When it comes to making transactions online, the use of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many other more has now become more popular. Cryptocurrencies have been publicly available since 2009 and it was in 2017 when it started to gain more attention.
In 2017 was when the value of Bitcoin jumped from 1,000 US dollars to around 19,000 US dollars. Because of this, many businesses like a bitcoin casino website in India have started adapting to its use. Other e-commerce businesses and platforms have also started to give it some attention like Shopify.
It’s easy to understand why the gambling industry easily adapted to the use of cryptocurrencies. It’s safe, fast, and gives gamblers the anonymity whenever they make transactions. Many banks are usually strict with gambling-related transactions and sometimes, it could take a few days for the gamblers’ transactions to be processed.
Since cryptocurrencies are decentralized, transactions are faster and smoother. Players who are also making transactions with casinos based outside their countries also experience faster transaction processes because the use of cryptos wherever you are in the world is as it is. There’s no need to convert cryptos into fiat currency if you need to play in a Bitcoin casino.
The IT industry is also benefiting from the technology that cryptocurrency uses, which blockchain. The use of blockchain technology appears to be more than just being the mechanism for cryptocurrencies. This is mainly why since 2017, there has been an increase in job vacancies with developers that have blockchain development skills. This is also why this kind of skill is now part of the 20 fastest-growing job skills that employers in many industries are looking for.
Infoq was able to talk to the blockchain software developer of Mobilunity, Eugene Kyselov and when he was asked about the future of cryptos and blockchain, he had this to say, “The future is today. Of course, a lot depends on the decision of the authorities and the world’s financial organizations. But even today, if the blockсhain technology were applied to state purchases or businesses, I suppose it would significantly reduce the level of corruption and optimize various internal processes.”
He added, “Nevertheless, Bitcoin and smart contracts are not a panacea for poverty and corruption, but thanks to these innovations, people might just live in a future with a vastly improved economy with its lower risk of being robbed or cheated in all spheres of life.”
It’s also easy to see why many more people and businesses are starting to be interested in cryptocurrencies even if it’s considered risky because of how quickly its value fluctuates. It has great potential even if it has been a while since its value peaked. The last few months have been great for cryptos like Bitcoin as its value has already passed 10,000 US dollars.
Many experts believe that the value of cryptos is likely to continue to go up in the next few weeks or months. If it goes down, it probably won’t go down as much it could even peak once again even before the year ends and this is good and somehow surprising because we are in the middle of a pandemic.
Ifoq also asked Kyselov about what could go wrong with blockchain technology at this point. He said, “I think nothing can go wrong. Blockchain is fully decentralized. No one can tamper with completed transactions (blocks), and even if someone tries to make up some “fake” transactions, no validators will approve them. The main principle regulating successful Blockchain transactions is that they need to be approved by all validators.
“Just imagine how the world can be a better place if we migrate all government on Blockchain. For example, elections or government auctions, where all interested people would log in to the system running Blockchain using their own “fingerprint”, or some kind of that.
“But this is only one side of the coin. This is like a gold rush. Some countries are trying to regulate Blockchain, some countries like Georgia or Japan have successfully integrated it. Anyway, if something is going to go wrong, I think it is nothing that will happen with Blockchain proper, but rather with coins and tokens based on Blockchain,” he added.
When it comes to global investments, many investors already consider cryptos as a form of an asset. This is the new gold and some people do but Bitcoins and other cryptos to save it and wait for the day that its value would spike.
The cryptocurrency market is bigger than before and this is why many governments are already becoming more aware of its existence. Some governments are already looking to find ways to regulate their use, but others are still skeptical about it.
Featured image via Pixabay.