The idea of adopting crypto into the real-world has always seemed as though it’s still a long way off. But, how far away is it? The number of real-life uses are increasing day-by-day, with vendors allowing payments via cryptocurrency, in-game items being backed by a secondary marketplace on games, even going as far as charities accepting payments via crypto too.
With regulators scurrying to get structures in place to police the use of cryptocurrency, the builders on the blockchain are hard at work, exploring the next big feature to roll-out. After legislation is put into place, this makes it harder for the builders and will no doubt create multiple barriers for users too. Once fully rolled out, projects will need to use more of their resources to ensure compliance is paramount in the progression path and this can be very costly.
The announcement of the Central-Bank Digital Currency, or CBDC for short, gave a feeling of both apprehension and excitement for everyday crypto users. The feeling of knowing the central authorities are seeing what has been denied since early bitcoin adoption was one similar to a pat on the back.
With the digital currency looking likely within the decade, it leaves a sense that Bitcoin, Ethereum and various other cryptocurrencies may be introduced into everyday life even more than it is now. The idea of being able to scan your phone on a bus and paying via digital tender may not actually be as far-fetched as it would have been 5 years ago. The thought of a token or ‘deed’ proving the ownership of real estate would have been looked at with distaste, this is the case no longer.
Crypto as a whole, has a lot of use for some and has already made shockwaves through our current reality without many realising. Some of the largest content creators on Twitch use Crypto on a daily basis, streaming various highly-volatile slot games giving off tense and exciting reactions. An example of one of the sites is Ignition’s crypto casino.
It’s important to note that when using any form of cryptocurrency on online platforms, such as casinos, the transactions are much faster in this age than ever before. Many blockchains’ transaction times wouldn’t take longer than a few minutes, some a few seconds. Outlandish fees to send transactions have also been left behind and it’s never been easier to send funds alongside tokens and assets in the same transaction in a matter of seconds.
Implementing crypto into everyday life has been a slow process and many have missed the train to know before it’s too late. Crypto has already been introduced into gaming, shopping, gambling, charitable organisations and many more organisations and there’s confirmation central bodies now want in. The future of crypto is a mouth-watering idea again, finally.
Risk and reward – is it still the wild-wild west in crypto?
Horror stories of scams and hacks still plague the world of crypto today. Sometimes it seems that the only media coverage of the cryptocurrency markets are revealing some of the aforementioned stories of investors losing out on millions, or founders being exposed for atrocities committed on their holders. From the view of an outsider, the apprehension to get involved in the decentralised world would be overwhelming.
The most recent example of this would be the FTX scandal, where allegedly, customer funds were used to fund Alameda research, fund political donations and buy million-dollar properties in the Caribbean. Sam Bankman-Fried, the founder, is facing a potential 100-year sentence, should the charges be proven beyond reasonable doubt. Check out this article on the BBC website for more information on the charges brought forth.
Despite the case being overwhelmingly shocking, the FTX scam was not the largest in crypto and was in fact a small case compared to some shocking cases over the years. Onecoin, Bitconnect and Plustoken, all ponzi schemes, reaped over 10 billion dollars, the biggest known scams in the crypto world. It’s these types of scams that avert the general public from wanting to know more, find out the potential use of crypto before it’s rolled out to the masses for everyday use.
It’s important to note that despite the amount stolen in large-scale scams and hacks, this can easily be compared to the release of the internet. Over time, scams have constantly evolved, becoming much more efficient. However, protective measures have also evolved, more information is shared, warnings are given specifically outlining the potential risk in clicking links, for example.
The biggest benefit of using crypto is that blockchain technology always leaves a paper trail, any transaction or transfer of assets or tokens is always marked with stamps, allowing any user to look at any transaction or wallet they wish. Unlike the internet, you cannot hide or attempt to cover the tracks left on the blockchain, giving criminal investigators additional help in resolving financial scams committed.