The 1st time I heard about crypto I thought it was fake internet money like World of Warcraft gold.
The 2nd time I looked into it a bit and thought it was made by computer scientists, and you had to be a computer scientists to mine it. So I thought it was a get rich scheme for computer scientists.
The 3rd I found out that some of my smartest friends used it, so I thought I would buy some for fun . I went to MtGox and promptly ran the opposite direction as fast as possible. There was no good way to buy crypto at that time, so I let it slip.
The 4th time I learnt about bitcoin’s decentralized peer 2 peer proof based public leader and read the white paper. Learning about crypto forced me to learn about government currency. When I learnt what causes inflation in government currency I was convinced and bought my first crypto.
Don’t tell me, show me
Even after buying, my appreciation for crypto was only theoretical. My love for crypto turned practical the first time I visited Nitrogen (review). Just by visiting a wallet was created for me to deposit into and bet with instantly. I had the option add a username and password to it make it an ongoing account. No name, email address or further information required. I signed up, deposited and bet in 2 minutes with no friction.
To understand why this blew my mind you have to have gone through the pain of making your first bet at a government currency sportsbook. You have to fill out a long form with all your details, then verify your ID, which they can misuse or have stolen.
For an instant deposit you have to give them your credit card details, which they can misuse or have stolen or. Or you can wait 2 business days for a bank to bank deposit.
Now they have your email and address they will send you “promotional material” you don’t want. They will also put further requirements on you before you can withdraw your own money.
All of that friction and frustration is eliminated by crypto. I promptly put my whole life savings in. I am sure crypto will take over online gambling which is one of the biggest industries in the world. Crypto will also improve the user experience for so many other industries and business to business transactions.
What makes crypto better for gambling also makes it better for anything that would benefit from reduced friction and costs. That could include stock broking and all kinds of investing, online shopping, online dating, online porn and anything with payments.
Here is the cherry on top. Because the sportsbook does not have to pay for chargebacks, transaction costs and account verification they save so much money they can give higher odds! This passing of cost savings on to the customer will also apply to many other types of business.
Crypto is a superior engineered money. It just works better than gold or government currency and it really is going to take over the world. We are in for a hell of a ride!