Talks about blockchain pressing the forward button on cashless casinos and how the phrase cash is king’s days are numbered, got us at iGamingVision thinking. Could the continually increasing pace and ever-growing popularity of digital payment technologies mean the writing is on the wall for physical cash?
The question is more based on emergent societal norms since the shift is already evident in land-based and online casinos. Online casino players already prefer virtual payments, and the pandemic accelerated the shift for others towards the digital sector. Cryptocurrencies lead the way into this brave new future of cashless casinos, and with these advantages casinos are poised to benefit from the change.
The question we’re asking is which trends could or will change the crypto trading world in 2022. Due to its dynamic nature it’s exciting to foretell the crypto market’s future trajectory.
On the one hand, it’s the ever-growing interest in crypto services, plus identifying the needs
of crypto users, plus the fact that digital assets have become more mainstream due to a better grasp.
While on the other hand, it depends on the distribution speed of cryptocurrency, which is reliant on how quickly it becomes accepted as a payment system.
Isn’t it what the world strives for and at the same time fears?
There’s also the attempt to sustain balance in terms of the risk and profit in crypto use, which is most likely to set trends.
Cryptocurrency & Tax Regulation
Right now, taxation on crypto is unheard of and a factor still far from realisation. Although, we found that while taxes are unwelcome and not yet widespread, taxation is already applied within a few mature markets in countries. Mainly where governments see the potential of raising revenue now outweighing previous uncertainties.
The introduction of compulsory user identification, Know Your Customer (KYC), plus the adoption of digital assets legislation and the development of protocols enabling transaction tracking indicates changes faster than most expect.
We pay attention to the active development of monitory tools, the exchanging of information between governments particularly regarding cryptocurrency owners, and transactions. Taking all into consideration, will 2022 be the year in which we witness the first-ever cryptocurrency tax-evasion lawsuits.
Trend vs Anti-Trend
For every trend, there’s normally an anti-trend and with crypto tax introduction comes an increase in the benefit of jurisdictions resisting and allowing users to minimise the cost of digital assets legally. In explanation, at iGamingVision we foresee the development of so-called offshore cryptocurrency havens becoming a more active practice. It’s a position which countries with well-developed financial and IT market structures could step into, such as Switzerland, Japan, Korea, and Singapore.
Change in Transaction Costs
The reason we at iGamingVision find the prediction of trends supremely interesting is its multidirectional possibilities. Either crypto transactions will show a rise in cost or technology upgrades will make fiat transactions cheaper. Operational cost changes will affect the interest in crypto, the main attraction right now is the lower cost of crypto vs fiat in online transactions. The possibility of taking advantage long term depends on the speed at which crypto manages to become a widely accepted payment method.
Underestimation of 5G
Setting a new paradigm standard in data transmission, 5G’s future effect still is underestimated by most. Implementation of 5G leads to new types of services and concepts, while transaction management limitations due to network speeds will be a thing of the past. We explain via example: 5G will change high-frequency trading once computers make investment decisions, especially with 5G offering ultra-low latency.
Online Casino + Cryptocurrency = Perfect Match
The online casino or rather gambling sector is revolutionised via cryptocurrencies which are increasingly used as the preferred payment method. The main reasons for the trend include marketing promises of anonymity, security, low transaction cost, and faster withdrawals. We see it as follows: crypto is a unique selling point enabling operators to attract new members, as a result most casinos now have special offers and other additional benefits in place with which fiat currencies can’t compete.
Several countries still don’t recognise crypto as a valid currency, as such, players are not actually wagering with real money. Such services offered by crypto-only casinos are not considered as cash gambling, meaning traditional online gambling regulations do not apply. Continuously winning the favour of online casino fans, cryptocurrency casinos flourish in the digital age.
Conclusion: The concept believed impossible by sceptics until recently turned into the most influential developing trend which is precisely the factor currently evolving the crypto market at such a rapid rate. Traditional financial institutions, regulators, and crypto companies collaborate on an increasing scale to make the most of the benefits offered by crypto technology. Not all important issues are resolved yet, but a positive outcome is inevitable as crypto matures and finds global acceptance.
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