What This Means for Global Bitcoin Adoption and Online Gambling
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Learn more about the popular cryptocurrency, bitcoin, how it can be used, its impact on the gaming industry, and the benefits of crypto gaming.
Bitcoin is the king of cryptocurrency, the decentralized coin that started it all. We trace the journey of bitcoin, from where it began to how it has grown into a global phenomenon used as a life-saving payment method.
Use this guide to learn more about the global adoption of bitcoin, how it has affected the online gaming industry, and the pros and cons of playing online using BTC.
Bitcoin’s turbulent history
Bitcoin can easily be considered the crown jewel of the cryptocurrency market. It is a digital asset that uses cryptography instead of central authorities with respect to its creation and management.
Bitcoin was the first cryptocurrency launched in 2009 under the pseudonym Satoshi Nakamoto. The true identity of the creator has never been verified, but several people have come forward to claim him.
Bitcoin remained under the radar for years, and it was launched in 2009 when Nakamoto mined approximately 1.1 million bitcoins. From here, Nakamoto disappeared and gave control to Gavin Andresen (formerly Gavin Bell), who then proceeded to decentralize the platform.
The idea was to create a currency without a central authority, fiat, storage or administrator. The network was there to validate and confirm transactions. Initially, there was uncertainty regarding the working of this system, but it soon flourished.
However, in 2022 we see a massive drop in prices due to the massive interest rate hike from the Federal Reserve in an effort to curb inflation. With interest rates rising, the desire for high-risk/volatile investments has decreased dramatically. A massive 60% reduction was observed in the value of bitcoin. Now in 2023, the coin has gained 40% in value, but many remain skeptical. As a cryptocurrency, bitcoin remains highly volatile, with the potential for its value to decline or increase at any time.
life saver payment method
Cryptocurrencies like bitcoin aren’t just for gaming; This can be a life saving aid. During the Russian invasion of Ukraine in 2022, Twitter accounts belonging to the Ukrainian government posted pleas for crypto asset donations.
Over 102,000 crypto assets were donated, totaling over $54,000 million. Of which $17.2 million were bitcoin donations. What makes it so beneficial is the fact that there is no censorship or authority to block transactions. In times of war, these donations became emergency aid to a country and its refugees in need.
adoption vs legalization
Bitcoin is an extremely popular cryptocurrency that has gained interest from users globally. Users in the United States, El Salvador, Vietnam, Canada, Nigeria, Switzerland, the Philippines, the UK, Austria, and Venezuela have adopted the cryptocurrency.
While cryptocurrency is finding its way into areas around the world, it is important to note that it does not automatically come with government go-ahead. One thing you can assume with a cryptocurrency like bitcoin is that it hasn’t received an official green light. Unlike fiat currency, it is not authorized or regulated as it is a decentralized currency.
The good news is that with the growing interest in cryptocurrency, government officials are finally starting to look at regulation. El Salvador has already taken steps and has become the first country in the world to use bitcoin as legal tender. Other regions are simply choosing to create their own cryptocurrency. While it is not the same, it is a step in the right direction.
Impact on the Online Gambling Industry
Where there is smoke, there is fire, and with bitcoin being a hit on paper so many times, it quickly gained public interest. The benefits of its new capability made it very quickly understood and accepted.
With regards to online gaming, it is safe to say that bitcoin and other cryptocurrencies have completely revolutionized the industry. Its impact on the online gambling industry has been tremendous, offering enhanced security, anonymity, flexibility, convenience and faster payouts.
In addition to the many advantages of depositing and withdrawing with cryptocurrency, the use of bitcoin and other cryptocurrencies has created a whole new gambling sector. You no longer have to look for a regular casino that can offer crypto as a payment method. Instead, you can refine your search to the best crypto casino available in your area, with more crypto casinos launching by the day and the options growing.
And with a new gambling sector came blockchain and seemingly fair play. What makes these games so different? These games use blockchain technology which makes them more transparent and secure. You can review the results of any game round and enjoy decentralized gaming, playing unique games at home or against other players. Another great advantage of these games are the high return to player percentage, the possibility to play against other players, and the unique themes. If you’re looking for something a little different, there are game types to try out such as Crash Bandicoot, Limbo, or other reasonably priced games. You can boost gameplay with generous crypto bonuses.
Pros and Cons of BTC Gambling
When playing at a bitcoin gaming site, there are a lot of benefits to look forward to, but there are also some drawbacks that one should be aware of. Let’s look at the pros and cons of bitcoin gambling:
Pros:
- it is decentralized
- Transactions are fast
- it is not subject to inflation
- Access to the Provably Fair Games
- exclusive and generous promotions
Shortcoming:
- bitcoin is very volatile
- Not available in all casinos/territories
- currency conversion fee
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