Reading Time: 4 minutesSectors in which cryptocurrency is being adopted

When the largest ever Bitcoin transaction took place in early September, no sooner had the news of it reached the media than speculation began about who was involved. The single transaction consisting of 94,504 Bitcoins was the equivalent of $1 billion (at its then price) and represented around 0.5 percent of all of the cryptocurrency currently in circulation.

As an aside, its also worth noting that this is only the biggest transaction of its kind when measured in its dollar value. Back in 2011, a transaction of 550,000 Bitcoins was recorded but, at the time, this was only worth around $1.6 million.

While the identities of the parties involved in this latest transaction must remain shrouded in anonymity, it has thrown up some interesting suggestions that cryptocurrencies, or at least the blockchain that facilitates theyuse, may be the way ahead for a number of sectors who need to transfer money quickly and securely.

The benefits of using cryptocurrencies are often overshadowed by the reputation they have for not being totally above-board and legitimate;a reputation that is hardly enhanced byincidents such as thefts from currency exchanges in which the perpetrators are just as hard to locate as the parties in this latest, legitimate, transaction.

But its this combination of anonymity added to the speed at whichtransactions can be made that makes cryptocurrencies a potentially very interesting proposition. So interesting, in fact, that even Facebook is set to launch its own cryptocurrency called Libra.

Facebook has pushed forward the development of #Libra #cryptocurrency and reportedly revealed the percentage breakdown of a basket of global currencies that will underpin Libra. (Source: https://t.co/xHGTNn6tLq) pic.twitter.com/SpyYIgIpdD

DigiFinex Exchange (@DigiFinex) September 24, 2019

So, lets take a look at three particular sectors that could potentially benefit a great deal if they started to make at least some of their transactions via crypto or blockchain tech.

Its certainly no secret that, while initially being extremely skeptical about cryptocurrencies, the banking industry has been quick to see the potential in using blockchain technology not just for currency transfer, but for all kinds of information exchange. Its thought that more than 40 of the worlds leading banks are actively developing blockchain solutions attracted by the lower costs, greater security and increased speeds that they promise to deliver. Another leading financial institution that is known to beembracing blockchain is JP Morgan who have published several research papers on the subject.

Online gaming has been one of the fastest-growing sectors of the last couple of decades and whose revenue is projected to almost double in size from a 2017 figure of $45.8 billion to $94.4 billion by 2024. Its a sector that has been driven by innovation and the embracing of new technology, so theres every reason to suppose that cryptocurrency transactions could become the norm for many of the operators. Already some of the bigger operators offer a huge range of payment options to players, including digital options like PayPal and Neteller. But, particularly for fast-paced games like online roulette and blackjack, the speed of blockchain transactions could be of real benefit for players and hostsalike.

Anyone whos ever bought or sold real estate will agree on one thing; its a process thats slow, complex and often frustrating. Its calling out for something thats going tostreamline the whole process for the buyer and selleralike. Step forward blockchain. This ticks all the boxes, whether its for the quick and secure transfer of legal documents or the paying of funds in a trusted and secure way.

Buying and selling are also processes in which many agents and intermediaries seem to want to take their cut along the way while unfairly providing a slow-moving service. Both are issues that could disappear at a stroke, although the intermediaries in question may not be too happy about it.

However, while all these examples may seem like the ideal candidates for cryptocurrency and blockchain transactions, there are also several considerations. For example, the fluctuating value of the cryptocurrencies will always be a concern until they eventually stabilize. Theres also the question of the dubious reputation the currencies have, but with wider acceptance, this will surely change. Furthermore, the fact that established financial institutions are also coming around to the benefits of blockchain transactions can only help in this respect.

So, expect to see more and more transactions of the kind, although possibly not of this size, that are sure to soon be hitting the headlines. And, before long, you might even be making one yourself.

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Are Cryptocurrency Transactions about to Hit the Mainstream? - BOSS Magazine