3 Ways Cryptocurrency can bring new Revolution in Online Marketplace

The concept of Cryptocurrency, the encrypted digital currency, has no longer been just an academic concept after the creation of Bitcoin in 2009. In subsequent years, Bitcoin has achieved quite a fame by attracting a large number of followers. The turning point for the Bitcoin was in 2013 when it reached the peak record of $266 per bitcoin and becoming the center of attention for media and investors.

Moreover, within 2 months, the Bitcoin achieved the market value of $2 Billion shocking the merchants all around. This started the debate among the business and investors about the future of the cryptocurrency, not just the Bitcoin that are these currencies going to take over the traditional currencies in the coming years leaving behind the dollars? Or they are just going to flame out once reaching the peak?

Revolutionizing the Online Marketplace:

Cryptocurrency is the decentralized currency, which means they follow a peer to peer technology and don’t have any broker in-between. Also, these currencies aren’t backed by some tangible security or real assets, making them free of government manipulation and inevitable.

The decentralized marketplace always has the advantage to grow globally without having to worry about the difference in the currency as cryptocurrency remains the same all around the globe. Here are some of the ways in which cryptocurrency is bringing revolution in an online marketplace:

Gaming and eSports Gambling- the Future of Digital Currency:

The world of gaming and eSports is growing fast day by day, which has proved to be a success point for crypto-based platforms. Such platforms and portals are linking the fans directly to the players all around the world. These platforms or websites have their own wallet which allows its users to deposit their money in form tokens and give them the opportunity to earn more by accepting different challenges and playing games.

Changing the Freelancing Marketplace:

If you are running any marketing company or a startup, you most likely have hired the remote designers, or writers from different countries through online marketplaces like Freelancer, Upwork, Fiver, etc. These platforms serve as the broker between clients and freelancers.

With the advancement of technology, these marketplaces tend to adopt new payment methods and currencies. For example, many years ago the preferred payment method was credit card but with the introduction of PayPal in the market, these online platforms preferred to use PayPal and now it used almost everywhere.

Now that cryptocurrencies are slowly taking over the conventional currencies, it won’t be an understatement to say we are going to see these digital currencies in a freelancing market place.

Positive Response of banks towards Crypto Hype:

Cryptocurrency has already started to disrupt and change the finance industry. With every passing day, more and more people, are gaining access to transferable digital assets and banking services. The majority of these people belong to underdeveloped countries where they don’t have banking access.

Many Peer-to-peer finance sectors have noticed the huge amount of transactions during a time period of two to three months. In order to cope with the emerging crypto-finance industry, many Wallstreet banks have started developing their own cryptocurrency. Because they know that if they failed to do so, it can risk their marketplace.

Increased Scrutiny and Crime Prevention:

The decentralized Crypto hype has proved to be a host for fraudsters and criminals providing them a secured platform to carry out their criminal activities like money laundering, drug dealings, and illegal transactions and investments. Observing such activities, regulatory and government agencies decided to bring such services under the government regulations which means that now the cryptocurrency business are held liable in case of any fraud activity from their platform.

Now the question arises what the businesses are supposed to do? How they can identify beforehand that the transaction isn't fraudulent or haven’t made by a criminal or blacklisted person? To facilitate such businesses, many IT companies are providing AML Compliance Services based on hybrid Artificial and Human Technology. These services have an AML Screening algorithm that drives the results in a real-time environment by checking the background of the user to ensure that he/she is a real person using real identity and haven’t been blacklisted by the national, regional or international watchdogs.For AML Compliance visit: https://shuftipro.com/kyc-and-aml/

Amelia is a Digital Marketing, PR and Social Media consultant with over nine years experience in the field. She has written articles and blogs on a wide range of topics including, Health, technology, identity theft scams.