CASHBET
2019The year crypto C
Ed Brennan, President of CashBet, reminds us of the numerous benefits cryptocurrency offers.
ryptocurrencies have attracted an unwanted reputation for speculative volatility, with many using them as a Wall Street asset to pump and dump at will. But as we head into 2019 I think they will establish a solid business use-case in
the mainstream as the major coins begin to settle at a level of price discovery. Crypto was founded a decade ago with as the solution to a
number of problems. Now that the stock market hype has subsided, it’s worth reminding ourselves what they were. Fiat paper currency, which crypto is meant to succeed, is inflationary by nature. It is also centralised by its foundation, as it is both printed and issued by central banks. These central banks can, and do, print money at will, and the more there is in circulation, the greater the inflation. In turn, the greater fiat (and the value of a players’ winnings when it comes to the use of currencies in gambling) will devalue. In contrast, crypto is issued and distributed by Distributed Ledger Technologies (DLTs) and decentralised by nature – with no individual entity holding the power print or issue it at will, making it finite in supply, and anti-inflationary by design. This, among many other reasons, is what will drive the demand for mainstream adoption in iGaming because holding your winnings in an iGaming-specific crypto based currency makes far more economic sense than holding paper money that loses its value year-on-year. But not only that, it will become far more cost-effective and efficient for operators and players to use than traditional money simply because it will be cheaper and faster to handle than Fiat. Thanks to DLTs, crypto transactions will also become frictionless and more profitable to handle than fiat currency, making it an attractive prospect to gaming operators and players alike. With the advent of e-wallets, gaming that takes place with the use of a commonly accepted cryptocurrency means that transactions will soon be instantaneous. They’ll also be instantly verifiable, making it possible to then use as a currency outside the gaming world. Despite what the naysayers say, the continued (negative)
perception of crypto being a method for money-laundering in gaming is completely unfounded. Crypto transactions within gaming are traceable. In many cases, Fiat transactions are not. Of course, if the connectors and people behind a specific
cryptocurrency have bad intentions, then yes, crypto can be used for nefarious purposes. But as governments begin to enact regulatory oversight of cryptocurrency, as we have seen recently with Malta (and likely the US, UK and other EU nations to follow), the full weight of a nation’s regulatory body behind a commonly accepted form of governance can come into action and provide a seal of approval towards legitimacy of its usage for all. In my view, this is only just the beginning. The younger,
tech-savvy generation will continue to drive the adoption and demand for a gaming cryptocurrency that clearly offers numerous benefits over Fiat. It is inherently anti-inflationary by nature, frictionless and seamless in its transaction times, and has the capacity to offer near-instantaneous withdrawals. Sound exciting? We’re only just getting started. Malta (in an address to the UN) has already announced that they see blockchain technology as the tool that will allow Bitcoin and crypto to “inevitably” gain widespread mass adoption and become the future of money, with regulatory oversight being enacted there. While Malta may not carry the same
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regulatory weight as other major European nations, who do not yet have a framework in place, what we see happening now in Malta can be termed as the start of an experimental ‘sandbox’ that will serve as a fantastic example for leading regulators and the rest of the world to follow. With the odds stacked in crypto’s favour, its future
certainly looks bright, and I have full confidence that Malta, and likely the iGaming industry in general, will blaze a trail for the world to follow.
NOVEMBER 2018 67 takes off in casino?
Ed Brennan is President of CashBet. He has over 25 years combined experience spanning Internet, Software, Hardware, and Financial Services industries, supporting all operational functions at Fortune 500 companies including Merrill Lynch, Seagate and Adobe.
In my view, this is only just the beginning
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