Bitcoin, by market capitalization, remains the largest cryptocurrency across the globe. As the first cryptocurrency, it was designed as a means of transaction that can avoid traditional banking options. Since its inception in 2009, it has grown dramatically, with its influence growing across the far reaches of the globe. For this reason, it has attained several key milestones. Some of these are discussed as follows:
In 2011, Europe Embraced Bitcoin
Even though Bitcoin was founded in the United States, it would soon be recognized in Europe. A french-based Bitcoin exchange, in 2011, became the first licensed exchange under European regulations.
In a short while, it presented users with debit cards and access to BTC balances. This implies that it was possible to exchange Bitcoin – at any ATM or point of sale – for Euros.
Cyprus University Accepts Bitcoins for Tuition (November 2013)
To reduce the transmission difficulties certain students were facing, Bitcoin became acceptable for students at the University of Nicosia, Cyprus.
As a proponent of this digital currency, Dr. Christos, the university’s CFO stated that “Digital currency will create more efficient services and will serve as a mechanism for spreading financial services to under-banked regions of the world.”
Besides being a proactive move, he affirmed that it served as a means for the university to understand the technology better. It is not a bad idea for a center of learning to learn a novel technology.
Microsoft on Board (2014)
It is safe to affirm that a big corporation, including Microsoft, does not publicly support the use of technology unless it has proven itself to be a big deal.
This was exactly the case in 2014 when the corporation, in partnership with BitPay, began to accept Bitcoin as a medium of payment for digital items. In recent times, BitPay has established itself as a top Bitcoin payment service provider.
Adoption of Bitcoin in the online casino industry
The rise of the gambling industry – much like the adoption of cryptocurrencies – has met all expectations. It is only natural for the combination of these two industries to attain an unprecedented level of success. Bitcoin has ensured the creation of a censorship-resistant player’s paradise. There are a plethora of new online Bitcoin casinos that are available for players to gamble on. Some of these gambling platforms allow their players to place their wagers in units of BTC. However, others simply accept Bitcoin as a secure means of carrying out deposits and withdrawals.
Bitcoin casinos were the leading platforms in terms of Bitcoin adoption. Since stablecoin support was introduced in gambling platforms, the whole concept was projected to an unprecedented level. Prior to that, there were concerns about Bitcoin volatility and the consequent instability in its price. At first, this restricted the widespread adoption of Bitcoin at online gambling sites.
However, in recent times, players are able to place their wager at stable prices with several benefits associated with its use at casinos. For example, the use of cryptocurrency as a payment option has made it possible for players to enjoy unparalleled transaction speed.
Players can also gamble with a high level of privacy that cannot be secured when gambling with fiat money. There are lots of cryptocurrency casinos that allow anonymous gameplay. Others, however, demand only minimal personal details while signing up. To ensure interoperability, it is possible for Bitcoin punters to move their Bitcoin to the Ethereum Blockchain. Besides this, the use of Bitcoin in gambling has ensured a remarkable level of security. While players do not necessarily need to upload sensitive details, this security level offers unprecedented safety.
The dramatic surge in influence and popularity has attracted several investors across the far reaches of the globe. Indeed, as of the time of writing, the price of Bitcoin has risen a little north of $45,000. However, this value is expected to increase further.