The world as we know it is gradually changing. As we look around, people are displaying different behaviours. They are speaking into the base of their smartphone. They are tapping card readers at cashier desks. They are checking smart watches for something other than the time. They are hypnotized by a video on their tablet or frantically tapping away at the smartphone monitor. People are behaving differently because they are now equipped with the means to fully engage with the digital evolution that is happening around us.
The online world has more visitors than ever due to advancements made in technology and software that are producing streamlined processes to complete even the most mundane of everyday task. While processes such as contactless payment have now become second nature, there are other developments in the digital world that are slowly making their presence felt in the public domain. Digital devices and processes have the power to transform society and none more so than cryptocurrency.
The digital currency embodies nearly everything the digital world stands for. Heightened security, faster, more streamlined procedures, increased privacy, and perhaps most importantly, potential and scalability. Since the first cryptocurrency transaction was made in 2010 for two Papa Johns pizzas, cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin have progressively crept into the mainstream.
Perfect Payment Partner for the Digital World
The increased presence of digital currency in the world we reside in is primarily down to the increased time spent online making financial transactions. With enhanced capabilities to create an entire digital presence, businesses are beginning to apply more focus on their online appearance and digital marketing strategies to appeal to the online dwellers that are multiplying rapidly. Payment methods such as debit and credit cards can still be used, but even they are slowly being phased out by digital wallets such as PayPal, Apple Pay and Google Pay.
The evolution of financial transactions is evident in the rising popularity of digital wallets and the movement away from card transactions, including chip and pin. While cryptocurrency is not a new phenomenon, digital currencies represent the next step in payment methods due to the benefits that are perfectly compatible with online activity. And those benefits are already being implemented into fellow digital entities that are proving popular with millions around the world.
Cryptocurrency x Online Casinos
One example of how the benefits of cryptocurrency can influence the online world is their operation on online casinos. The digital version of casino game play is exponentially gaining more popularity and part of that is driven by the recent implementation of cryptocurrencies onto online casino platforms. Playing with cryptocurrency on providers that accept it is like gambling with a credit card, but much easier, quicker, stress-free, more secure, and comes without the need for a physical card. In short, it is the opposite of using traditional methods such as debit or credit cards.
Importance of Blockchain Technology
The main feather in the hat of cryptocurrency is the blockchain technology that powers the digital currency. Although the use of this technology also provides complete transparency on a transaction to compliment the above-mentioned attributes, with involved parties able to see the time-stamped entry on the distributed ledger, the wider use of blockchain tech could potentially give greater recognition to cryptocurrencies.
Vital industries such as healthcare, education, finance, real estate, and insurance are all starting to rely more heavily on blockchain technology to help their day-to-day operations. The administrative powers of the blockchain are being felt in large and small corporations around the world and if that trend continues, cryptocurrency could also stand to benefit as one of the founding users of blockchain technology.
What is stalling the crypto takeover?
While the benefits of cryptocurrency and the blockchain tech powering it are clear to see, there are still a few hurdles for crypto to clear before it can be recognised as the default currency. The main problem with cryptocurrency is its volatility. Although transactions are faster and more transparent, that means truly little to crypto owners if the value of their currency constantly changes and can potentially plummet in a second.
Right now, digital currency is on an even keel with gambling. The “risk and reward factor” is still very much a part of crypto dealings and until a level of stability is reached, there will always be doubt over cryptocurrency. However, in the words of Deutsche Bank analyst, Marion Laboure, “Cryptocurrencies are too important to ignore.”
A future currency, but to what extent?
It is widely accepted by experts that cryptocurrency will play a significant role in the future. The impact seen in many industries is evidence of the effectiveness of blockchain technology. With cryptocurrencies using the blockchain DNA, they are expected to grow due to the increasing number of digital businesses and entities emerging in that space.
But while there are still doubts over the stability and value of digital currencies, let alone the need for more legislation around the operation of them, there are certainly some obstacles to overcome before we can consider the widespread implementation of cryptocurrency.
Our Founder and Chief Enthusiast: With a background that’s a wild mix of tech enthusiasm, finance, and a short stint believing blockchain was a new martial arts technique, Matej is the heart and soul of TheBlockchainBrief.com. He’s got more passion for cryptocurrency than most people have for coffee, and that’s saying something.
