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Bitcoin - Innovating Online Payments

Date: 05:20 AM EST - Mar,08 2017
Category: internet
Author: PR

The creation of Bitcoin (BTC) started in 2008. The first real-world transaction made using BTC was in May 2010 when Laszlo Hanyecz bought a pizza in Jacksonville with 10,000 Bitcoins.

Five days after Laszlo purchased a pizza using BTC, the price skyrocketed from $0.008 to $0.08 per Bitcoin. Today, each BTC is worth $1242 and the price has been continually rising to start 2017.

On average, roughly $250-$300 million USD is transacted daily using Bitcoin. There have been some recent problems with increasing transaction fees, but BTC is still a lot cheaper than using e-wallets, such as PayPal, Neteller or Skrill.

You can do a lot more than just send Bitcoin to another person or company. Using Bitcoin can assist users with fraud prevention, cost efficiencies, crowdfunding, micro payments, dispute mediation, automation and anonymity.

We still likely haven't seen the best use cases for Bitcoin yet. The technology is still being developed and growing daily, but with BTC beingdecentralized it has made it more difficult to develop Bitcoin.

Bitcoin has a long to go before it'll be ready for massive mainstream adoption, but many markets have been using BTC for years now to make life easier and one of those industries is online gambling.

One of the leading Bitcoin casinos is MegaWins.com and the casino is growing quickly. The multi-currency casino has made it easy for anyone to use Bitcoin to start gambling online, which isn't easy for everyone.

If you live in the UK where the industry is regulated, BTC gambling may be of no use to you. However, players in the United States and other unregulated markets can use BTC to gamble easily, with little fees and anonymously.

Typically, online casinos require players to submit personal documents to verify their ID and address. This is apart of the know your customer (KYC) guidelines and it often surprises new players when they try to withdraw.

While some online Bitcoin casino request KYC documents, there are enough reputable brands that don't, which will allow you to remain anonymous. Decentralization and anonymity are two of the main reasons for BTCs popularity.

Sports bettors will also love the Bitcoin technology because of the anonymity features. Have you ever won a few bets in a row at an online bookmaker and seen your maximum bet restricted to less than a $1 because you're "sharp"?

If it hasn't happened it will. The great thing about BTC sportsbooks is that you don't even need to open an account at many of them, so there's no way they can limit you for winning. Bet limits are also growing across the industry.

People use Bitcoin for a lot more than just online gambling. The number of use cases grows daily seemingly.

The technology behind the cryptocurrency is great. The network is running into some problems with spam attacks now blocking transactions from processing as quickly and miner fees are beginning to become noticeably more expensive.

There are a number of sidechain technologies the Bitcoin community are looking at now to improve the overall network and eventually something will need to be done, but for now gaining a majority for any new tech seems impossible.

Once some of the kinks are worked out, Bitcoin will be ready for mass adoption and the price of Bitcoin would likely hit record new highs very quickly. The sky is the limit on BTCs price. Are you betting on this technology?

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