Digital Wallets Maintaining Upward Momentum
9th of October 2018
Ever since the new millennium, digital wallets and secure online payment methods have been becoming an increasingly important and necessary component of the modern world. Aided at first by increased efficiency offered over the growing internet, and then later by the newly discovered cryptocurrency market, this momentum has been nothing short of astronomical in its growth. Despite the general usefulness of these components being especially high, a surprising amount of progress has come from an unexpected source – the proliferation of iGaming.
While credit cards were, at first, the defacto form of many online payments, the difficulty of licensing and security often rendered them untenable. This was especially the case in the early age of the internet, with other systems like Paypal and Skrill rising to take their place.
Today, these play a major part in both business and entertainment, with their current state often used as primary payment methods for major online-centered industries. Paypal saw a Q1 growth of 27% in 2018 alone, showing that even though considerable progress has already been made, there is still room left to grow.
When it comes to trading, there are few developments in history which could stand up to the explosive growth of the cryptocurrency market. While originally derided as a flash-in-the-pan, modern crypto like Bitcoin and Ethereum are not only trusted, they are established to a highly visible and marketable degree.
One of the biggest and most exciting developments in this area is national-level adoption. Here, Brazil has taken point by opening their biggest brokerage to Bitcoin trades. Not only has this helped in pushing cryptocurrencies into the final stages of the mainstream, but it also opens up a whole new avenue of finance in a way which the world has never yet seen.
While it took many larger industries, like traditional high street business, a long and apprehensive period to engage in a relationship with online finance, the iGaming industry was never so tepid. Ever since the advent of the internet, iGaming has been there, evolving, drawing in attention, and keeping pace with all related digital technological aspects.
”Bitcoin on cash” (CC BY-ND 2.0) by QuoteInspector
This was the case at first with credit cards, as they sought to draw in the most popular systems of the internet. It was the case for cryptocurrencies, with many iGaming services dealing exclusively with crypto at an early age. Today, this has reached such a mainstream level of adaption that iGaming routinely finds itself paying out lotto jackpots – some of the largest and most visible gaming transactions, easily, simply, and legally.
More to Come
Before any new element of finance can hope to solidify, the very systems on which they are based require some level of equilibrium. As this is an age of unprecedented growth and one which shows no signs of slowing down, the natural endpoint of digital wallet spread and supremacy remains unknown. While maintaining this current level of growth is likely impossible, there can be no denying the significant potential which still remains in these systems, and that they still have considerable expansion left to explore.