- Despite the current crypto winter more and more people would want to link their businesses to cryptocurrencies.
- Online casinos are now accepting crypto deposits and withdrawals.
- There are also various companies that have ventured into creating infrastructure for the crypto industry.
In 2021, the cryptocurrency market experienced significant growth, which led to many global companies showing interest in digital assets. If earlier investments in cryptocurrency were made only by companies that firmly believed in this industry’s development, now more and more people would want to transfer their business to tokens.
You should not think that the transition to cryptocurrency is connected only with trends and that now everyone uses such coins. Today we will discuss why traditional companies use digital currency. We will also tell you about the markets that will switch to cryptocurrency in 2023.
Crypto in Gambling
The most popular area of application of cryptocurrency is the sphere of gambling on the Internet. Both online casinos and bookmakers can make payments in bitcoins and other tokens. The transition of many sites to cryptocurrencies is due to the advantages that these coins provide:
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Fast speed of payments. Casino customers can replenish their accounts and withdraw winnings almost instantly.
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No need for verification.
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Minimal commissions or their complete absence.
With cryptocurrency, you will have access to the whole range of gambling entertainment – games with live dealers (here’s a trusted site to try it out; https://www.ignitioncasino.eu/live-dealer), classic video slots, sports betting, lotteries, and much more.
Technology Sector
Already, cryptocurrencies are actively used by companies from the technology sector. Schematically, such companies can be divided into three groups. Below, we describe each group in more detail.
Investor Companies
This category includes firms that convert their regular fiat money into cryptocurrencies. The brightest representatives are Tesla and Microstrategy. They are interested in Bitcoin, despite its recent instability.
It is now known that about 7.5% of Tesla’s free money is in cryptocurrency. Not all the company’s investors appreciate this approach. Many people are sure that buying cryptocurrency is a dangerous and thoughtless act that can lead to losing a significant amount of funds.
Microstrategy is even more interested in Bitcoin. Currently, the company has more digital coins on its balance sheet than regular money. At the same time, the management is not even afraid of the situation with bitcoin – after the fall in the rate, the most famous cryptocurrency was not only not sold but also bought more.
Now, cryptocurrency is one of the safest ways to store money if you do not consider fluctuations in the exchange rate. Modern cryptocurrency wallets provide secure storage of coins. No outsider will be able to access your account.
Companies That Create Infrastructure for Crypto
We are talking about companies that develop and produce equipment for the extraction of cryptocurrency – for mining. The following manufacturers fall into this category:
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Nvidia;
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AMD;
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TSM;
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Bitfury;
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Bitmain;
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Canaan;
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Ebang.
The development of the crypto industry has led to the fact that over the past few years, the cost of video cards suitable for coin mining has increased several times. The market is constantly replenished with new manufacturers who strive to offer customers productive and energy-efficient mining equipment.
Companies Building an Ecosystem for Cryptocurrencies
This category includes firms that accept cryptocurrency as a payment method. This includes PayPal, Visa, Mastercard, JP Morgan, and many of the world’s central banks. Moreover, these firms use tokens in internal processes.
Every year, the list of such companies continues to expand. This is mainly because cryptocurrency is legalized and beginning to be accepted at the state level.
Benefits of Cryptocurrency
The ubiquity of digital tokens is due to several advantages they have:
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Inflation protection. Inflation causes the value of any currency to decrease over time. Cryptocurrency is issued with a fixed amount.
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Security and privacy. The blockchain is based on complex mathematical operations, so it takes time to decode it.
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Decentralization. Many cryptocurrencies are controlled not only by the developers but also by the people who use them.
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Convenient transactions. Cryptocurrencies allow you to make payments instantly with a minimum commission. It is also one of the most convenient ways to send money to other countries.
Remember some disadvantages of cryptocurrency. The biggest drawback is the exchange rate instability. Tokens change their value several times a day.
At the same time, exchange rate fluctuations can be severe. If you decide to invest in crypto tokens, it is worth remembering all the possible risks you may face. It is possible that the coins can completely depreciate.
It is worth remembering the situation with bitcoin. At the end of 2021, the coin’s price reached an all-time high, exceeding $60,000 per token. And 2022 was not the most successful year for bitcoin – this year, the price dropped to $16,000 and below.
Conclusion
Every year, more and more companies are starting to use cryptocurrency as their primary payment method. It is too early to say that tokens will completely replace fiat money. But in the future, people will have even more opportunities to use digital coins.