Bitcoin
How Bitcoin Has Changed Online Gaming
We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.
While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.
Bitcoin’s impact on online gaming
The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.
Bitcoin brings security and anonymity
Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It is the only way they can be sure that they won’t be scammed and robbed for their hard-earned money.
Bitcoin games also became extremely popular because they allow players to remain anonymous. Anonymity is something that was always important on the internet, and it was always one of the most important aspects to gamblers, as well. A lot of people enjoy their online anonymity, while others may depend on it, as their countries’ online laws may not allow gambling.
Bitcoin transactions come with low fees
If that’s not enough, there is another reason why Bitcoin dice and Bitcoin slots games became so popular — when you win, you get most of what you’ve won.
Before Bitcoin, everything you ever won had to go through countless intermediaries, bank transfers, credit cards and their issuers, and all of them want a piece of your funds. Even PayPal has enormous fees, and sending the money from one of these services to another peels off layer by layer of your money.
Eventually, what you’re left with is significantly reduced amount, which is not exactly fair to the player.
With Bitcoin, you have to pay a single fee, and you are the one who chooses how large it is going to be. The more you pay, the faster your funds get transferred, but you can move huge amounts for as little as a few cents. That is a lot better than paying 5% of your money, which is what most traditional services charge.
Bitcoin is becoming widely accepted
Finally, while Bitcoin was next to useless for years after its creation, times change, and this is far from being the case right now. Sure, BTC has yet to be widely accepted and massively adopted. However, there are hundreds or even thousands of merchants that accept it online right now.
Bitcoin credit cards also allow you to spend it however you like, although the huge fees are included as well, so keep that in mind. More and more use cases emerge for digital currencies all the time. And, if nothing else, you can always simply convert it to USD and use the cash however you see fit.
There is a lot that you can do with Bitcoin these days, which is why its impact on online gaming and gambling cannot be overlooked. It brought possibilities, security, anonymity, and it lets you keep your money for yourself. Keep all those possibilities in mind next time you play Plinko online, and you will be more motivated to win and use it than ever before.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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