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From the view of investors, 2022 was a disastrous year for cryptocurrencies. Prices across the board, but particularly for Bitcoin, sunk emphatically, fads like NFTs were seemingly proven to be greatly overrated, and blockchain-based games like Axie Infinity saw a plummet in revenue. However, as highlighted in the annual digital assets outlook piece from Forbes, many mighty firms continue to invest in the crypto market, particularly because of the underpinning tech: blockchain.
Blockchain technology is widely seen as a key to streamlining and simplifying almost all kinds of businesses. However, there’s still a firm contingent that’s keen on not only using cryptocurrencies and digital assets, but also adapting its format to adhere to new preferences and anti-crypto headlines. In 2023, perhaps the stabilization and even the re-rise of crypto won’t come from investor-targeting price headlines, but rather more subtle expansions and adaptations.
Expanding into new areas of crypto application
The advantages of using crypto include complete control, convenience, enhanced security, much greater speed, and a complete cut on transaction fees, These advantages are continually hailed by adopters of all kinds of coins. Now that they’re popular enough, several platforms have begun to incorporate crypto payment options to expand the use of the coins further.
In the world of entertainment, some iGaming platforms have started to lean heavily on a diverse range of coins. On the best crypto casino, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Bitcoin SV, and Tether are all welcomed and hailed for their transaction speeds. Bitcoin takes up to 24 hours to withdraw from the crypto casino, but all others are back in wallets within an hour from Bodog.
The allure of such speedy transactions in the modern world of money can’t be understated, but the blockchain allows for more than monetary transactions. The NFT craze of the last couple of years certainly got companies to perk their ears up. At its core, an NFT is best placed to allow customers to gain control over digital products. This is a big deal as, especially in areas like gaming, products are becoming increasingly digital, and T&Cs often detail that a purchase is much more like a lease of the product.
So, the use of the tech can go far beyond pop-art pictures of apes that have their prices artificially inflated. Towards the end of last year, one of the largest entertainment companies in the world, Disney, realized this fact. The company put up a job listing highlighting crypto, NFTs, and DeFi as parts of the role. Likewise, Sony sought to embrace NFTs by registering a trademark for Columbia Records in the digital assets realm.
Adapting the methods of crypto
Expanding on the use and profile of cryptocurrencies and related digital assets will only continue to help it grow as a reliable and usable industry. However, even if Bitcoin is a very recent invention, the tech has to adapt to the times. One major angle of attack from critics is how energy-intensive the mining and ledger process is for crypto – even if many of those critics are financial institutions that are happy to invest in fossil fuel companies.
Recently, The New York Times published a piece that identified over 30 large-scale crypto-mining operations and cited stats like one operation in Texas using the same amount of electricity as the nearest 300,000 homes in the local area. Many within crypto called out the report for being distinctly nebulous in its sourcing of data and calculations, having not made it open-source at the time of writing. Still, becoming more environmentally friendly is a pressing matter that crypto mining companies like Iris Energy do look to address by finding areas of low temperatures and high volumes of renewable energy.
Within the crypto and digital assets industry, companies can actively find ways to expand their offering and make the use of such tech mainstream. To adapt to challenges like becoming more eco-friendly, however, it’s fair to say that governments should also be playing a part, especially when it comes down to converting to green energy.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
