Nowadays, Bitcoin is often in the headlines. As the first mainstream cryptocurrency, it is often used as a catch-all term to describe most crypto and has been adopted in a number of different ways across the world. While these are not all available to everybody across the world, it’s only a matter of time before they are in place everywhere.
Bitcoin is more than just a currency or value store at this point, and can be used for a wide range of things, some of which we’ll detail below.
One of the first areas of commerce to start accepting Bitcoin payments was online casinos. Here, players can make deposits to their account using Bitcoin. Often, this is converted to a fiat currency, which players then use to play their favourite casino games. When making a withdrawal, a reversal of the process is carried out, and the Bitcoin is then sent back to the crypto wallet.
Of course, as the technology has improved, software developers were able to create games that accepted Bitcoin as a payment method, which not many people are aware of. This then made it possible for players to enjoy playing at a Bitcoin casino without having to exchange the BTC they deposited into a fiat currency. This advancement has meant that less money was lost through exchange rates, potentially allowing players to increase their holding if they were successful in their betting.
The benefits of playing at an online casino using Bitcoin are plentiful, as it enables players to increase their holding, have access to faster withdrawals, and avoid any negative impact on their credit scores.
While Bitcoin doesn’t have the same potential for video game development as some other cryptos, such as Ethereum or Cardano, it does provide some possibilities for users. One such example of this is the ability to create provably fair titles, meaning that the blockchain technology is used to prove that a title has behaved in a fair way, which will then give players peace of mind when playing. Although it is mainly used for casino games, it can be used for other titles.
A good example of this would be when playing online games. The blockchain tech could be used to make sure that each player is behaving fairly when playing over a network. This would then help to eliminate any cheating and could potentially even be a task for AI to carry out.
This could become extremely important in the future as the esports industry continues to grow at a rapid rate. While most big competitions are played in person, the qualifiers are often carried out online. The removal of cheating would mean that any online qualifying rounds could be legitimately free from cheating, which is usually incredibly difficulty to determine. This would therefore help to bring much more legitimacy to esports, helping it to move into the mainstream.
Using ATMs and Bitcoin together is a concept that is often misunderstood. There are some people who think that you can go to an ATM and be paid out in physical Bitcoins, which obviously isn’t the case, but Bitcoin ATMs allow users to access their crypto wallet and make a withdrawal of the equivalent value in fiat currency.
So, for example, if 0.0001 BTC was worth $20, then withdrawing that much from your crypto wallet at a Bitcoin ATM would give you a $20 bill. That much would then be taken away from your crypto wallet, as well as any exchange fees that may be in place.
While Bitcoin and other crypto ATMs are not currently widespread, they are gradually becoming more common. The increasing access to crypto in this manner should only serve to help the cryptocurrency world grow. As this technology already exists, it is not unbelievable to think that the ability to make cryptocurrency payments with a physical card is far away. While there are some companies that offer this service, it is still very much in its infancy.
Spending Bitcoin might not be as simple as many people would like, but it is becoming much easier as technology improves and knowledge becomes more widespread.
Making fast and low-cost transfers
This is an area that a lot of people focus on. Bitcoin transfers tend to be significantly faster than traditional payment methods, and although this may not seem particularly useful at first glance, in the long run, it will offer people access to their money much faster.
With Bitcoin ATMs and card payments available on a wider scale, it means that Bitcoin transfers can be made. This will enable multiple payments to be made on the same day. For businesses, this is a vital technological advancement as it will take away the extended wait times that often accompany multiple transactions, instead allowing them to be completed within a single day.
The cost to transfer Bitcoin is also much lower than most other methods. While making a traditional payment is still the cheapest option, sending money to another country or carrying out an exchange of fiat will incur costs that are much higher than those charged when using Bitcoin. This will make it far easier to make payments abroad, especially for those on a tight budget.
Bitcoin is commonly associated with investing and the attempt to try to turn a profit. Of course, this does offer a risk to traders, just like any investment, but Bitcoin is much easier for people to invest in compared to traditional methods. Purchasing a small portion of Bitcoin is a lot easier than purchasing a small portion of a company share, especially if the value has risen to very high levels.
Investors are able to get access to Bitcoin with a relatively small amount of capital, providing them with an opportunity to increase their wealth and standard of living.
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Author: Tabassum Naiz