HOW TO SPEND THE BITCOINS I EARN?
Although Bitcoin is not as widely used as payment cards or cash, it is growing in popularity. A user index from Binance for 2021 shows 97 percent confidence in cryptocurrencies. The data is not surprising; confidence in digital currencies is growing in the world.
It’s hard to find someone who hasn’t heard of Bitcoin: it’s the very first and most hyped cryptocurrency among some 7,800 digital altcoins. With bated breath, the world is watching Bitcoin’s volatility and trying to predict its next surge in order to multiply its investment. Let’s dive into the world of virtual currencies and take a closer look at how you can spend Bitcoin.
A BRIEF OVERVIEW OF BITCOIN
The history of Bitcoin began with the registration of the domain name bitcoin.org in 2008. Satoshi Nakamoto, the developer of the first cryptocurrency, set the goal of creating a secure decentralized system for electronic payments, and he succeeded.
What is the main difference between decentralized and fiat currencies? A fiat system is governed by the state and the banks, which are responsible for regulating all financial activity within their jurisdiction. While no one is immune to inflation or denomination, having clear financial laws helps regulate the system.
Bitcoin lacks a legal framework; this can be perceived as both a plus and a minus. The lack of control over the digital currency makes it attractive to those who value anonymity and high-speed transactions.
TOP 3 CRYPTOCURRENCIES IN 2022
As of this writing, the number of known cryptocurrencies is around 7,800, and new altcoins are emerging every day. The world is immersed in the exciting and promising topic of cryptocurrency, and sometimes it can be difficult to make sense of such a huge variety.
Despite this, iGaming players have decided on their cryptofavorites. Below we will tell you about the 3 most popular cryptocurrencies among the audience of SOFTSWISS customers.
Fact: The smallest part of the coin is called a satoshi and its value is 0.00000001 BTC.
Much has already been said about the king (or queen, if you want) of all cryptocurrencies. Let’s just mention that the starting price of Bitcoin in February 2011 was 1 USD. Today, the most popular and unpredictable cryptocurrency is up 5,892,600%.
Why choose BTC: the first and most trusted cryptocurrency.
Fact: Etherium is not really a currency, but an open-source blockchain platform. The platform’s currency is called Ether.
The history of the platform begins in 2013, when programmer Vitalik Buterin decides to create the world’s first programmable blockchain. Etherium is not just a cryptocurrency, but a fully secure online marketplace with a private virtual environment. Ether, the currency of this “bazaar,” has risen to about 4,300 USD since 2015, and the value of the coin continues to rise.
Why choose ETH: Compared to Bitcoin, entry fees are lower and transactions are faster.
Fact: Charles Lee, former Google engineer and creator of LTC, said: “Lightcoin is the light version of Bitcoin.”
This is true, LTC is one of the first altcoins to evolve from Bitcoin’s open source code. According to our Q3 crypto report, LightCoin is now experiencing phenomenal growth: half of all cryptocurrency bets made on SOFTSWISS Sportsbook were made in LTC.
Why choose LTC: “light” transaction fees for deposits and fast transactions.
HOW TO USE BITCOINS
There are two main ways to use Bitcoin: exchange the coins for real money, goods or services, or invest in something that can bring future profit.
Where to spend bitcoins
A few years ago, the possibility of paying for goods and services with cryptocurrency seemed dubious, as very few companies accepted Bitcoin. Today, the situation has changed dramatically, and more and more major brands are switching to cryptopayments.
KFC, Twitch, Norwegian Air, Amazon, and other global giants from various fields have already adapted to cryptopayments. Bitcoin is now accepted as a gift card at major retailers like Walmart and Nike as well.
Moreover, in some establishments, cryptocurrencies can be used to pay for such delights of life as travel tickets, hotel stays, dinner at a restaurant or a trip to a bar.
Not only individual brands, but entire governments are taking a step toward Bitcoin: El Salvador bought 400 BTC and approved Bitcoin as legal tender (on a par with the U.S. dollar). El Salvador is so far the first country with Bitcoin as its official currency; however, the trend shows that this case will not be the last. Several global central banks, including the Bank of England, are considering creating their own digital currency.
Although blockchain is a decentralized system in which anyone can participate, the issue of integrating cryptocurrency into businesses remains open. Payment service providers such as PayPal and CoinsPaid are keeping a close eye on cryptopayment processing. PayPal has launched partnerships with three major cryptocurrency payment providers – BitPay, Coinbase and GoCoin – and CoinsPaid supports 30+ cryptocurrencies and even more pairs for exchange, providing a complete payment gateway for businesses.
Payments can be made in several ways:
- QR code, which must be scanned by a smartphone with the installed system in the desired cryptocurrency
- Transfer to a specific purse
- Third-party payment systems that accept cryptocurrency
- Coinspaid is just such a third-party solution for both business and personal use. The wallet offers services for secure and fast cryptocurrency transactions, supporting Bitcoin, Ethereum, USDT and other digital currencies through a leading cryptopayment gateway.
Reinvesting in Bitcoin
Although Bitcoin was originally conceived as a payment method, cryptocurrency holders most often use it for speculation. This particular form of investment relies heavily on chance. Online bitcoin trading platforms, auctions and online gambling sites that support the cryptocurrency are ideal for this.
Despite this, most bitcoin investors prefer to hold the digital currency to multiply their assets. This tactic is called HODL: an investor buys a cryptocurrency to sell it at the right moment to profit from price changes.
Where to spend your bitcoins: iGaming
Online gambling is predicted not to escape the crypto frenzy: cryptocurrency will replace fiat by 2030, displacing about 25% of national currencies. In terms of reinvestment, anonymous, fast and secure bitcoin payments are ideal for online gambling.
However, the legality of crypto-gambling is a controversial topic. The lack of elaborate laws gives bitcoin casinos a certain flexibility in operation. Despite this, operators wishing to offer cryptocurrency should keep a close eye on the laws of the country in which they operate. The key to success is to choose a cryptocurrency solution with a reliable team that adapts professionally to the ever-changing market conditions.
Players who are going to use Bitcoin betting should familiarize themselves with the laws of the country they are in. Crypto gambling has its pros and cons, in addition to legal risks. Despite this, betting on sports and casinos is another way to use bitcoins and even multiply capital if you win.
THE WORLD RELIES ON CRYPTOCURRENCY
Cryptocurrencies in general and Bitcoin in particular are a hot topic – that’s a fact. Despite the polarized opinions in society, it would be shortsighted to deny that these virtual currencies have a very real and tangible impact on our lives.
Society is rapidly moving toward making bitcoin payments as popular and convenient as Apple Pay, debit cards, or any other payment system. Gambling is following the same trend, and now is a good time to occupy the still relatively vacant niche of cryptocurrency management in iGaming. Choose a crypto casino solution with reliable support and catch the wave of bitcoin gambling that continues to steadily take over the world.