Since bitcoin’s release in 2009, cryptocurrency has slowly become an emerging option for people to trade. It is an easy, fast, and cheaper alternative for modern payments. It has evidently impacted the economic industry by disruptively trying to make a spot among them. It even got a spot in the gambling industry with bitcoin cash sportsbooks. However, it is super controversial and still very questionable. Cryptocurrency has had a very huge coverage in our headlines for a while now after Tesla inc. decided to allow bitcoin as one of their payment options only to cancel their decision not long after.
Elon Musk saw that cryptocurrency still has a lot of things to work on and the occurrence has evidently affected potential investors from investing in bitcoin. But every new innovation needs time to adapt, improve, and even struggle to perfectize. So what is cryptocurrency really? Cryptocurrency is the newest form of a currency that is accessible digitally and is functioning under a technology known as the blockchain. Several available cryptocurrencies include bitcoin, ethereum, ripple, bitcoin cash, and many more. They all work over a distributed ledger network that inscribes transactions between users and has no one that verifies and administers to help the transaction like how the bank works.
Social Media Influence
The today popularity of cryptocurrency is also boosted by the availability of social media. Many influencers and people from the community simultaneously create engaging contents relating to how the cryptocurrency works, why we all should start investing in it, and so on. Although there are a lot of polemics surrounding cryptocurrency, people can’t help but find themselves interested in the topic and looking further into the mania. To their own benefit, if they have decided to join the digital wallet, then they have taken a step forward into the future and are making their time in money management more effective.
Cryptocurrency has always been very volatile. The slightest statement from the most influential person, whether positive or negative, impacts the market’s adoption rate. The perception that surrounds bitcoin heavily influences the decision of these potential investors who are already skeptical about the scheme. The slightest presence of a discouraging statement is like a form of approval to their doubt which only will allow them to justify their doubt. When it shouldn’t be the case. When you decide to join, always join at your own ability and risks. The idea shouldn’t terrify anyone.
Just like Tesla inc., many other technology companies and banking institutions have started investing their time in cryptocurrencies. This causes many economically declined countries to leave the traditional ways of finances that keeps weakening their currencies and start adopting digital currency. In this case, poor countries are not the only nations who have started to join the tribe. Wealthy countries like Japan have allowed and accepted cryptocurrency as a form of modern payment. The Tesla incident supposedly only gives cryptocurrency the platform to be more well known and understood, and evidently more room to improve while it endures its temporary decline.
Ease of Use
Some benefits that should be noted include how we will have authority over our money without the direct involvement of banks and governments, which means that cryptocurrency allows You to have more autonomy on Your money. Cryptocurrency also allows you to choose to be anonymous or outfront about your financial activity. But this doesn’t mean your transaction wouldn’t be recorded or untraceable if you choose to be discreet about it. They just allow you to have less exposure of your Real identity unlike with banks. Another thing to be grateful about is how you will have no troubles in sending or receiving money because there isn’t any central entity that is assigned to approve or verify transactions. Along with that, the elimination of banking fees and low charges for international fees are also set to your advantage. Since cryptocurrency is a digital wallet, transactions are easily accessible and have high mobility through the availability of your phone and require less personal information verification.
To sum up
Cryptocurrency has eased the access to those whose country illegalizes the game in relation to the gambling industry. With the transactions and money being digital, countries technically aren’t allowed to fine those who decide to join the game because they aren’t violating the traditional rules of payment that are forbidden by authorities. Sportsbooks now have uncomplicated and inexpensive transaction processes that allow players to focus more on their gambling progress instead of payment difficulties.