Today cryptocurrency is very popular all over the world. In just a few years today’s most viral cash is replacing a lot of old systems that we’ve been using for centuries. Today, crypto is mainly used for trading and investing, in 2024 could be an interesting turning point that can evolve and dominate many more industries than we first thought. 

Online Gaming

Crypto, and Ethereum/Bitcoin specifically, can transform the online gaming scene, an industry currently valued at more than $200 billion globally. Despite its dominance, traditional money makes playing online games difficult for a number of reasons, both for the player trying to make a bet and the site that accepts it. But cryptocurrencies, like ETH, offer a set of benefits that can fundamentally enhance the online gaming experience.

We’ve seen more online gaming developers incorporating cryptocurrencies alongside their traditional payment methods – with some online casinos in particular accepting cryptocurrencies exclusively. Established online games are moving to crypto, poker has millions of players and is going through something of a second “Poker Boom” partially driven by cryptocurrencies that are being used to facilitate bets in online poker tournaments that accept entrants from players all across the world. Crypto is also used for other casino games, and some estimates say that most Bitcoin transactions are in the casino industry.

The use of cryptocurrencies eliminates the need for third-party payment processors (or banks) altogether, thereby reducing the incidence of fraud and avoiding the possibility of chargebacks. In turn, this makes for a safer gaming environment with the full knowledge that network-verifiable transactions with players, casinos, and crypto-merchants alike are essentially bomb-proof. Besides, the faster processing times and the low fees for crypto transactions versus real-money currencies are to the benefit of all concerned – from players who want their bets to result in quick deposits and withdrawals to the casinos who are keen to handle more transactions and rake in greater commissions.

But apart from heightened security, faster transaction times, and a 24/7 global framework, perhaps providing provably fair gambling could be one of crypto’s greatest promises for the future of online gaming. Relying on the basic principles of blockchain technology, that underlie most cryptocurrencies, is a process through which a system can demonstrate all results are fair and random to the satisfaction of players and observers.

Supply Chain Management

One of the biggest issues facing global supply chains in 2024 is constant delays, inefficiencies, and counterfeit products that can give entire industries a bad reputation. Cryptocurrencies like Bitcoin counter these issues with the help of blockchain technology.

Through blockchain, a supply chain manager is in a better position to securely and reliably trace the flow of the products through the supply chain thanks to the transparency of the blockchain transactions-receipt ledger, verification of transactions, minimization of false documents, and prevention of fraudulent goods by strengthening consumer trust.

And smart contracts (ie, codes written into a blockchain, triggering the automatic movement of money once certain conditions are met) can help automate processes, too: not just information processes, but perhaps logistical processes as well.

The Creator Economy

Creators are constrained by the tools they have to give value to the consumer that they have to the best of their ability, working through the platform’s intermediaries, and channels that they have. Crypto cuts through all of that. Crypto allows a creator to go directly to their audience and earn sustainable revenue.

Cryptocurrencies facilitate payments from audiences to creators, meaning that the act of getting paid is decoupled from the burden of having to monetize that benefit in a form that pleases a single platform. Instead, all that the creator has to do is create. The model incentivizes audiences to read, watch, and listen to everything – not just to read, watch, or listen to what’s most outrageously or popularly on offer.

Whether linking coins to access content or paying a creator directly, creators no longer need to rely on centralized platforms for things such as hosting their content and paying any fees associated. For the first time in a long time, the creators are back in the driver’s seat. Creator-controlled economies look a whole lot fairer than their corporate-owned counterparts.

Decentralized Finance (DeFi)

DeFi aspires to be a more open and less exclusionary financial system, and we expect it to really live up to those ambitions in 2024.

By removing intermediaries such as banks, increased accessibility is a benefit of DeFi, potentially enabling financial inclusion of unbanked and underbanked populations who lack access to basic financial services like loans, credit lines, and the ability to manage their money securely and transparently.

DeFi produces economically novel financial products, for example in the form of synthetic assets and decentralized lending protocols. With these, users can exercise financial agency that meets their individual needs and preferences, going far beyond those able to afford the services of private bankers.

Meanwhile, the pace of innovation will likely see new methods and frameworks that will likely adapt as the industry continues to grow. As a world of potentially thousands of DeFi applications gains traction, crypto is already making waves.