After roughly two years of dipping and uncertainty, Bitcoin is back to $18k, marking a resurgence in both trading and speculation that many have already seen once. But, this new rise is not just hyped like the last one and the rising cryptocurrency’s value is influencing other industries as well.
Many adjacent industries, including both tech and service sectors, are trying to use the increased interest in crypto to stabilize their global options. And, for the first time in a decade, such payment options are not more unstable than the fiat money used by countries.
There are three main industries that are pushed by the ‘’second coming’’ of crypto,
- Global service providers
- Online gambling, gaming, and entertainment
- Hardware manufacturers
Finally, there is an indirect push for cybersecurity companies to give rise to new protections. Thus, we will probably see quantum computers used to encrypt data in the near future as the only defensive option.
And, while the rising curve of crypto-value is bound to normalize and flatten at some point, the dip we saw in early 2018 won’t happen as a new value is based on much stronger foundations.
Predicted Future Utility
There are serious reasons why the current Bitcoin spike might be due to its utility. But, there is even more when we count in the predicted benefits this type of exchange might have in the future.
With wider acceptance, few want to be late adopters and many companies are jumping at the opportunity to partake. Primarily, these are industries that are somewhat immune to the issues Bitcoin might still have.
Coincidentally, the increased number of economic entities that are using Bitcoin is assisting to solve those issues. As the value, production, inflation, and demand equalize we will be seeing Bitcoin transform from a volatile secondary currency to something reliable on a day-to-day basis.
Global Service Industries
With the gig economy and the rise of digital nomads, much of the service industry in the world has gone global. And, those workers are very familiar with crypto. Additionally, they only gain business when adopting usage and accepting payment, making it an ideal choice.
Currently, neither small businesses nor larger providers are willing to switch to using crypto exclusively as such a move might influence their short-term liquidity.
But, almost all companies are willing to accept payments in Bitcoin as a viable model. That action alone is benefiting both the companies and the crypto market as a whole.
Online Gambling and Gaming
All major gaming platforms like Steam, GOG, PlayStation, Xbox, and others are accepting crypto as a model of payment. For many gamers, such an option was an amazing way to purchase a lot of games and entertainment relatively cheaply.
Online gambling is more or less in lock-step with video games. For instance, all major casinos in Australia now accept Bitcoin. Paying with BTC is in no way different than using FIAT and, in many ways, such an option is a win-win for both the operators and the customers.
For video games, the benefit is in the price and opportunity alone. Usernames and behavior are still logged. But, it is now possible to buy games from foreign markets which might not have been possible before.
For gamblers, there is a bit more. Namely, there is the advantage of anonymity that is a huge plus even if they are playing from a country where gambling is perfectly legal.
Influencing Tech and Processor Expansion
Finally, it is said that the only people who are sure to profit in a gold rush are shovel salesmen. Tech companies interpreted that as their chance to entice the crypto-production market and create new ways to mine for Bitcoin.
At current hash rates and processing power prices, it would take slightly more than $70.000 to mine a single coin every month. But, smart investments can cut that price tenfold, making mining a viable option for making money again.
Pushes between tech, the market, as well as business stakeholders is a chaotic situation, but one that will always bring progress in the end.
Disclaimer: This is a paid post and should not be taken as news/advice
