Consensus 2017: Impacts of Cryptocurrency Market Growth
Consensus 2017 took off on Monday this week in New York on a high note. The three-day blockchain technology summit once again welcomed thousands of attendees to New York Marriott Marquis to network, exhibit, and share ideas and expertise on blockchain in the series of discussions.
Although indirectly affecting the Bitcoin casino market, Consensus 2017 presented key points that may not only affect the cryptocurrency market but will also impact the online gaming scene.
Challenges and potential of cryptocurrencies
One of the points raised is the growing number of cryptocurrencies today. Marco Santori, who represents Cooley LLP as the fintech team leader, shared how the fact that there are more cryptocurrencies now than there was a few years ago do make the market seem more complex and difficult.
The availability of different cryptocurrencies may be beneficial in the long run. However, Bitcoin is yet to be fully adopted by all sectors, which only magnifies the status of other cryptocurrencies in terms of mass acceptance and awareness.
Riccardo Spagni, project lead at Monero, emphasized that there are traders who do not fully understand what they trade. He pinpointed the lack of technical knowledge as the main reason.
Despite the challenges in the cryptocurrency market, however, the growth of Bitcoin as well as the altcoins reflect the increasing—albeit gradual—demand and adoption of the digital currencies.
In fact, this is evident in Bitcoin gambling where more Bitcoin casinos now accept cryptocurrencies other than Bitcoin. Players have the option to choose how they want to play at Crypto-Games.net and FortuneJack among other crypto-friendly online casinos.
Supporting more cryptocurrencies
With a total market capitalization of over $86 million, cryptocurrencies clearly gained momentum this year. This already presents the power the cryptocurrency market has that should not be simply put to one side.
Adam White, head of GDAX exchange at Coinbase, said there will be more digital assets to expect in the next years. This is the exact mindset that drives Coinbase to design its exchange to be able to support more digital assets in a prompt manner.
Employing more support channels for the cryptocurrencies will broaden the markets’ access to different assets. By doing so, online exchanges may push for altcoin growth; such is the case with Ethereum. As of late, the price of Ether has grown significantly and reflects the wider adoption of it. The online gaming scene is among the sectors that benefit from the rise of Ethereum as Bitcoin casinos like Betcoin.ag have recently added Ethereum to their accepted payments.
On another note, Consensus 2017, which lined up several more topics to explore and discuss, also made sure startups and investors have enough time to network and showcase their products. Other speakers who partook in the summit were Coinbase CEO Brian Armstrong and Blockchain CEO Peter Smith.