When the first cryptocurrency was unveiled in 2009, the world did not know what to expect. Technological innovations have constantly redrawn the boundaries of society and paved the way for new ways of thinking and doing things. The way we communicate, educate ourselves and entertain ourselves have all benefited from technological advances in the past decades. New technology opens a vacuum into the unknown and the emergence of cryptocurrency was no different.
When Bitcoin was introduced to the world by Satoshi Nakamoto, the first ever digital currency was met with a mixture of excitement and bewilderment. People around the world struggled to grasp the idea that an invisible currency that exclusively operated in the online world could one day become the default form of currency, over cash and all the pennies in our bank accounts.
Like many countries around the world, the United Kingdom was slightly hesitant to welcome cryptocurrency with open arms, due to the volatility and simple lack of understanding of cryptocurrency and the blockchain technology that powers it. However, in recent years, that attitude has slowly changed with the decision makers within the country now looking to embrace cryptocurrencies and build a regulatory framework for it.
Importance of Tech
As we move into a new digital age, the boundaries of what is important and relevant begin to shift and take on new meaning. Over the last decade, the tech age has been ushered in, with more emphasis placed on developing the best technology to put the country in the best position for the future. The UK itself has seen the number of tech companies on its shores treble in the last ten years, such is the clamour to win the worldwide “tech race.” The world is inevitably moving in one direction, and as a result, the importance of owning and developing technology is rapidly growing by the year.
The Role of Cryptocurrency in the Tech World
When Bitcoin first hit the market, its first most notable use was the purchase of two pizzas from Papa John’s by Laszlo Hanyecz. Nowadays, the uses of cryptocurrencies are manifold and can be used in many industries including retail, travel, real estate, and gastronomy. Cryptocurrency is even becoming more commonly used in the ever-growing online casino industry, despite the regulations put in place in the UK in 2024 that affect wagering amounts.
With more tech involved in everyday life, the online world is throwing up more unknown threats. Companies like Gamstop are assisting the UK Gambling Commission in tackling gambling addiction in the online realm, and cryptocurrency is an example of exactly the type of unknown entity that lawmakers are trying to work out. In this case, players are migrating to the best no kyc casinos to use cryptocurrency on online casinos which are certainly one of the most popular tech innovations in recent years.
Regardless of what platforms players are playing on, the inclusion of cryptocurrency on online casino platforms is a sign of how easily it can attach itself to an innovative, popular movement.
Crypto the perfect partner for the tech drive
The UK’s aim to become a world tech powerhouse by 2030 is welcome news to cryptocurrency fans. More industries are employing the use of blockchain technology to power many of their daily processes, which could potentially open the door for cryptocurrency to establish itself as a viable financial option.
The advances made in the tech industry in the UK have helped raise the profile of cryptocurrency and with more emphasis to be placed on the tech drive in the coming years, there is a good chance more people will involve themselves more with cryptocurrencies. The growth of cryptocurrency in the UK in the tech arena was also massively helped by a clearer framework set out by the Financial Conduct Authority (FCA) that essentially gave greater recognition to cryptocurrency.
The clarification of the framework around cryptocurrency has given an inadvertent green light for more people to use cryptocurrency, in the knowledge that there is a fair and secure regulation. Furthermore, a new bill proposed by parliament in September 2024 to brand the ownership of cryptocurrencies as legal property is deemed as a further boost to the inclusion and use of cryptocurrencies.
Much like the “tech race,” the UK does not want to be left behind in the global “crypto race,” in the opinion of former Chancellor George Osbourne. As the digital era advances, we could see tech and crypto evolve exponentially and continue to grow in the near future.
