Norway’s Bitcoin Craze Explained

Data & Research / 21.08.2020

Bitcoin and cryptocurrencies have been very popular in society for the past couple of years. Bitcoin became one of the major payment methods, and many industries and people have are starting to switch to digital currency rather than a paper one. Maybe this is a craze, and it shall soon quiet down, or maybe it is the new reality that we all need to cope with.

Bitcoin and other cryptos became very popular because the blockchain system is the base platform for crypto transactions and payment. This is one of the best and the most secure as well as operative platforms in the world. Many industries want to implement similar systems, but it takes a lot of time and effort.

The main perk of the blockchain system is security and safety. This means that it does not matter how much money you have in BTC. It will be safe and sound in your electronic wallet. Moreover, the money and transactions you make within the Bitcoin blockchain are pseudonymous, meaning that it is harder for others to know where and why you spent your money.

While this might be a big deal and a big problem, it is very innovative and very precious from another side. Knowing that the saving s and the transactions are decentralized and depend only on you makes us secure.

Many countries have switched to cryptos and have already implemented cryptocurrencies and blockchain technologies in many industries and sectors. Some of the world’s leading countries, like Canada, Norway, and China, want to have digital coins and transfer to blockchain technology and implement it in the official system any time soon. Some countries also came up with the idea to produce their own digital coins and digital currency to switch to complete digitalization in the nearest future.

The digitalization revolution

The appearance of Bitcoin and other digital currencies was very innovative, and many people did not get the concept of it for a long time. Moreover, many people considered that the cryptos might be a scam, not worth investing any money. Those who invested in Bitcoin right initially and decided to keep the funds have won their wealth and are living on it.

Some countries are more involved in the digitization process rather than others. This phenomenon can be easily explained. The developed countries with most of the amenities and comfort for their people and have a sustainable and stable income can afford to switch to new platforms without discriminating and harming anyone. Simultaneously, developing countries that still do not have a sustainable economy and have to think of the employment problem are not in the best position to think of digitalization.

For instance, Norway is one of the crypto leaders in Europe and the world. High living standards and the country’s title for the happiest people definitely give Norway the right to be very sure and secure with its leadership.

Currently, the country experiences something like a crypto craze. Norway is not the first country to go through this stage, and definitely is not the last one. The crypto craze is caused by the massive use of cryptocurrency worldwide in every sector. More and more Norwegians start using cryptocurrencies in their everyday lives.

Multiple industries have switched to cryptos. Among those industries are financial, banking, and gambling industries. These are some globally huge industries, and all of them have made their preferences for cryptos. Banks in Norway made their investments in cryptos and are planning to invest even more. Most of the important financial transactions are made via cryptos and blockchain-based platforms.

The gambling industry is another great example. Not only is gambling the industry for developers, but it is one of the main entertainment sources. It remains the leading position in the top industries of the country, due to many reasons. First, it gives great entertainment opportunities for customers; it is highly regulated and fully supports responsible gambling regulations, plus it is always innovative. Almost all online casinos with the free spin casino offers for Norwegians support crypto payments, and some of them have even implemented blockchain technology. That kind of online casino is the most trusted and the safest to play with.

This is only the small list of the industries where the country is dominating with the cryptos. Many more industries are also implementing the blockchain and crypto platforms rapidly. The reason behind it is straightforward. Norwegian people love safety and love comfort. Norwegian people also do appreciate privacy. The blockchain system gives it all. The transactions are safe, and the information is private.

Moreover, the trend of digitalization has only started, and it is irreversible. Norway perfectly understands it and found the perfect moment to start preparing for some bigger changes. Once more people start using digital currency, it shall become easier to coordinate with banks and investors. Many investments have been made into the crypto industry.

NBX ft. Sparebanken

Norwegian savings bank, Sparebanken Ost, bought a stake in a local cryptocurrency exchange founded by Bjorn Kjos, the airline magnate. The bank paid over $1.5 million for a 16% stake in Norwegian Block Exchange. The platform has yet to be launched, but it shall become the first, and the biggest exchange in Norway once launched.

The platform is developed by Kjos, who has been working on it for a very long time. Once the platform is launched, it promises a lot of benefits to crypto users. It shall offer digital asset trading, payment, and saving solutions, all of which will be blockchain-based services. This means that this platform should be one of the most secure platforms with the huge benefit of trading and innovations.

On its side, the bank explained the investment decision in NBX as a desire to invest more in the future of the country and the future of the people. The bank representative also mentioned that some more investment is yet to come, and more initiatives will be announced soon. This is to build up the knowledge around the crypto and blockchain industry. It also involves more and more people and makes the industry and the field more approachable and affordable for every country’s citizens.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.