When Satoshi Nakamoto released the methodology for Bitcoin to the world back in 2009, he (or they) did so with one aim: to revolutionize the way we pay. Wanting to harness the power of new technology, mathematics and society’s growing acceptance of virtual interactions, Nakamoto made Bitcoin available around the world.
Although his vision for a formless, independent virtual monetary system hasn’t quite become a reality in the way he would have hoped, Bitcoin is starting to enter into the mainstream. While it may not have replaced the dollar, pound or yen just yet, there’s certainly been a systematic shift over the last few years.
Indeed, today, it’s possible to buy, spend and transfer Bitcoins in a variety of ways. In this article, we’ve picked out some of the industries that have embraced Bitcoin so that you can join and pay in an anonymous, safe and efficient way.
Thanks to the cryptocurrency’s internal security protocols, online bettors are now starting to see it as a useful addition to their bankroll. Although every Bitcoin transaction is stored publicly, the identity of the user behind a particular address (i.e. where the money has been sent from and to) is anonymous.
For online bettors, this is great because they often deal with large amounts of money. Indeed, if someone can’t see who or what the transaction is for, it makes them less of a target. For example, when a player makes a deposit at Bitcoin casino VegasCasino.io, they’re essentially giving themselves an extra layer of protection. In addition to offering software and games that have been compliance-tested by third-party companies like Gaming Labs, VegasCasino.io is 100% Bitcoin. As a result, players’ security is heightened when they ante up.
Anything You Like
Where do you go when you want to buy a book, a tent or the latest iPhone? The chances are a virtual marketplace like Amazon or eBay will be your first port of call. Well, if you’re a Bitcoin user and don’t want to stray into the confines of the traditional currency arena to buy anything and everything then fear not because Bitroad is here to help.
Essentially the Amazon or eBay of the Bitcoin world, Bitroadmarket.com allows you to search through thousands of listings from Bitcoin merchants around the world. In fact, just like you’d find on a traditional online marketplace, Bitroad also has deals of the day, new product listings and even a blog. Thanks to a partnership with Bitcoin payment processor tinkl.it, Bitroad users can purchase gadgets, electrical goods, car accessories and more using the leading cryptocurrency.
Despite being formed as a reaction to traditional currencies and banking methods, Bitcoin is now making an appearance in the financial sector. Now, you won’t currently find the likes of HSBC, Wells Fargo and Bank of America accepting Bitcoin deposits, but you might find that they are using the technology the underpins the cryptocurrency.
Ensuring that each Bitcoin transaction is anonymous, safe and accurately logged in the system is something known as the blockchain. In simple terms, the blockchain is a database where blocks (bits of information) are stored. Each block is time-stamped and links to a previous block so that it is secure from tampering. This ensures each transaction is always verifiable and protected. Understanding the power of this system, banks are now working to harness it to improve their own processing methods.
Even though Bitcoin might not be the game-changer that some may have predicted it would be, the wheels of change are clearly already in motion. Indeed, with banks now endorsing the technology behind Bitcoin, it wouldn’t be a surprise to see more merchants, shops and outlets accepting the currency in the very near future.