From P2P electronic cash to world’s most-used digital asset
It’s no surprise that people start talking about Bitcoin from a perspective of price. In fact, most Bitcoin mentions and search terms online are market-related: how much it costs, its potential price in the future. That, along with all the overnight millionaires and teenage Lamborghini owners, are what propelled Bitcoin into the headlines, after all.
But to understand why Bitcoin’s US dollar value isn’t just speculative but backed by intrinsic value, we have to return to the ideological roots of its pseudonymous founder, Satoshi Nakamoto. In creating a currency that solved the problem of trust (trust the mathematics, not anyone else), ownership (own your own money, all by yourself), and transparency (know exactly where your money is and its part in the global supply), Bitcoin has been winning more and more people over to its side.
While the global banking system and its fiat money networks may yet survive for many more decades, there is a growing awareness among regular people that they can have the ability to control their own financial destinies. At the very least, they know that there is one form of money that is truly in the hands of the people: Bitcoin.
And as people scramble to get their share of this new alternative money, while the flow of new supply is still relatively good, everyone is exploring new ways and stable ways to generate more Bitcoin.
Mining, Trading and Investment
Mining, or the process of generating new Bitcoin, has become a lucrative industry for big corporate players, due to their ability to save costs on equipment and procure cheap energy, thanks to the economy of scale. But because the amount of computing power now dedicated to the Bitcoin network is so high (which makes it secure, and helps explain why it’s valued so much), individual miners will find it extremely difficult to mine Bitcoin at a profit, as operational and maintenance costs will likely be too high for them.
Trading is another way that is accessible to many, as Bitcoin’s famous price volatility opens the opportunity for immense profits in short durations of time. With leveraged trading popular across derivatives platforms, it has become even easier to make money fast. Unfortunately, trading itself is a highly risky activity and many novice traders fall prey to emotional trading. And in periods of bear markets, profitability is down across the board. Add that to the lack of transparency across exchanges, where whales secretly control prices, and the exposure to risk is greater.
Bitcoin Gambling: an early use case gaining greater traction
Bitcoin Gambling was probably the first true use case for cryptocurrency. At one point, the majority of Bitcoin transactions belonged to gambling transactions, before mainstream adoption picked up. From 2014 to 2017, over $4.5 billion worth of Bitcoin had been gambled… and that was even before Bitcoin’s parabolic price rise!
Bitcoin gambling was unique in the sense that they provide benefits online gambling had never heard of before. For one thing, deposits and withdrawals were fast and cheap! That speed translates even to the games themselves — famous Bitcoin gambling games like Dice settle in milliseconds.
Next is privacy. Whereas online casinos almost always require KYC, Bitcoin casinos tend to respect anonymity, allowing players in most circumstances to play without ever needing to provide an identity.
And finally, security. While traditional deposit methods like credit card or bank transfer would expose your account details in events of hacks, Bitcoin transactions at best would only provide a hacker with a public address that gives away nothing.
And finally, the transparency aspect introduced provably fair gaming where for the first time, gamblers could on their own verify fairness of every bet places with crypto.
The savvy gambler understands that house edge means the casino always wins in the end, but when taking advantage of bonus offers, promotions, loyalty bonuses the reputable brands like FortuneJack does, then players can, in fact, maintain a slight advantage over the casino with patience and a good gambling strategy. What’s more, you can refer people to join and earn from their profits!
So if you’re ever wondering about alternative ways to grow your Bitcoin, don’t forget to check out Bitcoin gambling.
Disclaimer: this is a paid for, sponsored article. FortuneJack is the source of this content and is responsible for the content, and the accuracy of the content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This article is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Image Courtesy: Pixabay