Technology continues to evolve and with this continued evolution we are forever getting introduced to several different developments within the world of tech. One of the most significant developments that we have seen throughout the past decade is the introduction of cryptocurrency.
The initial experiments surrounding the likes of crypto stem very far back – all the way into the 1980s and 1990s. That being said, the official development of the first tangible piece of crypto (Bitcoin) took place in 2008. This is where a programmer (or group of programmers) whose identity remains unknown published a whitepaper about Bitcoin and developed the first token.
When it was initially started, the tokens cost a very little amount. If you consider the price of Bitcoin in 2010, it would have cost 10,000 tokens to be able to afford 2 pizzas. This is very different to now as one Bitcoin has a value of just under $40,000. This is a clear reflection of how popular crypto has become in the past decade and this popularity is down to several different factors. These are also leading to the acceptance of blockchain technology on a larger scale, for instance in the development and sale of NFTs.
What Is Crypto?
You will more than likely have heard of cryptocurrency by now, but before we go any further into discussing its popularity, we should take a moment to talk about what it is. Essentially, it is a form of digital money that does not belong to any central authority or government. This means that they are completely decentralized and, therefore, it appeals to several different people. A lot of individuals will buy crypto to trade it, but then some use it in the same way they would use traditional money, thanks to the general market becoming more open to the idea of crypto.
There are several reasons why crypto is starting to get embraced more and more by people and businesses and we will discuss these reasons in more detail below.
Openness to Using Crypto
One of the main reasons why a lot of people have started investing in crypto and why it is becoming so popular comes down to the openness people have towards it now. Naturally, because of the Bitcoin crash and other factors, there is still trepidation surrounding crypto, but the economy is opening up to it more as businesses start to embrace its use. Some of the major industries that are using crypto include:
– Gambling
The gambling industry is incredibly popular, and one of the reasons for this is the amount of variation available on different websites. For instance, if gamers are looking to play live poker they can. Another option is online slots. Based on the classic fruit machines, online slots have come a long way. Now they are available in various themes, with exciting storylines and graphics, making it a unique but also familiar experience for the player. Some games have different rules to others and have new symbols like Wild and Scatter – something you would never have gotten with the traditional style of game. Plus, many will offer bonuses and extra features that keep it exciting for new and old players. With bitcoin online slots available, too, those who prefer this type of currency deposit will be able to enjoy a simple game that offers a thrill. Due to it being digital, the world of online gambling is always open to innovations in tech.
– Travel
The travel industry has also started to embrace the use of crypto. For example, the traveling agency, Expedia, has started to let its customers use different types of crypto to book flights, accommodation, and different experiences whilst they are away.
– Gaming
Gaming in general is also open to the use of crypto and this comes down to Microsoft. Microsoft started letting gamers use crypto to buy different games and add-ons within their online market. This has led to a general acceptance throughout the gaming industry to allow the purchase of items using crypto.
It’s Secure
When you own crypto, you tend to keep it in a secure online wallet. These are good when it comes to keeping your assets safe and, as such, having crypto is a much better way for you to keep all of your money secure and make sure that unwanted hands never get access to your online funds.
No Need for Banks
Another benefit that comes with using crypto is that there is no need for the involvement of banks when it comes to moving money around. Previously, if you had to transfer traditional money, then the bank would charge you different fees for said transfers. This isn’t the case when it comes to using crypto because the network itself is responsible for the transfer. This means involvement is kept minimal and you won’t encounter any kind of extra fees when you move money around. This makes it very appealing to people who aren’t keen on banks.
