The possibilities are endless when you start thinking about the change in dynamics, transparency, and quantification that blockchain technology can bring to virtually every aspect of our lives. Online betting and sports betting can highly benefit from it because these things that the use of cryptocurrency brings to the table are the things that online betting faces issues with. Best bitcoin casinos 2020 is a great place to know what casinos to bet on to get maximum returns.
What makes the concept of cryptocurrency so lucrative is its decentralized nature. There is no centralized body or “middle money man” to take a cut out of a transaction. The blockchain technology behind it ensures that the transactions are transparent and error-free.
First of all, what exactly is a cryptocurrency? How does it operate? Well, cutting through the smorgasbord of boring technological interpretations, Bitcoin along with other cryptocurrencies, is basically a purely digital version of money that enables you to execute a direct financial transaction from entity to entity without any “handlers” such as banks, agents, or credit companies standing in between.
The digital currency runs on blockchain technology, a powerful encryption system that protects the currency from being manipulated or replicated in any way. What it all translates to theoretically is a quicker, easier, and much cheaper way to exchange money from anywhere in the world.
At this point in time, it’s not so far-fetched to envision a world where we have an ocean of “smart” devices that sense, record, communicate, respond, and share crucial data to effortlessly and seamlessly execute transactions that will help monitor and manage our environment in the most effective way.
The key factor here is transparency. A universal ledger that accounts for all transactions creates universal trust in the community. This makes people who are skeptical about using online casinos become more accepting of the channel because the mode of payment is more secure and difficult to tamper with. So exactly how does this affect us?
Cryptocurrencies hold great promise going ahead and in 2019, the trend is most likely to spread out into a green revolution of sorts. You can expect a proliferation of new green cryptocurrencies designed based on blockchain-powered worldwide datasets for the life cycle data to execute environmental-related transactions.
Another effect of evolving cryptocurrencies is a possible solution for the “rebound effect.” This is essentially the phenomenon through which the environmental benefits that are achieved through our careful and planned actions get nullified by negative behavioral patterns. For instance, we save electricity by installing energy-efficient appliances, but then blow it up by keeping on the air conditioning extensively.
An effective counter for this kind of behavior could be provided by providing incentives to consumers in the form of green cryptocurrencies for saving resources. These rewards could be exchanged as a means of payment for green electricity, charging your electric car or any other environmental service that could be verified by a blockchain-powered database. These are the additional benefits that attract players other than using the cryptocurrency to bet, the winnings can be used for transactions.
This is just the tip of the iceberg as far as how cryptocurrencies are going to impact our lives and environment. The key factor to note is the number of years cryptocurrencies will take to be accepted as a mainstream currency solution and consequently blockchain-powered technology and related applications to be integrated into every facet of our everyday lives.
There’s a great deal of volatility and instability surrounding Bitcoin and its contemporary cryptocurrencies today; however, you can’t deny the fact that the popularity of blockchain applications will continue to grow at an exponential rate in the coming years and conventional financial systems could face a tough time standing up to the challenge.