Cryptocurrencies such as Bitcoin, in particular, have a significant impact on the world economy.
It’s a maverick system, breaking traditional payment modes. You can now transact directly with someone without the need for banks, credit cards, and other payment options. Bitcoin is also an alternative to traditional stored assets like gold or stock bonds. The innovation paves the way for faster international transactions.
Cryptocurrencies, in fact, are by-products of innovations from bitcoin.
How is it the most preferred payment mode of online transactions? Why do some online gaming sites and bitcoin casinos only accept bitcoin? Learn more, and we will take you to the rich history of bitcoin.
Great Things Come From Humble Beginnings
Satoshi Nakamoto. A name that will never be forgotten. Sometime in 2008, he had an epiphany for a new currency. He had a vision of a fast way to transfer funds using a peer-to-peer system. No more central authority. You don’t need banking intermediaries. It will be a decentralized currency for all. Innovative, convenient, and fast. Bitcoin was born out of necessity.
At first, it was for underground online transactions. It’s the dark web’s currency, thanks to the transaction anonymity. The convenience and ease of doing business lead to its popularity. As it became popular, more people accepted it as a legitimate currency.
A milestone happened in 2010. Laszlo Hanyecz buys two pizzas for 10,000 bitcoins proving that bitcoin is a good currency. It is acceptable. You can do business with it. It has endless potential.
The rest is history.
Nowhere to Go But Up: The Rise of Bitcoin
By 2011 the price of Bitcoin is on the rise, reaching $30 for the first time in history. Bitstamp and Coinbase appear as the first two bitcoin exchange companies. The following years witnessed the unstoppable leap of bitcoin. Someone in Vancouver set up the first ATM for bitcoin, and its value reached $1,000 in 2013.
Things just kept on getting better for bitcoin in 2017 as its value attained a huge surge, as high as $20,000. In 2019, known major companies like Facebook and JPMorgan were planning to launch their own cryptocurrencies, convertible to bitcoin.
Bitcoin is unstoppable in 2021 as it set a record: an all-time high of over $64,000, while El Salvador became the first country to adopt Bitcoin as a legal tender.
As of today, more and more countries use Bitcoin. We bet that you are using it right now.
Bitcoin and Online Casino: A Love Story
If you notice, most online casinos use bitcoin as their primary currency. There are several reasons why your gaming website accepts Bitcoin. Yes, there were some hesitations at first. But in the end, players choose bitcoin versus traditional payment methods.
The most compelling reason is anonymity. Bitcoin transactions will respect your privacy. You only have to give your email address; then, all arrangements go to blockchain technology. No other information will be asked from you.
Another feature is the speed of transactions. Online Casino is fast-paced. We understand that you need to get in and out fast. For traditional payment, it may take weeks of banking days for each transaction. Bitcoin cuts this into minutes. You can start playing anytime and get your winning in an instant.
Bitcoin also allows you to control your funds. You will most likely spend your cash on hand in casinos. Monitoring how much you have in your pocket is not convenient. You will just notice that your pockets are empty. But with bitcoin, you can control your account wallet. This gives you a chance to plan your spending and your bets.
Lastly, online casinos prefer bitcoin to traditional payment because of security. You can’t steal something that is in digital form. Even hackers will find it difficult to steal your money over blockchain technology.
Bitcoin offers anonymity, speed, low transaction fees, greater control over funds, and strong security. It is the future world currency.
