Who uses Bitcoin? We’ve all heard of it before and there is no shortage of stories that make Bitcoin more attractive to obtain, while other stories give Bitcoin a very dark visage of the future. Whatever the case may be, Bitcoin from the start has had a rocky start filled with a very colorful cast of characters. How exactly did Bitcoin come into this world and where is it going now? Learn more about what Bitcoin does and how it can work be used.
How did Bitcoin become a virtual currency?
Only as recently as 2008 the initial concept of Bitcoin became public on the internet. A person by the name of Satoshi Nakamoto posted a document which became the road map for what was to become actual Bitcoin itself. However this story is more myth than anything with many reports pointing to Satoshi Nakamoto being a pseudonym for others who are yet to be named. His paper also did not appear on the internet no more than a month after Bitcoin was registered, however Satoshi is often mentioned as being the first creator of the Bitcoin.
Those who made the actual encryption patent include Neal King, Charles Bry, and Vladimir Oksman. No more than 3 days after filing for their patent did they register their website called bitcoin.org using all their names also. By 2009 the very first Bitcoin transaction involved Satoshi and Hal Finney. There was also the famous pizza purchase which was the first purchase used by Bitcoin that happened in 2010. A Florida-based computer programmer Laszlo Hanyecz used 10,000 Bitcoins worth 41 dollars at that time. Since then- the value of those coins is worth over 5 million USD at the current market value. This made it possible for the Bitcoin to be used for purchases on the internet since then.
What can you buy with Bitcoin?
Since the creation of the Bitcoin, the internet has embraced this new form of virtual currency in more ways than you could imagine. Before this currency had any kind of stabilized value, often it was used by those on parts of the internet called the “Dark net”. There are many instances where illegal drugs and services could be used to pay using the Bitcoin as currency. This later led to famous ‘Dark net’ sites like “The Silk Road” being shut down by Federal Bureau of Investigation. There were no clear rules which were set-up to how Bitcoin could be used, so this easily led to drugs or illegal activity. By 2013, a Federal Judge states in a court case that Bitcoin can be used as money, and from that point a new form of currency opened the door for nearly anything to be bought. Though Bitcoin reached the legit trading online, it was the effort that closed the Silk Road in 2013 which gave the Bitcoin more respect as an online currency. These days it can be used to buy physical objects including cars, boats, and even property. You can even spend those Bitcoins to fly into space with Virgin spaceship with a base price ticket worth $250,000 USD!
Do online casinos accept Bitcoin?
As you might expect there are a growing number of online casinos that are readily accepting the Bitcoin for payment in their casinos. The steps involved are as safe as any other form of alternate payment method that is currently used. The first step that is needed is to set-up a Bitcoin account. This is becoming more attractive to those who use the internet to make online purchases which have lower transaction fees as opposed to PayPal and major credit cards such a VISA or Mastercard. Often the option to open an account through bitcoin.org is the most common place to start when you purchase Bitcoins and after that the service is used later to transfer coins peer-to-peer.
These virtual coins never lose their value since banking institutions do not devalue the coins purchased, insuring that the coins you have purchased are the value they represent. However due to the fluctuation that happens because this currency is so young, never spend more than your budget allows for any purchase of Bitcoins when making any online casino payments. If you see the market trend is showing less value, don’t purchase Bitcoins. Then again, the reverse can happen and the increase may be a welcome surprise with the increased value. When looking for the right online casino that does accept Bitcoin, be sure to check their house edge for all payouts. Also look at whether they are a locked connection website which keeps 3rd party connection more secure for both the online casino and customer.
Will Bitcoin become more stable?
In the last 3 years, the Bitcoin has experienced wild fluctuations that reached more than $1000 USD, down to $250 USD as recently as December of 2013. The latest research on the Bitcoin has shown how the it has begun to stabilize. Somewhere valued currently at more than $500 USD for a single coin, this may signal the start of the crypto-currency level-off. As we will see more information in the next few months whether the Bitcoin remains more stable, there are hopes that it can grow outside this niche market. And as we rely on new forms of currencies for the future, there is also hope that the Bitcoin perhaps will be one of the founding currencies that establishes the future of money for the next generation. As of November 15, 2017 Bitcoin is approximately worth $7,400 and going strong.
I can without a doubt answer the above question with regards to Bitcoin becoming more stable. Bitcoin will NOT become more stable in the near future. My recent entry was on November 15, 2017 when Bitcoin hit the $7,400 mark. Since then, Bitcoin shot up like Elon Musk’s SpaceX Launch and reached a peek of $19,435 on December 17. This was a 262% increase in one month. Unfortunately, Bitcoin has been on a wild ride and as of the closing on February 6, 2017 was $8,465 and reached an intraday low of $6,614.