Cryptocurrency has changed the way we make online payments and store and send money. Its benefits, like faster transactions with lower fees, mean it has had an impact across industries including iGaming and banking. However, cryptocurrency also faces challenges from its volatile value and changing legislation. As more and more industries adopt it, is cryptocurrency here to stay or is it just a trend? Let’s find out!
Why is Crypto Popular?
The popularity of crypto has been increasing since the invention of the first cryptocurrency, Bitcoin, in 2008. While this was a steady increase at first, the popularity has spiked in the last few years, with users increasing from 18 million in 2018 to 617 million in 2025. Crypto is popular with those looking for an alternative form of currency. It’s virtual and decentralised, meaning that it isn’t controlled by a single group like a central bank. As a result, crypto is less susceptible to global or national economic changes like inflation.
Cryptocurrency is a deflationary asset (one where supply decreases over time). This further helps to protect investors from the effects of inflation. For example, the most popular coin, Bitcoin, which is owned by over half of all investors, has a maximum of 21 million coins. The limited number means that value is supported by demand.
Users also enjoy the more transparent nature of making transactions using cryptocurrency. All details are stored on a public ledger known as blockchain technology. This means if someone wants to know more about the transaction history of a coin, it’s all freely available to them. It also allows everyone to monitor transactions, preventing mistakes or tampering.
Additional protection comes from the heightened security of crypto. Users’ assets are stored on a wallet, which can only be accessed through their unique code. As a result, crypto faces a lower level of threat from things like cybersecurity attacks and fraud. Without this unique code, the stored money is completely inaccessible. This also means it’s incredibly important for users to store their code safely, as they can lose access to their investments without it.
For businesses, there are further benefits to using cryptocurrency. It’s an efficient transaction method, with payments sent instantly or within 24 hours. Crypto also faces lower fees than other payment methods like bank transfers and cards. On most sites, there are no fees at all and users only have to pay the blockchain charge. As a global currency, it makes international transactions easier, meaning users don’t have to factor in the exchange rate.
How is Cryptocurrency Used?
Cryptocurrency isn’t just used for investments, it’s also popular in industries around the world. From iGaming to banking, it’s had a sizable impact in terms of how we make payments.
Application in the iGaming Industry
One industry that was quick to adopt cryptocurrency was iGaming. Many providers now accept the most popular coins, such as Bitcoin, Litecoin, and Ethereum. Using cryptocurrency offers players a number of benefits. These include reduced transaction times, with deposits often appearing instantly within accounts and withdrawals taking only a few hours.
There are also lower fees associated with cryptocurrency. Whether it’s transaction fees or exchange rates, cryptocurrencies usually face lower charges. There are even some exclusive bonuses on offer for players using cryptocurrency for payments. A number of casinos offer free spins and deposit matches for crypto spending.
In a crowded market, it can be difficult to locate the best casinos that accept cryptocurrency. To prevent hours spent researching and comparing, players turn to one of the leading comparison sites, Irishluck. Their expert team compares casinos across bonuses, player experience, game variety, and customer support. To easily locate the best crypto casino options, players can make use of their dedicated section and helpful toplist.
Reshaping Banking and Investing
Although it’s unlikely that cryptocurrency will replace traditional forms of baking and investing in the near future, it does have an impact on them. To start, investing in cryptocurrency is a lot more accessible for people globally than traditional forms, like stocks and shares. In countries where these typical investment forms aren’t as well developed, crypto offers a viable alternative.
While stocks can be difficult for people to understand, crypto is straight forward. It’s available to everyone with a smartphone and doesn’t require lengthy credit or background checks. To adapt to the current market, banks will likely have to adopt forms of crypto as a currency option. Some banks and investment services across the UK have also started to look into how they can utilise the technology behind blockchain to make transactions more accessible and transparent.
What are the Negatives of Cryptocurrency?
There are two main threats to the longevity of cryptocurrency. These are its volatile nature and the frequently changing legislation regarding it throughout the world. Let’s look at them in more detail.
The Volatility of Cryptocurrency
While not being tied to a central institution makes crypto less susceptible to inflation, it also means its value can dramatically fluctuate. This makes it a highly volatile investment. It also means that its value is largely determined by external factors, like public perception and global events. For example, during events like COVID-19, recessions, or wars, public opinion can move against crypto, resulting in sharp drops in value.
Although the limited number of crypto assets available can have benefits, it also means that large shareholders have a big effect on the market. These shareholders are often referred to as crypto whales. As of 2024, 113 whales dominate over 15% of the Bitcoin market. When these whales offload currency, it has such a big impact on the value that there are websites and social media accounts dedicated to tracking their every move.
Individual investors can have a huge impact on market price as well. It was found that during 2013, just one individual caused the value of Bitcoin to surge from $150 to $1000, an over sixfold increase. Research by the University of Tulsa traced the spike in value to one anonymous account, which bought 335,898 coins in just over six months. Each day this investment continued, the value of Bitcoin increased an average of $20 a day.
The researchers also raised a further concern. It wasn’t possible to trace the identity of this crypto whale, leading them to suspect market manipulation. This would mean an individual was buying and offloading the coins just to drive the market price. It’s hard to combat the threat of manipulation due to the anonymous nature of cryptocurrency.
Changing Legislation
Changing legislation is a further threat to cryptocurrency. It’s been difficult for regulators to get a hold on the rapidly changing, virtual, and anonymous currency. The crypto market also changes, often dramatically, each day, making it hard to estimate value. In recent years, regulators have introduced legislation to handle concerns around crypto.
In 2024, the Markets in Crypto-Assets Regulation was established across Europe to regulate the currency. Immediately, they introduced rules allowing them to manage crypto markets like banks. The changes also meant that crypto providers now have to have minimum capital requirements and be licensed as a financial institution to continue to operate in Europe.
Further changes aimed to prevent market manipulation. Crypto institutions are now required to keep records about all individuals who make a transaction. In the UK, an additional bill was introduced in September 2024 to provide legal protection to cryptocurrency by viewing it as personal property. This means that all the same information required from banks will be expected of crypto institutions. They will also be regulated and investigated by the same body—the Financial Conduct Authority.
While greater restrictions are being placed on cryptocurrencies in some areas, the USA seems set to shift the opposite way. President Trump has made no secret of his support for cryptocurrency and has lessened regulations he deemed as “a threat to individual privacy”. He recently announced his intentions to create a national reserve of Bitcoin and even has his own ‘memecoin’ $Trump.
As other countries make crypto investments more transparent, the USA has increased anonymity. Trump recently stopped investigations into fraud in the crypto market, saying it was time to “end the war of crypto”. He also voiced his intention to make the country the “crypto-capital of the world”. This means regulations on crypto in Europe and the USA could soon diverge even further.
What Could the Future Look Like for Cryptocurrency?
Cryptocurrency seems to face an uncertain future. Although one thing is set, it will face a diverse set of challenges, from its volatile nature to varying regulations across the globe. Despite this, there’s no denying that crypto has advantages for industries and investors alike. Benefits, including faster transaction speeds and lower fees, mean it will likely remain popular with users. If cryptocurrency can rise to the challenges of volatility and changing regulations, and markets can adapt to make best use of its various benefits, it could play a big role in the financial future.