When it comes to cryptocurrencies, Bitcoin remains to be the main option for many. It’s still the father of all cryptocurrencies, after all. Other cryptos like Ethereum, Ripple, and XRP are the other popularly used by online consumers out there.
Bitcoin has been around since 2008. This was invented by an unknown person or group of people under the name Satoshi Nakamoto. Until now, no one really knows who this is or what group it is. What’s really known is that it was created as a reward for a process called mining.
When Bitcoin was released in 2009, it was initially used to be exchanged for other currencies, products, and services. This was basically used to make online trading easier and faster. It took quite a while before Bitcoin peaked.
Its value started with less than a dollar in 2009 and it took until 2017 when it finally reached its highest value to date. At some point in 2017, a Bitcoin was worth 20,000 US dollars. This was when many businesses, investors, and people in general suddenly appeared interested in it.
Many businesses have started accepting Bitcoin and other cryptos as a form of payment for purchases online. Many industries were boosted by this like the online gaming and gambling industry. There are now dedicated online casinos for crypto users like King Billy Casino.
Many online players just really prefer using cryptocurrencies now because it allows the, to stay anonymous. There are also other benefits that they from this. The use of cryptos also ensure safer transactions as personal and banking information are no longer necessary to be disclosed whenever they transact with this.
The use of Bitcoin lessens the chance of fraudulent activities and this is because cryptos offer a chance to trace the originality or a product. This is thanks to the blockchain technology that can store all data that are involved in a transaction. Every little movement in a specific crypto can be tracked.
Transactions are also typically cheaper and faster when using Bitcoins or other alt coins. Decentralization is what really makes the transactions faster compared to transacting with the bank. Sometimes, the bank takes a while to approve a transaction and this can be very frustrating for some. Since cryptos are decentralized, sending money to someone else is simply quicker.
There’s also no chance that a crypto wallet will be frozen or blocked unlike how it is with banks. This basically give its users the freedom to use their funds in any way that they want. The limit that banks put in terms of spending the money in your account when you’re outside the country is something that you won’t have to experience anymore.
This is why many travelers prefer using cryptos whenever they want to spend on something online and they are outside the country. Many businesses in the travel industry is now seeing its potential too. There are now traveling agencies and companies that allow you to book accommodations with Bitcoin too. Even restaurants and bars in some countries now accept this as a form of payment.
In some countries like Canada, Switzerland, United Kingdom, and some parts of the United Sates, Bitcoin ATMs are now available. These machines make it easier for people to withdraw their money and travelers love this.
Currency exchange can be a let-down for many travelers but because they can now withdraw their Bitcoins in many parts of the world, currency exchange is something that they no longer have to deal with.
It’s generally cheaper to transact with cryptos because there’s no one else involved to process the transaction or payments. And so, for businesses, they no longer have to pay for third-party service providers to process credit or debit card payments.
According to Statista, as of early 2019, there are already around 32 million Bitcoin wallets that are active. However, there are people with multiple Bitcoin wallets. They do this to improve information security. Despite this, the number of people with crypto wallets are still increasing.
This is why many still sees cryptocurrencies as the future of online transactions even if it’s been a while since a Bitcoin is valued anywhere near 20,000 US dollars. More businesses are still including this as a payment option.
Aside from online trading and online purchases, cryptocurrencies are also becoming popular to investors. Many startup businesses are now raising funds through this. Even online casinos are venturing into this as well. There are now online casinos that a
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