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In a call for legitimacy, different crypto currencies have hoped to find uses in mainstream platforms, and although it has become a more common payment method in online platforms. Particularly with the likes of an online casino for secure payment methods and play options but when it was announced that the likes of Tesla may start accepting Bitcoin as a payment method, it certainly heightened the excitement for the big investors, as the price soared to $60,000. When the plan had been reversed with environmental concerns being cited as the main reason, hopes were certainly dashed, but the latest crackdown on Bitcoin and the bubble bursting on the NFT market earlier this year too are showing some that the mainstream hopes may be dashed for crypto.
The previously mentioned online casino and gambling industry will certainly be one that looks to hold on to decentralized currencies as a way to deliver a better customer experience, with deposits and withdrawals being a big part of the experience having the option for it to be done instantly it certainly helps. The changes in price can often work in the casinos favour too. Rises and falls may leave the house better off depending on volumes and with crackdowns in some countries for other payment methods, it’s one that remains quite open. However, online casinos aren’t the mainstream market that had been hoped for to offer more legitimacy to the growing number of coins.
With the ongoing Bitcoin crackdowns in China too, and dropping closer to levels seen at the end of 2020, concerns are starting to grow that the instability and volatility will only get worse whilst an alternative is figured out, with the recovery seen over the past few days not really holding much importance. With measures to stop industrial scale Bitcoin mining that happens in China, there have been suggestions that it could become easier and more profitable to do so, and with over 70% of all global Bitcoin mining taking place in the region, it leaves a huge gap to fill and perhaps not a capacity that could easily be covered. Also, with environmental concerns being cited more and more, it may also be something that sees a crackdown in other regions around the world too.
Whether or not crypto as a whole can enter the mainstream once again is yet to be seen, hopes are still pinned on the more reliable Ethereum coin, but it certainly doesn’t inspire investor confidence when so many huge changes can occur in a relatively short period of time. If there is a bigger company that are willing to take the risk in accepting any form of crypto, it could swing things around once more but the growing pressures being seen have certainly taken their toll. Also, the changes being seen in China are yet to complete and it remains a big unknown just what sort of impact it could have on the global market as the biggest market in the world takes a step backward and away from its previous position.
