For those who look beyond the ebb and flow of the share prices, the cryptocurrency industry is one of the most innovative and potentially world-changing revelations of the last decade. Most people know the terms ‘cryptocurrency’ and ‘Bitcoin’ as buzzwords from the infamous soaring in Bitcoin’s share price in 2017, but the actual idea behind the foundations of Bitcoin, cryptocurrency, and blockchains was to defeat untrustworthy central banks. As written by creator Satoshi Nakamoto in 2009, the financial system has proven to misuse the trust put in them, so their system was created to forge a new one based on crypto proof rather than trust.
The meteoric rise in Bitcoin’s price and subsequent tumble raised the profile of all cryptocurrencies a great deal, but to achieve Nakamoto’s goal of conquering fiat currencies and untrustworthy central banks, more needs to be done. The cryptocurrency industry is still fairly young, and while it is incredibly advanced technology, the industry as a whole could learn a few lessons from another established online industry: online blackjack.
The classic card game of blackjack took time to establish itself properly online, but once it did across online casinos, it quickly became the go-to way to play, ahead of even in-person blackjack in casinos. So, the crypto industry should analyze the fundamentals of online blackjack’s popularity which helped it to draw people away from the physical game and to the digital offering, just as crypto hopes to achieve in the financial world.
Blackjack blurred the lines between online and in-person play
One of the fundamental factors in the rise of internet-based blackjack has been the innovation of live blackjack online. When online casinos first booted up, players enjoyed the accessibility to the games but still felt that the in-person experience was better and more exciting. So, through the use of specialized live streaming technology, live blackjack was developed to deliver the real-life experience with a human dealer dealing real cards to the player via the stream. This helped to bring devout in-person players to the online space with the experience as the incredibly similar experience is now just a few clicks away.
For cryptocurrency to take off as Nakamoto hoped, it needs to become more appealing to every day fiat money users – which is the glut of the global population. As it stands, most people either don’t understand what cryptocurrency is or don’t want to go through the process of getting and storing some crypto of their own. Bitcoin Cash has been making moves with debit cards to blur the lines between fiat money and cryptocurrency spending, but the rest of the industry needs to follow suit to make it more accessible to the greater population.
Diversify the offering further – blackjack did
Blackjack is a very simple and easy game to play, which is part of its appeal. However, to expand and reach the widest possible audience, blackjack game designers had to diversify the offering. Now there are games like Live Blackjack, Private Blackjack, Blackjack VIP, Blackjack Party, Ezugi Live Blackjack, Celebrity Blackjack, Sports Blackjack, Dansk Casino Blackjack, and much more. While there are a great many cryptocurrencies in circulation, more should be done to make distinctions between coins clear.
At the second Malta A.I. & Blockchain Summit, there were 100 startups in attendance, showing how the whole crypto industry has a lot of potential ready to emerge. To help enhance the industry in the eyes of the public, coins outside of the big names need to be shown as individuals with individual benefits to users. As it stands, most people see cryptocurrency in a general sense, so showcasing the unique uses of certain coins outside of their share prices could open them up to a wider potential audience. From there, once someone’s involved with cryptocurrency, they’ll likely explore other coins and continue to utilize them as payment methods.
The world of cryptocurrency is steadily improving and trying new ways to be more appealing to a wider audience. By following a couple of techniques tried and tested by the online blackjack industry, crypto could begin to really muscle in on fiat currencies and maybe, eventually, achieve Satoshi Nakamoto’s desired revolution.