Bitcoin has become a popular online payment method in recent years and is now established as a viable alternative to the likes of debit/credit cards and e-Wallets.
It uses decentralized technology for storing money and secure online payments that don’t require people’s personal financial details.
The system operates on a public ledger called blockchain, which holds a record of all transactions that is accessible by all users of the network.
Users generate blocks on the network to create Bitcoins which are created cryptographically by harnessing users’ computer power. These are then added to the blockchain, letting users earn by keeping the network running. Users can also earn money by trading their Bitcoin by using the Bitcoin Evolution App, for example. That allows users to trade automatically.
Read on to find out more about the areas Bitcoin has impacted over the past few years.
Online casino transactions
Many online gambling operators now accept Bitcoin, with the method seen as being safer than the longer-established payment types.
Depositing money into your casino account requires the transaction to be confirmed by the blockchain, but this usually takes under an hour.
Transactions are seamless and players can usually receive their online casino winnings the same day as they make a withdrawal.
Bitcoin is a quick and efficient way to gamble online and operators like lucky247 casino are expected to join the growth in its use in the near future.
Covertly supporting online causes
There may be times when individuals wish to support causes without worrying about their identity being discovered.
Wikileaks is a good example of this and it uses Bitcoin as a way to serve users who want to contribute to its media and whistleblowing efforts.
MasterCard blocked its products being used to pay WikiLeaks back in 2010, while PayPal also restricted the account used by the group after claiming it had violated its policies.
Founder Julian Assange blasted the US government for this, claiming that it had forced payment companies into carrying out “an illegal banking blockade” against Wikileaks.
Changing the landscape in the sports industry
Bitcoin has impacted sports in numerous ways, with transfer transactions and sponsorship deals amongst the areas affected in recent times, as well as bitcoin esports for the spectators who enjoy gambling on their favorite sports.
Turkish amateur side Harunustaspor recently became the first football club to pay for a player with Bitcoin, as Omer Faruk Kiroglu received a mix of the cryptocurrency and Turkish lira to join the club.
Danish ice hockey side Rungsted Seier signed a three-year sponsorship back in December 2017 with Bitcoin millionaire Niklas Nikolajsen. The club captain’s salary is now paid exclusively in Bitcoin.
AC Milan owner Yonghong Li also saw the potential benefits of using Bitcoin, although he was unable to agree a deal with financiers to use the currency to restructure the club’s large debt.
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