Expansion and adaptation key to Crypto’s hopes for a 2023 comeback
From the investors’ point of view, 2022 was a disastrous year for cryptocurrencies. Prices across the board, but especially for Bitcoin, dropped emphatically, fads like NFTs were apparently proven to be grossly overvalued, and blockchain-based games like Axie Infinity saw revenue plummet. However, as highlighted in the annual Digital Assets Outlook piece from Forbes, many powerful firms continue to invest in the crypto market, especially because of the underlying technology: blockchain.
Blockchain technology is widely seen as a key to streamlining and simplifying almost all types of businesses. However, there is still a steady contingent that is keen not only to use cryptocurrencies and digital assets, but also to adapt the format to follow new preferences and anti-crypto headlines. In 2023, the stabilization and even resurgence of crypto may not come from investor targeting of price headlines, but more subtle extensions and adjustments.
Expanding into new areas of crypto application
The benefits of using crypto include full control, convenience, improved security, much greater speed and a complete cut in transaction fees. These benefits are constantly praised by users of all kinds of coins. Now that they are popular enough, several platforms have started incorporating crypto payment options to further expand the use of the coins.
In the world of entertainment, some iGaming platforms have started to lean heavily on a diverse selection of coins. At the best crypto casino, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Bitcoin SV and Tether are all welcomed and praised for their transaction speeds. Bitcoin takes up to 24 hours to withdraw from the cryptocasino, but everyone else is back in the wallet within an hour from Bodog.
The allure of such fast transactions in the modern world of money cannot be understated, but the blockchain allows for more than monetary transactions. The NFT craze of the past couple of years has certainly made companies prick up their ears. At its core, an NFT is best placed to allow customers to gain control over digital products. This is a big deal as products are becoming increasingly digital, especially in areas such as games, and terms and conditions often describe a purchase as much more like a lease of the product.
So the use of the technology can go far beyond pop art images of monkeys whose prices are artificially inflated. Towards the end of last year, one of the biggest entertainment companies in the world, Disney, realized this fact. The company posted a job listing highlighting crypto, NFTs and DeFi as part of the role. Similarly, Sony attempted to embrace NFTs by registering a trademark for Columbia Records in the digital asset space.
Adaptation of the methods for crypto
Expanding the use and profile of cryptocurrencies and related digital assets will only continue to help it grow as a reliable and viable industry. But even though Bitcoin is a brand new invention, the technology has to adapt to the times. An important angle of attack from critics is how energy-intensive the mining and ledger process is for crypto – even though many of these critics are financial institutions that like 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 statistics such as one operation in Texas using the same amount of electricity as the nearest 300,000 homes in the local area. Many in 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 an urgent matter that crypto mining companies like Iris Energy are looking to address by finding areas with low temperatures and large amounts of renewable energy.
Within the crypto and digital asset industry, companies can actively find ways to expand their offerings and make use of such technology mainstream. However, to adapt to challenges such as becoming more environmentally friendly, it is fair to say that governments should also play a role, especially when it comes to converting to green energy.
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