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How Cryptocurrency is Transforming and Disrupting Multiple Industries

by September 09, 2021 0
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The world’s first cryptocurrency was launched in 2009, and since then, it’s gone on to enjoy near-mainstream adoption. Companies, institutions, and even governments worldwide have rushed to embrace it and figure out ways to harness cryptocurrency’s benefits for their own advancement. Here are some of the leading international sectors that cryptocurrency is both disrupting and transforming.

 

Online Gaming

The online gaming sector is continuing to be altered by the influence of emerging technologies. Cryptocurrency has been massive for the industry as it’s enabled more demographics of players to access gambling sites. The use of cryptocurrency for payments, withdrawals, and betting offers higher levels of security for players. The immutable nature of crypto means that the blockchain can provide a flawless digital paper trail if there are any disputes.

The sector is going from strength to strength, growing at a steady rate of around 11.5% each year. Much of this growth is currently driven by mobile traffic as more and more gamblers prefer to bet on the go. Access to smartphones as well as low-cost and high-speed internet means that mobile gaming is the future for the iGaming industry. Apps and browser-ready sites will be a necessity for all operators in the coming months and years.

Another fundamental benefit to mobile gaming is the allure of competitive incentives on offer, like free spins and bets. As Bonusfinder UK talks about in their post, some sites offer thousands in welcome bonuses and a range of more than 1800 casino games designed exclusively for mobile use, you can see some examples by clicking here. Catering to user needs and the mobile format has meant that gaming has sustained its popularity over the years by adapting to technological shifts, as opposed to resisting. This latest encouragement of crypto use on gaming sites has only further improved accessibility for a wider audience.

Fast forward a couple of years, and the majority of gamblers will be playing via mobile and making deposits and withdrawals in a variety of cryptocurrencies.

 

Central Banking

A growing number of central banks are currently mulling the introduction of centrally issued cryptocurrencies. These are essentially virtual currencies that are pegged to the same value as their fiat currency. The US is looking into the creation of a digital dollar that would be worth exactly one dollar. This stability is important as many other cryptocurrencies continue to be volatile, resulting in varying consumer confidence levels. The US is yet to make a formal announcement on whether the US digital dollar will become a reality, but rumor has it that they are trying to beat the Chinese.

In terms of their developments, the Chinese government has already introduced the digital yuan, though it’s not widely used as of yet. Still, in the trial stages, the currency is ready to be launched internationally. This could pose an interesting challenge to the dollar, which has been the default currency for business for many years. It could also challenge the forex market and other currencies’ performance, spurring more central banks to develop digital alternatives.

81 other countries are believed to be exploring the possibilities of central cryptocurrencies, while five have currently launched them. These are Saint Lucia, Grenada, Antigua, and Barbuda, Bahamas, and Saint Kitts and Nevis.

 

Private Banking

The private banking sector has been plagued by various issues for both institutions and consumers over many years, including costs associated with making transfers, especially in the case of cross-border transactions. Additionally, the payment and clearance system is still slow and sluggish, failing to catch up with demands for quicker solutions. Lastly, security is still an issue. Data leaks and hacks prevail, meaning that many clients don’t trust online payments 100%. Unable to find steadfast solutions, many banks are now looking at digital currencies to improve security, lower transaction fees, and execute quicker payments.

Many banks were skeptical of crypto when it was first launched, but as the sector develops, they have begun to appreciate its use cases and benefits.

 

Online Payments

online payment

The online payments sector is huge, boosted by greater uptake of eCommerce and online services. Up-and-coming generations of consumers prefer to shop online, get better internet-only deals, buy insurance, and even apply for financing. This has sent the demand for online payments soaring, but it’s also meant an uptick in cyber issues. The more people that transact online, the more criminals will seek to target them. Providers are moving fast to plug the gaps, but the use of cryptocurrency could help a lot.

Cryptocurrency is secure in that when a transaction is made on the blockchain, it cannot be edited, removed, or tampered with in any way. Furthermore, since crypto payments are essentially pseudonymous, there is no sensitive personal data like bank account numbers, names, or dates of birth to be stolen by bad actors.

Many of the leading payment providers are offering cryptocurrency payment methods. Skrill, PayPal, Coinbase, and countless others all offer crypto payment services, while many more retailers have integrated crypto payments into their sites.

 

Currency Exchange

Currency exchanges had come a long way from times when the only options were in brick-and-mortar facilities. Over the years, they have made the transition online, but also including non-fiat currencies. Previously, exchanges offered currency pairs of fiat currency such as dollars, euros, pounds, and similar. Today, more and more exchanges are offering cryptocurrencies as well. Some offer fiat-crypto, and others provide just cryptocurrency. These exchanges change billions if not trillions per day, predominantly through mobile or browser-based apps. Payments and withdrawals can be in fiat or crypto, depending on the site.

Over the next few years, we will see more existing fiat exchanges incorporating cryptocurrency pairs into their services. Additionally, crypto-friendly exchanges will list more coins as the sector continues to grow. Some exchanges already list hundreds of different virtual currencies, including all the mainstream coins and countless altcoins. We can also expect to see more exchanges launching their digital wallets that will hold a combination of different fiat and cryptocurrencies.

Cryptocurrency is here to stay. It will continue to be integrated into our lives and change the way we do things. More and more businesses and institutions will start using cryptocurrency to streamline processes, reduce costs, and offer new services to increasingly demanding clients. We can expect to see this list get significantly longer in the coming months and years.