Fears of Cryptocurrency Extinction Appear Wide of the Mark
The rise and fall of cryptocurrency is a story that many in finance are desperate to tell, but the likelihood is that they won't have the opportunity. There is no disputing the fact that crypto has faced some extreme highs and lows in its brief history, but the fact that more and more industries are embracing it shows it has a place and user base.
One industry that embraced cryptocurrency early on is online gambling. Dedicated crypto casinos like the list that is regularly updated in valuewalk.com cater to a particular clientele according to betting expert Kane Pepi.
Players are offered an extensive range of traditional casino games but can enjoy quick and easy deposits and withdrawals. Great bonuses, strict casino regulation, and anonymity are also big benefits for many consumers.
As global connectivity continues to improve, a decentralised currency facilitates simple international transactions with excellent security features, reduced fees, and less confusion around exchange rates.
Because all cryptocurrency transactions are recorded on the blockchain, cryptocurrency users enjoy greater transparency. This also helps to ensure the reliability of businesses.
Using crypto casinos as an example, users are able to see detailed information on payouts. Greater consumer transparency mitigates the risk of businesses conducting business in an unfair manner.
Bitcoin is the biggest and best-known cryptocurrency and is also the most widely accepted. However, there are other options including Ethereum, Tether, and BNB that are all big players in the crypto market.
Crypto values can fluctuate wildly, with Bitcoin reaching its highest value of £57,639.18 in March of this year.
As you might expect from a digital asset, big brands including Microsoft, Twitch, PayPal, and Etsy have a strong online presence and functionality and have moved to accept it as a payment method.
Surprisingly, a growing number of high street brands and businesses are also opening their minds and recognising that allowing crypto payments can give them a larger market share.
Burger King, KFC, and Home Depot now all accept cryptocurrencies and major sporting institutions including Leeds United, Arsenal, Manchester City, and Rangers have all partnered with cryptocurrency platforms and explored the benefits of digital assets.
As more industries and platforms continue to embrace the leading cryptocurrencies, it is likely that we will see some of the less competitive options drop out of the market.
The market is beginning to stabilise to some degree, and the loss of Luna and TerraUSD and the subsequent hit to the crypto market we saw in 2022 is unlikely to happen to this extent again.
UK consumers who want to purchase products from other countries or explore non-Gamstop casinos will find that the securities and benefits of crypto make it a great option.
Traditional currencies will always have their place, but cryptocurrencies are an excellent option for people with less access to banking facilities. The disruption to the financial industry caused by cryptocurrencies could also see changes to traditional methods to make banking more accessible over time.
