Bitcoin adoption is going at an unexpected rate. With its relatively short age, it reached milestones it was not expected of. Mainstream acceptance is a major hurdle for the cryptocurrency, but Sweden’s recent development might spark the change Bitcoin users long for.
Sweden has begun to promote a cashless system throughout the nation due to safety benefits and cheaper operation costs. The Scandinavian nation also tries to improve the security measures to guarantee that users of the electronic system are safe from the common surrounding threats, such as hackers and frauds.
Currently, five of the major banks in the country are already declining to work with cash. This alone depicts the diminishing significance of physical cash as a medium of payment for residents of Sweden.
The Swedish highly value the benefits of transacting through digital channels, and this is evidenced by the four out of five purchases made electronically in the country.
This is another opportunity where Bitcoin can exhibit its functions and advantages as a payment system.
Bitcoin takes the stage
As Sweden displays a sturdy belief on electronic payments, a gateway for Bitcoin is opened without the trouble of regulating bodies on its tail. Its applications can be further backed up by the ruling that Bitcoin exchanges are exempted from VAT within Europe.
Similar to the actions the Isle of Man is taking, Sweden also plays a role on the development of virtual currency’s purposes. Both go parallel in the sense of spreading Bitcoin.
Moreover, the country has a soft spot for cryptocurrency, which can be presented by its welcoming of the pro-Bitcoin political party BitcoinPartiet, a few startups, and even a software developer for gambling games that dealt with virtual currency
Electrifying Bitcoin gambling
If Bitcoin in Sweden excels as a payment system, the chances of driving other sectors higher—think cryptocurrency gambling—are notable.
Gambling in the country runs under slack regulations, especially online gaming, which is legal in Sweden. The casual status of online gambling in the nation only presents opportunities for the digital currency to grow in this division. Residents are free to visit any site they desire, making their market desirable for most gaming platforms in the world.
The Bitcoin gambling niche can easily gain traction in Sweden now that the nation is starting to embrace the implementation of a cashless system—which is also perfectly complemented by the cryptocurrency. This sector is a playground for Bitcoin where it can prove its advantages over traditional online casinos. It can be exhibited through the unique games cryptocurrency casinos can provide like Bitcoin slots, table games, dice, and other provably fair platforms.
Actions like this that push the employment of Bitcoin are what the technology needs. Sometimes, a nudge like this is all it takes to convey the message of digital currency not only for the gambling market, but as a standard medium for payment. Hopefully, more nations will follow the revolutionary steps Sweden is taking.