We all are pretty acquainted with the new economic trend-setter, bitcoins. But how many of us really know that Bitcoin was introduced in 2009 by an unknown person using the alias Satoshi Nakamoto just to make a history? From pizza to Pokemon Go, bitcoin is endemic everywhere now and it will bear more eras of giving a easier to use. This growing consensus of this digital cryptocurrency demands an impeccable awareness to the History of bitcoin. Did you know that Bitcoin was the first of its kind to have made the biggest contributions in the area of the gaming market and gambling casinos?
It’s difficult to say who was the first to have really envisioned today’s epic use of bitcoins for the slot machines, roulette tables or blackjack? But one thing is clear, with gazillions of gaming amusements, wagering opportunities, lottery playing, and many more, bitcoin, in a very short time of space, has ushered a new wave of paradigm for everybody who wanted to take web gaming to the next level. Let’s see where it is finally taking us.
The technology behind Bitcoin
You should know that Bitcoin is a type of cryptocurrency that uses blockchain technology that can verify and support extreme levels of simple transactions without ever messing with the safety of currency. To tell you a little bit more about this blockchain, it is a two-edged sword that allows merchants to wrap a smart contract around their in-game currency on one hand and the players to resell their currency for another cryptocurrency, on the other.
The process flow
From the very beginning, Bitcoin was quite popular on the circuit that it is a digital asset that promises to work using cryptography to fix its transactions, to set a limit on the creation of extra units, and to verify the transfer of assets. If you check the History of bitcoin, it received its first-ever roaring success in the realm of casino games, as the use of online wallet services there soon outwitted the hefty bank transactions. So, bitcoin users found it quite easy to make the purchase with bitcoin. This also made the bitcoin market quite attractive for investments and fundraising firms who soon started adopting it as a legitimate asset class, for fuelling growth and credibility in the technology sphere.
The meteoric rise of bitcoin
From tech-savvy upstarts to avid players, game publishers and developers, everybody found endless opportunities in the bitcoin niche even back then when it was not a full-fledged market. The first reason was the freedom of bitcoins from any country’s economy that created the potential for the global market. As per the 2016 records, Bitcoin was predicted to have gained its ground across 150,000 different merchants all over the world.
However, the first bitcoin was not a case in point for the fact that it is later going to change everything in the world economic system with its innovative way of payments, unleakable virtual network and more. In fact, withstanding all the extremities, bitcoin still managed to occupy 0.1% share of the world money operations and become a ubiquitous part of the evolution of the world currency market in the last decade.