Bitcoin has been booming over the past year, and as a result, more industries are beginning to both embrace and fear the impact that this particular cryptocurrency is having.
The influence of Bitcoin is stretching far beyond financial institutions, and with businesses in all sectors being forced into determining how they can implement this particular cryptocurrency, there’s a lot of scope for Bitcoin to grow. Here, we’re taking a look at how influential Bitcoin is becoming, and the specific industries Bitcoin is impacting.
The online gaming industry revolutionised Bitcoin, and has been a solid supporter from the beginning. Not only is online gaming adopting this technology, they are building upon it, by offering gamers new and exciting gaming opportunities such as BTC dice game sites and full bitcoin casinos. The anonymity of the cryptocurrency is one of the main reasons why gamers are opting to use this technology. It opens up a wealth of opportunities for countries who may not have necessarily legalised online gaming yet. In addition to this, online gaming is becoming far more secure, especially when it comes to gaming sites where funds are deposited, due to the strong levels of security behind the blockchain technology which makes up the cryptocurrency. Online gaming is also being revolutionised as a result of provably fair gaming – another innovative approach which has been introduced by the world of Bitcoin.
Bitcoin is beginning to herald a disruptive age for financial institutions, and as a result, banks are actually beginning to fear this. While disruption is often a means for banks and other traditional financial institutions to develop and evolve their methods, Bitcoin is having a forceful impact on them, which is forcing them to innovate their methods quickly and effectively. As a result of the emerging technology network, this decentralised and secure currency option is offering both individuals and businesses a new opportunity to take more control over their finances.
Not only are cryptocurrencies offering a new way to transfer funds in a secure manner, but they are also giving birth to entirely new markets, through the Internet of Value. This is a way for everybody, everywhere to monetise almost everything, no matter their location, or market access. In many cases, jurisdiction can also be overruled as a result of the anonymity of the Bitcoin.
The Impact Of Bitcoin
Some reports are suggesting that Bitcoin could’ve become the sixth largest reserve currency in the world, by as soon as 2030. With growth and investments beginning to thrive, and China pushing for a new global currency which is free of American influence, the Bitcoin could very quickly become the answer to their problems. Despite regulations and restrictions being enforced on the cryptocurrency, as a result of the fear decentralisation places in governments, a window of opportunities is likely to open. The current economic climate results in a major impact to an individual country should their economy begin to fail. An example of this is Greece, whose economic failure not only had a major impact on the Euro, but they struggled to recover from this. With a decentralised currency which is free and separate from influence, countries all over the globe can enjoy true independence from the world’s super powers.
With the monetary revolution underway in the form of Bitcoin and its boom, it is highly likely that despite critics’ fears, the currency will continue to grow and influence many sectors across the globe.