You don’t have to scour our website to know that cryptocurrency is everywhere right now and is transforming how we think about money. From the financial world to the tech space and even the online casinos – cryptocurrency is taking over for the better. But what even is it? For those of you who aren’t as clued up as the next guy about the ins and outs of crypto, it is digital money that uses extremely advanced technology to create secure transactions.
The transactions are super safe in today’s marketplace because of the underlying strength of blockchain, meaning that more and more people are turning to this method of payment for their security. Besides security alone, cryptocurrency offers ease of use, and the ability to grow your net worth by investing in various coins.
Each and every year that cryptocurrency grows, the other industries follow suit. For instance, online gambling will be worth US$97.15bn by the end of 2024 – and it will only keep on growing from here on out. At Benzinga, we’re driven by educating people about the latest trends and the top financial news – which is why our blog is going to be exploring the world of cryptocurrency.
What is happening in cryptocurrency today?
The global cryptocurrency market cap is valued at around $2 trillion, which is a huge, almost unbelievable leap from where it started back in 2009. This proves that cryptocurrency is a mighty investment.
The world of crypto is constantly chopping and changing, with new developments taking place at all times of the day. The market is overrun at present by known coins such as Bitcoin and Ethereum, but there is also an abundance of different coins available. Each coin has a different use case, which contributes to the diverse landscape that both investors and crypto-lovers thrive off.
New pieces of technology in cryptocurrency
The crypto market doesn’t just rely on the outcome of how the coins are doing; it’s also dependent on different technologies that shape finance as we know it. Here are a couple of new updates in this space:
Decentralized Finance (DeFi): DeFi platforms question traditional banks by allowing the user to lend, borrow, and earn interest on their crypto assets. This cuts out the need for banks, and streamlines the process overall, for everyone.
Non-Fungible Tokens: Also called NFTs, these assets are unique digital items that are blowing up in the art world. These unique digital items can come in the form of art, collectibles, and even virtual real estate – and all have contributed toward the boom in the current market.
Cryptocurrency and online casinos
Cryptocurrency isn’t just changing the way we make payments and deal with NFTs, but also helps with forms of entertainment. There has been a surge in crypto friendly online casinos hitting the scene since cryptocurrencies grew so large, and they make sure that the online casino space is more secure and safe than with a traditional bank. Crypto-friendly casinos are platforms that accept cryptocurrency coins as an option for payment, and they allow you to withdraw digital funds in the form of Bitcoin, Ethereum, and more. This shift in online casino usage is showing the demand for a more effective and secure gambling experience, which you don’t necessarily always have with other options.
That’s not to say that traditional banks aren’t secure, because they are – but crypto wallets also allow you to play faster and smarter. You can sign up for an online casino and earn bonuses, and when it’s time to leave, you can withdraw your winnings in seconds!
How cryptocurrency affects online casinos:
- Privacy: The main reason people love to use their digital wallet online is because of the unmatched privacy it offers. You can play to a higher degree than before, while also being completely anonymous due to your online wallet. The personal information you hold is not connected to every transaction, meaning that all of your activities are kept private and free from attack. One of the biggest draws of using cryptocurrency is the level of privacy it offers. Players can enjoy a higher degree of anonymity compared to traditional payment methods. With cryptocurrencies, personal information is not linked to transactions, allowing users to keep their gambling activities private.
- Speed: As we said, speed is a huge factor in using cryptocurrency to gamble online. Most cryptocurrencies let people deposit money quicker, with minimal processing time. This helps you begin a game instantly, without having to wait around due to delays.
- Fees: The main reason people choose any new piece of technology is because they are looking for ways to save money. And here we are! Many online casinos add fees to deposits or withdrawals, but transactions made using crypto are often fee-free or very low-cost.
Cryptocurrency is full of unlimited possibilities, and if this is what we are witnessing already – we can’t wait to see where the world will take us. Stay tuned to all of our finance news to keep up with the newest updates in the market. We’re constantly updating our site with the latest cryptocurrency, stock, and finance market info – so here really is the place to be for all things future and technology.
