i3 - July/August 2018 - 22

HOW

CRYPTO
CURR
E

IS IMPACTING TRADITIONAL
he recent rise of Bitcoin in the mainstream media has certainly begun a season full of blossoming initial coin offerings (ICOs). While only about three percent of the world's
population uses Bitcoin, it seems like every vertical is cashing in on
the abundance of new digital currencies, which circumvent traditional banks, government regulation (at least for now) and the
whims of the financial markets.
There are now more than 1,870 cryptocurrencies, according to
Investing.com. And new entries appear almost daily. Keep in mind
only a single cryptocurrency was available a few years ago - Bitcoin
- but that is ages ago in today's digital times. Total market capitalization for these virtual currencies is more than $312 billion. But this
industry is extremely top-heavy, with the 20 biggest currencies (like
Bitcoin, Ethereum, Litecoin, Stellar, Ripple and NEO) accounting
for roughly 90 percent of the total market.
To better understand the current craze, one needs to understand the basics. Cryptocurrencies like Bitcoin are digitally mined
by extremely powerful computers. These virtual tokens are stored
safely on the blockchain, a decentralized public ledger of every
transaction that has been carried out in that cryptocurrency.
Hosted across millions of computers simultaneously, these public
records are accessible to anyone on the internet.
The sports world has begun exploring cryptocurrency, although
it's treading softly into these new financial waters. The first to dip
into this new source of revenue were the gambling companies like
Wagerr, BlitzPredict and Edgeless. Also, traditional offshore

T

22

JULY/AUGUST 2018

I T I S I N N O VAT I O N


http://www.Investing.com

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