The Bitcoin’s impact on the entertainment industry
In 2009, the cryptocurrency Bitcoin started to change our lives and provided a new and exciting way of making payments online. It was a revolutionary approach, which allowed for moving money with a peer-to-peer transfer using blockchain. The rest is history. But the origins of the currency lie within the online community. Despite more and more land-based businesses adopting it, it is the online world where the Bitcoin was most needed and welcomed with open arms, first and foremost in the entertainment industry.
How did it all start?
In October 2009, the first Bitcoin (BTC) was sold and its value was not even one penny. In 2010, 10,000 BTC could have gotten you $ 25 worth of pizza. Not much, is it? Then in February 2011, the world got a first glimpse of the Bitcoin’s true potential. Its value rose by more than 1,000% to $ 1 per Bitcoin. In April 2011, it was possible to trade your Bitcoins into GBP, euros and other currencies. Soon after in May 2013, the Bitcoin made its first appearance in the online entertainment industry and Prime Dice was the first online casino to accept stakes placed in Bitcoin.
During the first three months after its venturing out into the gambling realm the casino made $ 15 million with Bitcoins. The cryptocurrency quickly found its place in the modern entertainment industry and nowadays people can even play online slots using Bitcoin. There’s a vast array of options when you want to try casino games such as fruit machines, blackjack or roulette with cryptocurrencies as some operators have even extended their portfolio of featured payment methods to Ethereum, Doge or Litecoin. The Malta Gaming Authority (MGA) has recently introduced a new law specifically designed for Bitcoin and other cryptocurrency transactions in online casinos. However, the potential of Bitcoin needs to be taken with a grain of salt as recent warning about scams show.
Not even a year later in January 2014, Bitcasino, the first Bitcoin online casino, opened its doors to players. It was also the first casino to operate with a full license. However, it is not only the gambling sector that opened up to cryptocurrencies. The gaming community found the Bitcoin very helpful as well. In December 2014, Microsoft accepted Bitcoins as a means of payment for the Xbox. In April 2017, the Bitcoin was equally accepted as a payment method for the gaming platform Steam.
What is the current status of the Bitcoin in the entertainment sector?
Since the early days in 2009, the Bitcoin has been adopted as a payment method throughout the online world. Regardless of whether it is online shopping or your tickets for the movie theatre, everything can be paid with Bitcoins nowadays. Online dating platforms and online game resellers made payments via Bitcoin available as well. However, it was in the online casino market where the Bitcoin had the biggest influence and changed the ways payments were processed. Even though there were casinos created entirely for the use of Bitcoins it did not take long until it could be seen that more and more providers accepted Bitcoins. It is estimated that since 2014 $ 4.5 billion have been used to place bets or play other online casino games. Bitcoin was such a success in this sector that in 2013 betting accounted for more than 50% of all transactions of the cryptocurrency. There are several reasons for the currency’s popularity with fees associated with credit card payments only being one of them. The Bitcoin allows casinos to receive payments fast and smoothly while players can withdraw their winnings the same way with no limits that need to be taken into account. As of 2017, statistics across 60 cryptocurrency-based casino and betting sites reveal that players are wagering 3 Bitcoins per minute with a total of 337 bet per second. For the period 2018-2022 analysts predict a further growth of 8.45%.
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