluded that Elon Musk has had a huge influence in the cryptocurrency world since the beginning of the year. This is proved when he announced in early May that Tesla will no longer allow bitcoin to purchase their vehicles, about $365 billion dropped off from the market almost immediately after.
Cryptocurrency is only getting a lot more interesting now that you can gamble online using bitcoin and its other kinds instead of “real” money. This option will save you from the trouble of using a credit card. Many do deposits and withdrawals using bitcoin now because the form of payment does not cost any transaction fees unlike the rest. The availability of cryptocurrency in the industry also benefits players by allowing them to play anonymously and improve their progress in games without having to worry about what can or cannot be seen by other players. This situation benefits further because not many countries allow any forms of gambling. Cryptocurrency takes part in allowing people from these countries to play because, when they use cryptocurrency, they will not be violating any laws as they are not gambling in cash. Which means, the traditional regulations that regulate gambling aren’t relevant anymore.
Final say
The gaining popularity of cryptocurrency, although polemical, causes a huge demand for cryptocurrency and more people are joining in the usage of the digital wallet. More broader, and complex use cases does nothing but add more value to both the crypto technology itself and the industry involving it as a means of payment.
