Ethereum is one of the most popular cryptocurrencies on the market. It is also the only cryptocurrency that actually competes with Bitcoin in terms of value. But how does this cryptocurrency help finance in 2022? We already know that blockchain technology is turning the digital market around.
There are industries, like the online gambling industry, that have already embraced this new technology. Just by visiting https://new-jersey-online-gambling.com/, you can find top-notch online casinos like caesars casino online nj and playmgm nj casino online that support multiple digital wallets and most of the innovative technologies on the market.
In this blog post, we will take a look at Ethereum as a finance-shifting asset. We will also explore the relationship between cryptos and the gambling industry. By the end of this read, you will also know all about the new Ethereum 2.0 and, thus, the future of this cryptocurrency.
What is Ethereum and How It Helps Finance?
If you don’t know what Ethereum is all about, there’s no reason to worry. Ethereum, or ETH, is a popular cryptocurrency. In a few words, Ethereum is a decentralized platform that powers games, financial apps, and much more. When it comes to the Ethereum coin, it is one of the most powerful ever created.
Both the coin and its blockchain technology were invented in 2015. Its blockchain is what powers the most successful NFT projects on the market. According to Statista, the NFT market cap nearly ten-folded its value in less than 2 years. And the blockchain of Ethereum was the main reason why.
But, why did this particular crypto become so popular? Well, the Ethereum platform comes with multiple advantages for the financial world:
- Ethereum is a large network powered by an innovative technology (blockchain)
- It offers multiple financial functions: It allows quick and safe transactions, smart contracts, safe data storage, and more.
- Ethereum eliminates intermediaries: As a decentralized network, Ethereum helps its users avoid third-party intermediaries (e.g. banks and lawyers).
These are the main reasons why the Ethereum blockchain has been so successful, especially since 2018. As mentioned above, the gambling industry was one of the first ones that understood its power and embraced the new technology. Let’s dive deeper into this.
How Ethereum and Cryptos Are Related to the Gambling Industry?
A few years ago, if you wanted to create an account at an NJ online poker establishment, you would be quite limited when it came to payment methods. Well, that’s not the case any more. Nowadays, you can use your online wallets and crypto assets to play NJ online poker real money. Of course, this isn’t true only for players based in New Jersey. But, this specific area has some of the most innovative resorts NJ online. This is why we’ve used it as our main case study for the purposes of this article.
Case Study: Online Casinos in New Jersey Embrace Crypto Technology
Establishments like Caesars online casino new jersey possess some of the most innovative apps and platforms on the market. The same is true for the payment methods they support. Unlike nj authorized online casinos, platforms like Caesars online nj allow players to use their online wallets to deposit and withdraw amounts. The more the blockchain technology becomes mainstream, the more these online casinos help their players use them.
In fact, in 2022, there are numerous online casinos, not only in NJ, that accept cryptos and crypto wallets as a payment method. After all, the blockchain technology is one of the easiest and safest ways to transfer amounts online. Of course, the Ethereum blockchain is evolving by the day. And this is exactly where Ethereum 2.0 should come into the discussion.
Ethereum 2.0: A New Era in Crypto and Finance
Ethereum team has been developing the so-called Ethereum 2.0 for more than two years. As the name suggests, Ethereum 2.0 is nothing but a major update to the Ethereum Mainnet. Even though there are plenty of elements included in this upgrade, one thing is certain; Ethereum 2.0 aims at increasing the platform’s scalability.
When it comes to the environment, Ethereum 2.0 is going to reduce the platform’s carbon footprint by almost 100%. This update is probably going live at the end of 2022. So, that will be the future of Ethereum when it comes to finance.
As with any financial investment, investing in Ethereum is not a 100% safe solution. However, this does not mean that blockchain technology is not helping the financial world. On the contrary, the more the Ethereum platform is updated, the better for any financial establishment. The gambling industry is probably just the beginning. Several large companies and businesses from different industries are expected to use this technology to manage their transactions and assets in the future.