Saturday March 06, 2021
Bitcoin (BTC) $49,100.00   Ether (ETH) $1,587.35
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Gaming & Betting

Best Ways to Use Bitcoin in 2020

Published by CryptoNinjas.net
06/02/2020
Best Ways to Use Bitcoin in 2020

Post Halving Reality

As many Bitcoin users know, the halving of Bitcoin which occurred on May 12th has had a reverberating effect on transaction fees which are now considerably higher while the hash rate has dropped 25–40 percent. The new blocks are being generated at a much slower speed due to miners leaving the network, as the reward has been cut in half.

The head of mining operations at Genesis Mining explained it this way, “Miners turning off after the halving caused a hash rate reduction, which causes blocks to be found less often than every 10 minutes. So, the block times rose to something like 12min instead of the usual 10min but the capacity for transactions in each block stayed the same. This causes congestion (less space in the blockchain, the same demand for sending tx), and this in turn causes an increase of tx fee. Yesterday [May 19], the average block time was 14min, which reduces transaction capacity of Bitcoin.”

However, unless you’re a BTC miner, this won’t impact the many ways you can use Bitcoin in your normal life. Volatility is a part of the Bitcoin model, much like stocks in a company, but many believe the halving, which happens every four years, will actually provide a boost to the Bitcoin market. The higher transaction fees we are seeing now have nothing to do with the halving according to Alejandro De La Torre, vice president of Poolin, “Fees increase or decrease primarily because of the fee market created in entering the limited space in a block. If there is a continuous amount of transactions in the Bitcoin network, then the fees will remain high. The block space is limited, this creates a fee market. Miners naturally choose the tx’s with the highest fees as this will increase the amount of Bitcoin they make.”

If true, that is 66% now after halvening. https://t.co/qeqb6Gh1dw

— Ben Bee (@btcbenbee) May 22, 2020

Ultimately the spike in fees will subside and could eventually decrease which makes it easier on the user’s wallet. Many of the experts are predicting a bright future for the digital currency like Don Wyper, COO of bitcoin ATM network Digital Mint, “…after the previous ‘halvenings,’ the price of bitcoin skyrocketed, so my opinion is that long term bitcoin is currently undervalued.”

We must consider that Bitcoin, like any investment or currency will have a degree of volatility but the fact that it is becoming more and more mainstream bodes well for its long-term future. Furthermore, we can see practical applications to use Bitcoin during our daily online transactions, and below we can talk about some of the many ways to use this digital currency besides investment purposes.

Liquidity of Bitcoin

One of the most tantalizing benefits of using Bitcoin is its liquidity and malleability for everyday online transactions. For instance, online sportsbooks that accept bitcoin can help you turn BTC into cash as virtually all of the premier offshore shops welcome Bitcoin with open arms. Bettors in the United States have seen their funding options, primarily through credit cards, virtually eliminated until Bitcoin came along. Bitcoin is unregulated by the US government, but its liquidity and ease of transaction have allowed bettors to get back online doing business with the sportsbook of their choice.

Obviously, choosing the right book is of paramount importance because it is only worth betting a game, using Bitcoin or any other currency, if you are going to get paid when you win. Not all online sportsbooks are created equally and there are those that are eager to take your money but not nearly as inclined to allow withdrawals. That makes no sense at all so do your homework and research those online sportsbooks that get an A+ grade from industry watchdogs such as Sportsbook Review.

➡ Bitcoin Halving Historical Analysis Charts for $BTC #bitcoin & #bitcoinhalving events @blockchain | Tags: btc,bitcoin,halving,halvening,block rewards @Cryptosheets_RT
➡ Try it here: https://t.co/STGQVw3a7a pic.twitter.com/bMBXJZ9EYG

— Cryptosheets (@Cryptosheets_RT) May 22, 2020

In addition, we see that more and more online retailers are allowing Bitcoin as a means to fund purchases. Microsoft allows the use of Bitcoin, as does AT&T, the first major U.S. mobile carrier to include a cryptocurrency payment option to its menu through BitPay. Bitcoin can also be converted to cash using a Bitcoin ATM or a Bitcoin exchange. More and more major retailers are jumping on the Bitcoin bandwagon which illustrates the popularity of digital currency and its place in the global marketplace.

FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Bitcoin DeFi platform Sovryn reveals $1.25M bug bounty; raises $10M in token presale
Security

Bitcoin DeFi platform Sovryn reveals $1.25M bug bounty; raises $10M in token presale

03/05/2021
P2P crypto escrow platform Escaroo adds staking function from Moonstake
Strategic Integration

P2P crypto escrow platform Escaroo adds staking function from Moonstake

03/05/2021
SecondState launches Ethereum compatible ParaTime on the Oasis blockchain
Networks & Protocols

SecondState launches Ethereum compatible ParaTime on the Oasis blockchain

03/05/2021
NFT platform Curio closes seed funding of $1.2M to fuel expansion
Capital Raising

NFT platform Curio closes seed funding of $1.2M to fuel expansion

03/05/2021
IOTA token added as collateral asset on Bitfinex Borrow
Crypto Exchanges

IOTA token added as collateral asset on Bitfinex Borrow

03/05/2021
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

03/04/2021
Creators of crypto wallet Exodus files with SEC to allow purchase of its stock with bitcoin

Creators of crypto wallet Exodus file with SEC for $75M public offering

03/03/2021
SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

03/02/2021
Canadian bitcoin exchange CoinSmart raises $3.5M to expand into Europe

Canadian bitcoin exchange CoinSmart raises $3.5M to expand into Europe

03/01/2021
DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

03/04/2021
Bitcoin DeFi platform Sovryn reveals $1.25M bug bounty; raises $10M in token presale

Bitcoin DeFi platform Sovryn reveals $1.25M bug bounty; raises $10M in token presale

03/05/2021
P2P crypto escrow platform Escaroo adds staking function from Moonstake

P2P crypto escrow platform Escaroo adds staking function from Moonstake

03/05/2021
SecondState launches Ethereum compatible ParaTime on the Oasis blockchain

SecondState launches Ethereum compatible ParaTime on the Oasis blockchain

03/05/2021
NFT platform Curio closes seed funding of $1.2M to fuel expansion

NFT platform Curio closes seed funding of $1.2M to fuel expansion

03/05/2021
IOTA token added as collateral asset on Bitfinex Borrow

IOTA token added as collateral asset on Bitfinex Borrow

03/05/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version