There has been a lot of speculation following the FCC’s decision to repeal net neutrality. The Internet looks to be on track to becoming a deregulated, decentralized marketplace. Ring any bells? Bitcoin, the leading cryptocurrency, has also been in the headlines recently with its fluctuating value. Some analysts have begun to wonder whether a decentralized currency will flourish or falter in a decentralized market.
Bitcoin’s value has recently exploded to past $17,000 USD per coin. Bitcoin Cash, a subsidiary currency (split after a hard fork), has also risen in value, but more to the tune of north of $1,000. Still, the rise in cryptocurrency value has been significant in and of itself. Opponents of cryptocurrencies are claiming there’s a bubble, but that has not stopped the growth in value.
One of the most interesting applications for Bitcoin and Bitcoin Cash is in the online gambling sector. Innovative technologies have popped up in Bitcoin Cash gambling sites that could potentially change the online gambling landscape forever. Provably Fair technology is the most significant achievement and allows bettors to test their games for fairness immediately after playing. Provably Fair is a big hit amongst players and could eventually move into more online gambling brands. With net neutrality regulations out of the way, crypto-friendly sites may have an avenue to further expansion.
Major telecom companies will be granted more power in the wake of net neutrality’s repeal. While they claim they want to keep the Internet as it has been, there is no denying that they will have the power to potentially block or surge certain services and providers. As cryptocurrency grows in value, more sites will accept Bitcoin and other digital currencies. When the major telecom companies pick up on this, they could have incentive to bolster Bitcoin and Bitcoin Cash websites. This type of exposure would be beneficial and could lead to more innovations, applications and competition.
One thing is for certain, the decision to repeal net neutrality will have no immediate effect on cryptocurrencies’ value. If Bitcoin falls apart, it will be for other reasons besides the government losing regulatory power over the Internet. Besides, the Internet is not going to change overnight. Lawsuits and other legal action from parties opposed to the FCC’s decision will fight to reinstate net neutrality. If those appeals fail, which will likely happen, the free market will have stabilized itself in the meantime.
Regarding Bitcoin and Bitcoin Cash, both will be able to stay the course. Bitcoin Cash recently announced its plans to launch a BCC debit card, which is a novel concept in the world of a supposedly ‘fake’ currency platform. Combine such innovations with a decentralized Internet and you end up with an environment fostering positive growth through competition.