Bitcoin was first introduced to the public in 2009, amidst the financial crisis happening in the U.S. People had a lot of distrust towards their governments and banks, and, from this chaos, bitcoin came to be.
A person or group going by the name Satoshi Nakamoto introduced this cryptocurrency to the world. This virtual currency eliminated the need for third-party involvement.
Bitcoin is the most well-known cryptocurrency worldwide, and while there have been attempts to recreate it, bitcoin still remains the most used.
With this cryptocurrency taking over the world, there are many industries and sectors that are making use of it. In today’s article, we will go over those industries that have implemented bitcoin as part of their service.
What Can Bitcoin Buy Me?
With more and more industries and companies accepting bitcoin payments on a daily basis, it can be hard to keep track of which ones allow the cryptocurrency. But, I’ve got some bad news and good news, the chances of you finding a company that accepts bitcoin are still slim, however, that might change in the following years as the below sectors are paving the way for more industries to accept bitcoin payment!
Casinos And The Gambling Sector
Bitcoin has given the gambling industry a boost, as players are finally understanding the benefits that paying with bitcoin can provide them with. Therefore, these bitcoin casinos are thriving and gaining in popularity.
However, with so many new casinos hitting the market, it’s important to pick the right one to ensure that your personal and financial information is not being stolen.
In order to ensure you have picked the right casino, keep these points in mind:
● Check player reviews: a casino is only as good as its reviews and comments from other players. Have a look at what aspects of the casino other players enjoyed and why they gave the casino that rating.
● Security: make sure the casino is backed up by a state of the art security system that prevents hackers from cracking into their database and stealing your information.
● Customer service: when a glitch happens mid game, you will be running to customer service for help. Check what hours they work and what their average response time is.
Bitcoin is a decentralized digital currency that can be used to make instant payments anywhere in the globe with very low transaction fees. Other advantages of utilizing bitcoin include its global reach and its lightning-fast peer-to-peer exchanges. Professionals and experts believe that bitcoin will always be the most widely used cryptocurrency when it comes to gambling at online casinos, regardless of how many new cryptocurrencies are introduced to the market.
Benefits Of Using Bitcoin At Online Casinos
As stated above bitcoin is a great digital currency that has a number of advantages. When using bitcoin at online casinos one can expect to benefit from the following advantages:
Bonuses & Promotions
This is perhaps not the most important advantage when it comes to using bitcoin at casinos, that being said it is one of the most lucrative benefits. Traditional online casinos already offer superb bonuses to entice new customers to wager on their site.
When using bitcoin as a payment method online casinos are offering even juicier bonuses than those using regular payment methods.
Cost-Effective & Instant Payments
Bitcoin payments are incredibly fast and although there are alternative coins on the blockchain with faster transactions, bitcoin is still the safest and most accepted cryptocurrency. Compared to bank transfers which can take up to 5 days bitcoin payments are incredibly fast especially when you consider the amount of safety the payment method provides.
Deposits and withdrawals rarely take over a day and in most cases will be processed in a couple of minutes. In addition to being fast, bitcoin is also cheaper than most traditional payment methods. Although when making transactions with Bitcoin you will always incur a transaction fee, again when compared to traditional payment methods it’s surprising how much you can save.
If you thought traditional payment methods were safe, think again. Traditional payment methods are actually safe, but unfortunately for them, bitcoin takes the crown once more in terms of security. As long as you store your bitcoin or other cryptocurrencies are stored appropriately in a trusted and secure wallet or cold storage it’s impossible to breach.
One a side note, make sure to never provide anyone with your crypto keys, any gaming site asking for your crypto keys is a sure scam. These crypto keys are the gates to your bitcoin, provide the keys and your crypto vault is no more than an open flood gate.
The adoption of cryptocurrencies by the insurance sector has, for the most part, been carried out in a careful and cautious manner. However, things are starting to turn around. While it is not possible to purchase life insurance using bitcoin at this time, several insurance companies have begun to allow customers to pay premiums for their other products using the cryptocurrency.
An example is AXA, a Swiss insurance company. AXA is the first all-lines insurer in Switzerland to accept Bitcoin as payment from its customers, making it a pioneer in the industry. This indicates an investment in the digital future of the organization in response to the growing demand from customers for a greater variety of payment options.
The firm stated that it does not currently own any bitcoin on its balance sheet and that it has worked with Bitcoin Suisse, a cryptocurrency exchange, which assists the insurance company in converting Bitcoin into Swiss francs. In addition to this, it has formed a partnership with Inapay, a mobile bitcoin payment processor, in order to host the user interface for the payments.
Premier Shield Insurance is a company based in Massachusetts and allows its policyholders to pay the insurance of their motor vehicles, homes, and businesses using bitcoin. While there is a limit of $5,000 that they can pay using bitcoin, it’s already a leading example of how other insurance companies can utilize bitcoin within their service.
News Media Outlets
Sure, there is a staggering difference between buying a car using bitcoin and paying for a magazine subscription using the cryptocurrency, but with the way bitcoin is taking over the world, we can expect to pay even the smallest of amount with it.
In 2014, the Chicago Sun-Times was the first large publication to accept bitcoin on its website, making it a pioneer in this field among mainstream media outlets.
In the same year, Time Inc., which publishes magazines, started taking cryptocurrency payments for digital subscriptions.
The Future Of Bitcoin
While no one knows for certain what the future holds for bitcoin, with the way things are going, bitcoin will be another common currency we will be using in our everyday lives.
Since more companies and influential people are endorsing bitcoin, more people are getting curious about this cryptocurrency and have started looking into it more and seeing how it can benefit them in their daily lives.
It might be hard to imagine a world where everyone is using this digital currency, especially when we have all gotten used to credit and debit card transactions and physical money payments, but with time, bitcoin will be integrated within our society.