The cryptocurrency revolution has begun in such a short space of time. With the inception of the best well-known – Bitcoin, cryptocurrency has grown exponentially in the past decade.
When it first started, Bitcoin was only used by tech people and the periphery of the internet. But now, many crypto projects are endorsed by some of the most famous people in the world. For example, in a recent announcement Binance signs Cristiano Ronaldo for an exclusive partnership.
For Bitcoiners in the early days, many believed that it would enter the mainstream, but for others, it’s crazy to think the world’s biggest stars are involved in crypto.
Most proponents of the technology point to the fact that the currency is the first to not be issued by a country or a sovereign. It allows individuals to send each other money without a centralized third party such as the government or a financial institution. This is a pioneering moment in human history, and as Bitcoin was first, today it’s still the number one cryptocurrency.
Bitcoin has more positives for people in the developing world, in contrast to the West. Every Westerner takes for granted their access to banking products such as a bank account, or being able to take out a loan or be paid interest on their savings.
However, many in the developing world such as in Africa and Asia, do not have bank accounts and are often called unbanked. Bitcoin allows people to be their own bank, and with the advent of decentralized finance, users are able to borrow and invest using blockchain technology.
The only thing a person needs to store crypto is a smartphone and an internet connection. From there, you are able to send and receive in minutes, with super low fees. In contrast to the traditional banking system, it is far superior, as often transfers can take up to 5 days, and the charges are high.
Paying for things online is another reason for the popularity of Bitcoin and other crypto coins such as Ethereum. Besides cryptocurrency, digital payments have come a long way in the past decade with e-wallets allowing users to deposit and withdraw funds instantly, even if the currency is not the same.
E-wallets and cryptocurrencies are therefore popular in countries such as New Zealand which want to use their New Zealand Dollar and pay for things in Euros or Pounds. One industry it’s especially common is gaming.
Niche gaming platforms often only accept major currencies, and cryptocurrency and e-wallets help with the speed of getting started. One such example is when Kiwis play casino games online. To help New Zealand players, who want to play for real money for small amounts, comparison sites help with what payment methods are available.
The platforms compare all the best $1 deposit casinos and provide top-notch reviews on legal offshore operators. In addition, Kiwis can even find a top welcome bonus if they’re looking to boost their bankroll.
In addition to speed, the security of Bitcoin is first class. As it’s based on blockchain technology, all transactions must be independently verified by the network, therefore everyone must agree on the transaction to negate double-spending.
Access to Bitcoin today is widespread, as you’re able to buy it on plenty of financial apps such as Revolut, PayPal, and Wise. For a technology to become mainstream, adoption is a priority, as well as its use case.
Today there are plenty of companies and stores that accept cryptocurrency, in a multitude of different industries. Nonetheless, a major problem with Bitcoin is many individuals decide to hold, as the true value is still not yet to be found. As a result, people predict that 1 BTC will one day go up to $1m whilst others still predict it will go to $0.
But whatever happens with Bitcoin, it cannot be understated how much it has changed the world. And with some of the finest minds on the planet currently working on the tech, to help bring it into the mainstream, only a fool would write it off.
Thus, the next decade will be a make or break for Bitcoin, but one thing for sure is that cryptocurrency is here to stay.