Most of us have heard some incredible stories about cryptocurrency over recent years. People often share interesting tales about people who got in on the world of Bitcoin early and have made a lot of money in the process. Bitcoin’s initial value was under $0.10 and has been as high as $68,789.63 at its peak.
The cryptocurrency industry has the opportunity to provide a boost in New York and the rest of the US. New York State has been one of the states that have implemented the most restrictions on crypto, but this is in the interests of the consumer. Blockchain technology still has massive potential to change the lives of New Yorkers and all Americans.
Cryptocurrency Will Change The Gambling Industry
Studies show that the gambling industry in the US should be worth 9 Billion Dollars yearly by 2032. This shows the sort of impact that it has on the economy. The US has been associated with gambling for decades now, and Las Vegas is known as the gambling capital of the world.
Cryptocurrency is already changing the gambling industry, and the US is one of the countries leading the way when it comes to the adoption of Bitcoin and other crypto methods. In the gambling industry, it is estimated that around 40% of all money staked is now in some form of cryptocurrency.
Ignition Casino’s range of secure blackjack and table games is a way for people to use the cryptocurrency they hold to gamble and take advantage of the benefits of cryptocurrency. This includes super fast transactions, a high level of security, and even a level of anonymity for those who don’t want to share all of their details.
Gambling could also become much more widespread in America, and the industry is growing all over the world. We also know that American laws are changing very quickly when it comes to gambling. New York has recently changed its constitution to allow more Vegas-style casinos and there are rumors that in 2024 the laws on online gambling will be relaxed.
Millions of people from New York and other states visit Vegas every year, but the world of online casinos is giving Americans a new experience that they don’t have to travel to access.
Cryptocurrency Should Reduce Corruption and Increase Transparency and Convenience
One of the reasons crypto is being more widely used around the US is the fact that it is a transparent payment method. Cryptocurrencies such as Bitcoin run using a public ledger to track transactions, plus cut out the opportunities for corruption or mismanagement of financial institutions.
New York has always been a city of early adopters and it is relatively easy to find places in the State and in particular, the city of New York, that accept cryptocurrency. There is a misconception among some that New York has not been as accepting of cryptocurrency, but this is simply because the state has been quick to create legislation.
New York law states that “Businesses that engage in the transmission of fiat currency, as well as virtual currency, require both a BitLicense and a traditional money transmitter license.”
If anything, this added legislation makes the use of crypto in the state even more secure, helping to keep customers safe when paying for things or transferring cryptocurrency.
Cryptocurrency Can Create Jobs
Cryptocurrency has become a competitive market, and though there are giants and widely-accepted top cryptocurrencies like Bitcoin and Ethereum, there are also some up-and-coming cryptocurrencies that look set to grow.
America is a global hub for financial services, and many cryptocurrencies, including Bitcoin, were launched in the US. This has helped to create a lot of jobs already, but this figure is due to continue to grow. Finbold reported that the growth in people working in crypto is at almost 80% year-on-year.
The US is in a prime position to create a hub of cryptocurrency industry companies including the actual founders of the currencies as well as other services. We’ve recently seen growth in areas such as crypto wallets and even cryptocurrency trading. The financial services industry is one of the biggest worldwide, and as crypto grows, it has the potential to be even bigger. We all know that New York’s Wall Street is famous for financial services, but could it soon be inundated with crypto?
There has never been a better time for people to learn about crypto and gain the skills needed to work in the industry.
Conclusion
Although some cryptocurrencies are relatively volatile at the moment, this is largely because they are relatively new, and there is some pushback from governments and societies that are adapting to the change. There is no denying that the US has already played a pivotal role in crypto, and will likely drive the future of the industry.