Regardless of the industry where it pops up, if we hear about something innovative that can save us time, most of us will at least hear the idea out. Convenience is a significant driving force for our daily routine, and cryptocurrency and blockchain technology are innovations that have brought considerable convenience, transparency, and security on multiple levels.
So when looking at whether cryptocurrency can help improve people’s lifestyles, we’re asking whether cryptocurrency and blockchain technology can usher in the convenience that will encourage mass adoption. Although it’s still in the early stages, and few people understand the fundamental changes that cryptocurrency will usher in – on the whole, lifestyles will inevitably be changed by cryptocurrency; it’s just a case of when and not if.
Current Use Cases & Examples
Despite being in its primitive stages, there are examples of how innovative and game-changing cryptocurrency is. Some countries have taken an immense leap of faith and made it their national currency and some other providers and companies have taken a more minor step. However, they are still witnessing just how beneficial it is for customers. Although you can use cryptocurrency in several retailers, the industry that has seen the most implementation and success is the casino and gambling sector.
Blockchain technology keeps a log of all transactions on a public ledger that can’t be accessed or altered. By having this transparency and security and completely removing the need for a bank, cryptocurrency casinos have found a foundation where customers can have a similar casino experience without having to concern themselves about any issues with their bank overseeing the transaction. In addition, cryptocurrency casinos don’t require you to provide a chunk of personal information or other identifiable financial details such as your credit card. Once you have connected your wallet, all that is left to do is deposit your funds. It is this simple and effective deposit method that is adding convenience to many casino players’ lifestyles.
One misconception some people have is that Bitcoin or cryptocurrency casinos operate vastly differently. If you use a traditional casino to play poker, blackjack, or slot games, you might be initially concerned that there are new rules or stipulations when you play your chosen casino game. However, crypto slots games using Bitcoin operate in the same capacity as a traditional currency casino where you’d use pounds. The only thing that changes is that you connect your cryptocurrency wallet directly to the casino. Once your Bitcoin transaction is successful, you can play your blackjack, poker, or slot game immediately.
Cryptocurrency is a volatile asset, and many people who bought Bitcoin and Ethereum back in the early to mid-2010s made millions from their original investments. However, this point does come with a serious disclaimer. Many retail traders have lost a lot of money trading cryptocurrency due to the extremely volatile nature of the market and a lack of understanding.
You must understand any investment and never trade with money you can’t afford to lose; this point is so crucial. But for those traders and investors able to get in early enough and have the patience that their investment would pay dividends, some have seen life-changing gains. Clearly, this improves their lifestyle in a significant fashion.
Being able to invest surplus cash is a luxury few people possess, especially during economic hardship. Those who can invest, study the market and ensure their physical well-being stays in good condition, and find balance are factors that help contribute to a better way of living and improve their lifestyle.
Probably the most crucial aspect of whether cryptocurrency is able to enhance your lifestyle is understanding that a good lifestyle comes from a combination of positive factors and not just one sole causation. If cryptocurrency legislation remains favourable in the UK within the next few years, it could see more businesses looking to implement it into their business model. The UK is a forward-thinking country regarding cryptocurrency and blockchain, with advanced regulatory discussions in many specialist sectors.
Therefore, this approach should facilitate a marketplace where investment in digital assets and knowledge about how they work is encouraged. Any investors operating in the space need to understand that there’s a massive risk with any investment, especially cryptocurrency, due to various factors that can send the price spiraling up and down. Alongside economic factors, there’s the added turbulence of lack of clarity, like in the United States, where a number of significant moves have had a profound effect on the overall market.
Utilising the blockchain could be the ticket that helps businesses prosper and improve the lifestyle and convenience of their service – but any discussion surrounding that is premature at best. So although cryptocurrency and blockchain are gathering momentum, the jury is still out on whether they will actually improve people’s lifestyles, particularly in the short term.