What Is the Difference Between Cryptocurrency and Blockchain Tech?

Learn why blockchain tech is not the same as cryptocurrecy. A perfect guide for crypto live casino players that want understand crypto tech! (Photo by Traxer on Unsplash)

Digital assets, currencies, and blockchain software solutions have been around long enough, so surely, the world’s population is educated enough to understand the underlying differences and connections?

It seems this is still not the case, and these terms are still incorrectly used interchangeably. That said, this is probably a good thing for the time being.

Most people only began acknowledging cryptocurrencies when Bitcoin made its December 2017 surge close to $20,000 per BTC. They took note again in 2021 when Bitcoin hit its all-time high of $64,000.

That is aside from live casino and slot players who were already grinding on the table and spinning the reels using Bitcoin way back in 2012.

In essence, a blockchain ecosystem is a software solution, and solutions solve a problem. An IT-based solution can be designed and implemented independently. However, some blockchain companies use an ICO (Initial Coin Offering) to raise funds/backing to create their solution.

Suppose a team of blockchain engineers do not need or want financial funding. In that case, they can create their blockchain-based ecosystem without tying a cryptocurrency to their perceived solution.

The key differences are:

• Cryptocurrencies are tied to the success of an ICO
• An ICO is very similar to an IPO in the stock market
• Blockchain technologies are independent ecosystems
• Digital assets are something of value owned by someone on an ecosystem
• Blockchain technologies are not cryptocurrencies, so to speak

As you can see, these are the key differences between currency and solution and explain why cryptocurrencies are just a byproduct of blockchain tech.

What about crypto used in online casinos? Some blockchain ecosystems are purely about finance. For example, you will see all the platforms on our Bitcoin casino page using BTC, which is essentially a means of boarderless exchange of money with no intermediary (banks) making the transaction between two parties that may use different fiat currencies cheaper by using crypto.

Digital Currencies Public Image

Cryptocurrencies have created both a positive and negative reputation amongst the global population. There are so many different perceptions, so we should first look at the two extremes when we break down how people perceive them.

It seems that some simply do not understand cryptocurrencies and, as such, dismiss any notion of their potential to succeed. On the other extreme, some understand cryptocurrencies and how they are tied to blockchain technologies and see the potential for success. Of course, we are missing out on many middle ground here. Some are on the fence, keen on cryptocurrencies and their progress. Some are still learning. Plus, some are undecided and those that don’t want to understand it but believe anything is possible.

There are even those who fully understand cryptocurrencies and blockchain technologies that are against the entire concept of digital assets and digital currencies!

We can say that out of the two extremes, without one or the other, cryptocurrencies would most likely fail. They would not exist if nobody believed in them, or they could end up failing due to over-popularity, causing expansive growth and the collapse of something we do not fully understand and with few resources to control or regulate that growth. Much like the Dotcom crash! Yet, with all this in mind, cryptocurrency is here to stay. It has proven itself time and again.

Live Casino Software Providers Embrace Crypto

In the cryptocurrency casino industry, live casino brands such as Evolution, BetConstruct, Pragmatic Play Live, Ezugi, and Absolute Live Gaming have all embrassed crypto. BTC, BCH, ETH, XRP, LTC, TRON, DOGE, and a host of other cryptos are available to play games from these software provider.

Check out some of the crypto casinos in the table to the right (for desktop reader) and below (for mobile readers) for crypto casinos that also offer bonus deals. These casinos are a perfect example of just how crypto has been adopted not just by software providers, but casinos willing to offer crypto bonuses deals.

The Top 5 Crypto Casinos for Bonus Deals

Why Do People Believe Cryptocurrencies Will Succeed?

Getting over the bridge – the growing belief in crypto! (Photo by Shubham’s Web3 on Unsplash)

One of the key reasons behind the success of cryptocurrencies is the sheer number of ICOs out there. One of the latest success stories is FTN. Last year, we reported on this crypto in a news story, ‘BetConstruct Leads the Way for FTN Adoption.’ Since the pre-sale was 0.35 USDT, FTN is now worth 1.4 USDT – almost a 300% increase since SoftConstruct founded the ICO to bring the crypto into the realms of online casino and sports betting.

Each ICO has crypto tied to it. For example, Dogecoin (DOGE) cryptocurrency is tied to its blockchain tech solution. The success of Dogecoin’s crypto relies entirely on how popular its blockchain solution becomes.

There are now thousands of ICOs, each with its blockchain-based solution. If you were to hedge your bets on just 1% of these ICOs growing into a mainstream solution, then that is at least 10 ICOs becoming as big as, let’s say, Amazon or Facebook.

It was the same during the dot-com era. There were thousands of dot-com companies, and 99% of financial investors wrote them off after the crash. However, now look at the World Wide Web and the number of dotcoms that have become billion-dollar global giants. The few that stuck around and saw the potential for dotcoms post-market crash became overnight millionaires and even billionaires.

Now, suppose you consider the huge number of industries that need a new solution to revolutionize the system’s operation. In that case, at least one blockchain solution will break into that industry. Health, housing, government systems, online casinos, internet browsers, the World Wide Web, vehicle traffic control, air traffic control, law, social care, supply chains, import/export, travel, and so on.

Many of these industries will adopt blockchain solutions not backed by an ICO and, therefore, will not have a cryptocurrency. However, it is a safe bet when we say that at least 1% of ICO solutions will break into one of the many industries in need of a blockchain-based solution.

On top of this, we then have cryptocurrencies that offer fast and secure cross-border transfers of funds and assets. The use of smart contracts is fast becoming a popular way of transacting within financial institutions and infrastructure development. And right now, BTC and Ethereum are leading the way.

Why Blockchain Technologies Will Be the Backbone of Crypto Success

ICOs can only exist if the planned technological solution is blockchain-based. As blockchain tech becomes more mainstream by solving problems across multiple industries, the need for funding to create further solutions and cross-platform support between blockchain ecosystems will increase.

Inevitably, this will lead to more ICOs and an increase in blockchain solutions. Existing and already successful ICOs will also start to look at the ‘next solution’ in industries they have already succeeded in. Therefore, the success of blockchain technologies will instigate a rise in the value of the cryptocurrencies attached to those ICOs that become successful.

Of Course, there is no reason why blockchain solutions cannot be fiat currency backed. A team of blockchain specialists and funding is needed to create a blockchain-based solution. That thought scares some people, but really, would this alone be the demise of the existence of ICOs? It is safe to say that the sheer number of ICOs and the freedom of being an ICO has too many financial benefits for fiat-backed blockchain solutions to wipe out cryptocurrencies.

Want hear more about the crypto Vs fiat currency debate? Hear from one of the expert authorities in the cryptocurrency space BitPanada. The author offers an excellent explanation of the differences in its lesson explaining the difference between Bitcoin and fiat money. It is a great read jam-packed with illustrations to help you get to grips with fundamental differences.