You may have come across the words cryptocurrencies and Bitcoin in the recent past if you follow financial news. Bitcoin is a digital currency that an unnamed individual alias Satoshi Nakamoto created in 2009. His idea was to create a transactional coin that would eliminate intermediaries such as banks and the government.
Researchers and programmers noted the possibility of blockchain technology (what powers bitcoin), and new coins such as Litecoin were created a few years later. However, Bitcoin still dominates the crypto world, which has more than 2000 different currencies. We take a look at some of the ways Bitcoin is changing the online world:
Pay for goods and services
The possibility of finding a ‘Bitcoin accepted here’ sign is rising daily. People are now acknowledging the fact that Bitcoin is a transactional coin, just like the US dollar and British pound. The fact that all is needed for a transaction is the recipient’s address is one of the factors that is making people love Bitcoin and use it to buy goods and services.
Big companies such as Microsoft and Burger King accept Bitcoin as a mode of payment. Most of these big companies partner with payment processors to help process payments that come from their customers. Such companies have real-time chats that determine the value of BTC during transactions.
It is estimated that the crypto market cap is $1.3 trillion. On the other hand, the market capitalization of bitcoin is estimated to be 600 billion US dollars as per this writing. Trading cryptocurrencies is a thus lucrative market that people are exploring. Bitcoin trading refers to the process of speculating Bitcoin’s price. In the past, people used to buy bitcoin and hope that it will rise in value.
However, modern traders are using derivatives to speculate on both the falling and rising of prices. For instance, traders can use Trading contracts for difference (CFDs) to speculate the price changes in BTC without actually buying bitcoin. It thus means that you take advantage of price movements in either way without exposing yourself to the risk associated with owning a cryptocurrency.
As a short-term investment vehicle
You can buy Bitcoin and hope to profit within hours, days, or weeks as a short-term trader. You can define your own trading hours if you choose the first approach, as the crypto market runs 24/7. However, you should not risk too much as a day trader if you are a beginner.
You can pick the profiting within days if you cannot get glued to your computer screen all day. You can hold your BTC overnight and hope that it will be more valuable the next day. To profit in weeks, you need to identify a market trend and ride on it down or upwards.
As a long term investment option
You can buy Bitcoin and hope that it will rise in value in months or years. The crypto term used for this approach is HODLing. You can use this approach when you anticipate that the introduction of a new algorithm that is likely to increase BTCs value. You can also project that the BTC price will rise during the next halving. HODLing is a risky approach but can pay off well if you study the market well.
In online gambling
It is anticipated that the online gambling market will be worth more than 92.9 billion US dollars in 2023. The industry has been growing steadily over the past few years, courtesy of better legislation and technological advances. However, payment processors have been one of the biggest challenges that modern online gaming platforms face.
Cases of delays, some cards not authorizing payments to online gambling platforms, and exposure of personal details are just some of the challenges in a typical online gambling platform. Bitcoin has solved some of these challenges as there are no delays, no transaction fees, and anonymity is guaranteed. In addition, you can now deposit up to $10000 at bet105 and stake on different games. Withdrawal of winnings is also easy through BTC and can reflect on your wallet the same day.
For international transfers
Transfer of money across borders has been a big challenge for many years. There are a lot of parties involved, which makes such transactions take long to clear. The transacting parties are at times required to create multiple accounts to facilitate the movement of funds. Currency conversions is also something that the transacting parties have to bear and comes at a cost.
Bitcoin is allowing people to send money across borders easily. You no longer have to worry about currency conversions as BTC is held in the same form worldwide. Furthermore, there are no 3rd parties involved, which reduces transaction fees and delays. All that the transacting parties need are wallets to send and receive money.
Bitcoin has changed the online world in ways that we could not have imagined. Adopting blockchain in various industries has also made it easy for more people to learn about BTC and its capabilities.
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