Tag Archives: cryptocurrency

Finance

Crypto and E-wallets are Future of Gaming Payments

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The gaming industry is undergoing a significant shift. The payments ecosystem is evolving towards a new era of cryptocurrencies and e-wallets and away from conventional online banking accounts. According to our friends at LotteryCritic.com, the impact of this changing payments ecosystem is multifaceted, affecting everything from the speed of transactions to how funds are stored and managed. Freddie Smith, CEO of LotteryCritic, commented:

Integrating crypto and e-wallet payments into the gaming industry is particularly advantageous because it eliminates the need for third-party payment processors. This means that users don’t have to go through traditional banking channels, which can be slow and unreliable. Moreover, crypto and e-wallet payments are more secure than traditional systems since they use sophisticated encryption algorithms.  

Advantages and Opportunities of Cryptocurrency and E-wallets in the Gaming Industry

Cryptocurrency has widespread recognition as a form of payment, and the gaming industry is no exception. Many online gaming platforms now accept cryptos. Therefore, players can use them to buy in-game items or to place bets. The use of cryptos in the gaming industry offers several benefits. They include lower transaction fees, fast and secure transactions, and anonymity for players. E-wallets have also become increasingly popular in the gaming industry. Players use them to store funds and make transactions within the gaming platform. E-wallets offer several advantages, such as ease of use, fast dealings, and storing multiple currencies in one account. With the integration of e-wallets and cryptos, players can make quick and secure transactions.

The adoption of cryptos and e-wallets in the gaming industry has also opened up new revenue streams for gaming companies. For example, some gaming companies now offer in-game purchases using cryptocurrencies. Thus, allowing players to buy items using their digital assets. This has created a new market for gaming companies and has provided an opportunity for them to increase their revenue.

Challenges in the Adoption of Cryptocurrency and E-wallets in the Gaming Industry

The gaming industry has seen a rise in adopting crypto and e-wallets as payment. While these payment methods offer several benefits, adopting cryptos and e-wallets has challenges. One of the significant challenges is the volatility of crypto prices. Crypto prices can fluctuate rapidly and unpredictably. Thus, it can affect the value of in-game purchases made using cryptocurrencies.

The unpredictability can create confusion for both gaming companies and players. Besides, there is also a need for more regulation in the cryptocurrency market. The lack of rules makes it difficult for gaming firms to operate within a legal framework.

Moreover, the lack of regulation also exposes players to security risks, such as hacking and theft. Integrating cryptocurrencies and e-wallets into the gaming industry can also present technical challenges. Investors must ensure systems and processes used for transactions are secure and user-friendly. This requires significant investment in technology and infrastructure. The cost implications can hinder small and medium-sized gaming firms from investing.  For the Silo, Elizabeth Kerr.

Pi- the only crypto you can mine from your smartphone.

Sci-Tech

The Benefits And Disruptions Of Blockchain Technology

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It’s safe to say Blockchain technology has disrupted the internet in quite a dramatic fashion.

Despite only being invented about fourteen years ago, cryptocurrency has formed a world of its own and it is now estimated the market will hit well above a $1 trillion USD valuation from four years ago…..

Allowing transactions, alongside other things such as documents and invoices, to be sent across a P2P network, the technology has been praised for its advanced security and anonymity benefits.

The latest infographic crafted by Bitfortune looks into how many ways Blockchain technology impacted the world and various business industries, such as charities and banking.

In the world of cybersecurity, Blockchain can help reduce or eliminate fraud and errors, along with being a more accurate and confidential platform for industry professionals.

For example, REMME is a secure platform that has eliminated the need for passwords and instead uses Blockchain as a form of authentication.

In supply chain management, Blockchain is being used to reduce the number of errors and exposure to potential threats.

The technology also helps reduce time and increase efficiency – a win-win all around, really. FedEx recently announced plans for an internal Blockchain pilot program that will help solve customer disputes while IBM and Maersk are also working together on a new company that will use Blockchain within global shipping supply chains.

Take a look at the infographic below to learn how Blockchain is disrupting other industries around the world for the better and why it’s time to start thinking about how you can incorporate the technology into your lives.

For the Silo, Josh Wardini. 

16 Blockchain Disruptions Infographic

Supplemental- Why some traditional banks are broke: Fractional reserve banking.

Finance

Crypto Currency Pop Quiz

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Which digital currency originated from the Doge meme and was originally introduced as a joke?

Is it the same currency that quickly developed into an online community and that was capitalized a few years ago at over $240 Million USD? Take this pop quiz challenge and find out.



Featured image via- darkwebnews.com

UPDATE- How Pi aims to democratize digital currency.

Finance

formula 1: $100 Million Cryptocurrency Sponsorship

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Cryptocurrency partnerships and sponsorships entered the world of sports back in 2014. Teams can expand their advertising budget with cryptocurrency platforms to get more popularity for the brand. In 2014, the first crypto-backed campaign – ESPN events made a contract with Bit Pay (Bitcoin payment processor) worth $350 000 in a year. In addition, arsenal made 3-year sponsorship with Sportsbet.oi with the value of £1.5m per season. 

Teams like to explore other non-standard partnerships. The most common ones are coming from the igaming and casino industries (an example of one – Canadian online casino real money Betsafe). But, on the other hand, they occasionally steer away into new waters, and cryptocurrency sets a new precedent here. Of course, there’s a lot to go by in the igaming and casino industry, but crypto-investing space can also offer substantial funding, as you’ll now see. 

Cryptocurrency 

Improves Fan User Experience 

Cryptocurrency benefits sports teams with new and improved marketing activities. Fans are in the first place, while tickets, streams, and merchandise make money. Secure and transparent marketing activities provide excellent customer service for sports fans. In addition, fan engagement tokens are on the rise. A fan token is a kind of membership card. They can vote on essential questions in the club. If you would like to choose a kit design, charity initiative, or similar stuff, purchase a token of your favourite club.  
 
Above all, cryptocurrency provides users with low-cost money transfers, transparency, and easy 24/7 accessible platforms that make it easy to purchase wherever users want to.  

Formula One – $100 Million Worth Crypto Deal 

Formula One made a 5-year contract with Crypto.com. $100 million sponsorship will provide F1 with great marketing tools. In addition to that, Crypto is getting trackside places on every race. Presence at every race will remind of their global partnership deal. Crypto.com is one of the fastest-growing crypto platforms at the moment. They have more than 10 million users. Sponsorship between Crypto and Formula One will grow awareness on the global stage. Crypto.com has leading applications on App Store and Google Play. Also, their Crypto Visa card is one of the most popular cards for using cryptocurrencies. This card is available in more than 30 countries. Formula One is one of the most followed sports, and they are always in search of new ways to make their fans more engaged.

2021 British Grand Prix Qualifying report and highlights: Hamilton digs deep to beat Verstappen in qualifying and seal top grid slot for F1 Sprint | Formula 1®
2021 British Grand Prix sponsor Crypto

Formula One got a new audience with engagement with Crypto. Crypto is trying to make cryptocurrencies more available and understandable for fans to use. Following that, Crypto announced a brand new award that fans would see on the Belgian Grand Prix. 

Crypto and F1 – Environmentally Sensitive 

Formula One announced that by the year 2030, Formula One racing would become a Net Zero Carbon sport. Likewise, Crypto announced that it would become carbon negative within the next 18 months in the spirit of the new partnership. A clean crypto business will be a great example to lead for all other companies in the industry. To have carbon-neutral or carbon-free vehicles and the crypto industry would be a great example from these two big names in the sports and business industry. Sponsorship looks promising, and great things might be ahead. 

Formula One as a sport wants to be more fan engaged and follow new technologies. Here is what CEO said: “We are pleased to welcome Crypto.com to the Formula 1 family as we continue to attract progressive global brands anchored in performance and innovation.”  For the Silo, Ika.

Finance

Ecommerce Is Evolving And Here’s How

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Thanks to the digital technology, we can carry out commercial transactions online. We can buy and sell items or services, pay bills, make orders, and so much more.

Online enterprises are heavily relying on this commodity. This is why we have numerous  online businesses nowadays.

The infographic below from Subscriptionly will inform you about the current and future tech trends that will influence the ecommerce sector. Some of the main trends are as follows.

Personalized Experience

Technology has enabled online businesses to give their customers personalized shopping experiences. For e-shoppers, this has engendered an engaging and satisfying shopping experience.

Businesses recorded an increase in revenue by employing this concept, since 48% of customers spend more when their experience is personalized.

Automated Customer Service

AI has transformed the way customer queries and complaints are attended to. Consumers now have their issues promptly resolved. It was reported that, this year, AI handled 45% of customer queries on its own. And it does this swiftly and effectively, which is definitely a factor that makes customer support a positive experience.

Excellent customer service is essential to building customer loyalty. In fact, 42% of customers buy more when they are served properly.

It is projected that, by 2020, AI will handle 85% of customer interactions.

Cryptocurrency

Soon, commercial transactions will be carried out with cryptocurrency. Via the use of cryptocurrency (such as Bitcoin), customers will get to make secure payments quickly and conveniently.

Also, businesses that add cryptocurrency as a payment method will make better sales. One retail outfit did and in 5 months, it generated $2million alternative currency sales and a 60% boost in new customers.

Drone Delivery

In the nearest future, e-shoppers will possibly have their purchased items delivered the same day. When this become reality, customers will be happier and businesses will undergo a rise in brand awareness and sales. The 72% of shoppers stated they would shop and spend more if same day delivery was available.

A method that is being considered to initiate same day delivery is the drone delivery. DHL tried it and recorded a 70% improvement in first-attempt deliveries, and a 90% success in resolution of customers’ critical cases. When popularized, 40% of parcels will be drone-delivered in 2 hours by 2028. For the Silo, Josh Wardini.

Future of eCommerce Infographic

Finance

Bitcoin Can Now be Purchased Through PayPal but is it Ready for the Average Internet User?

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After many years of toying with the notion of moving into the cryptocurrency market, 2020 finally saw PayPal admit to its ongoing interest, and embrace Bitcoin (and others) within its existing online payment services

gold-colored Bitcoin

The news has, within the crypto circles, been long anticipated. Following a disastrous attempt at collaborating with tech giants like Facebook and Mastercard on the Libra Project a while back, it looked as though PayPal may have gone shy on the idea altogether. That, coupled with the fact that interest in bitcoin and other cryptocurrencies among the ‘general digital public’ failed to take off in the way that was once predicted, made it seem as though a mainstream uptake of virtual currencies was nothing more than a pipe dream.


Of course, all that has now changed, and the company has finally enabled all users to buy, sell and store cryptocurrencies within its platform.
But, will this bring the average internet user to crypto for once and for all, or will the alternative currency remain relatively niche online, in spite of efforts to make it more accessible? Read more below.

Online Payment Services Are Adapting to User Requirements Better than Ever Before


In its heyday, PayPal was the go-to online payment service for anyone looking to make their digital dealings safer, more convenient, and more efficient. Rather than storing their personal details with multiple sites and companies, users could provide them once and once only, and allow PayPal to handle the security side of things.


The only issue was that PayPal was famed for its high transaction fees – both for merchants, and customers.


Now, the realm of online payment services has evolved to ensure that companies have fine-tuned their process for a relevant service – and that, in the process, transaction fees are kept competitive. In the realm of the online entertainment industry, digital casinos now offer Idebit deposit options for Canadian players over 18, for instance; in the US, vastly popular apps like Cash App and Venmo enable instant peer-to-peer payments with minimal processing fees.


There are two consequences to this evolution within the online payment services industry. For one, digital payment services are growing more attuned to the needs, concerns and demands of their users than ever before. They have to, if they are going to compete with the years in which PayPal has stood as the paradigm for payment security. This means that, for the average internet user, crypto will remain largely obsolete; they can feel safe in the payments they make online, and do not need to explore other avenues.


Secondly, it means that PayPal is facing significant competition on all sides, and that more and more users run the risk of abandoning the service altogether in favour of something cheaper, more convenient and easier to use.

Does the Average User Even Need Crypto?

PayPal is infamous for keeping the details of its new projects close to its chest, which means that we cannot be sure exactly what their motivations behind embracing crypto really are. Some already believe that it is ensuring a revolutionary stimulus for Bitcoin. It may simply be another move intended to ensure that they keep up with digital trends, rather than a fully-fledged commitment to the future of online payments.
In reality, many using the internet today have no need of crypto. Sure, it is safer and more private – something we all need to prioritize – but so are the services currently working to unseat PayPal at what it does best: simplicity.


Bitcoin is not simple – in fact, it is far from it. PayPal’s move toward the realm of virtual currencies does not make the technology itself any simple or more accessible to those who hold only limited knowledge about it, and only by targeting these user groups does it look likely that they will begin to embrace this alternative currency. For the Silo, Mildred Austria.