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The Rise of Bitcoin

by on September 20, 2017
 

A lot of you may have heard of this crypto currency but not know too much about it. Where did it come from? How did it get so big? Who invented it? Well let’s go through and answer some of these questions you may have.

Version 0.1 of Bitcoin first hit the scene in 2009. It was created to provide an alternative to the banking system and is an open accounting system that grants access to thousands of computers worldwide to track ownership of digital tokens – known as Bitcoins – as part of a purchase transaction.

Bitcoin was invented by an unknown programmer or programmers under the name of Satoshi Nakamoto. There are still doubts as to the real name of the inventor, however what we do know is that he/she/they go by the name of Satoshi Nakamoto.

In first known transaction with bitcoin occurred in 2010 when a Florida resident offered 10,000 Bitcoins to anyone who would order him a pizza. A London Bitcoin user agreed to carry out this request, making a long distance phone call to a Papa John’s and cementing the first Bitcoin transaction. By November 2010, four billion Bitcoins had been mined. The exchange rate briefly spiked to 50 cents a coin. The market awoke and Bitcoin began to look as if it had real potential to succeed.

The Bitcoin exchange price continued to climb and by February 2011, it reached the equivalence in value with the US Dollar. This sparked a new influx of users. However, in June 2011, The Bitcoin exchange rate dropped perilously. The Mt Gox System (the world’s leading bitcoin exchange) got hacked, driving the prices even further into the ground. As the Bitcoin value hit $2, spectators began to believe the Bitcoin dream was nearing its end.

However, In 2012, Bitcoin slowly climbed back onto the exchange market boards, after months of hacks, online theft and stagnation. By 2013 well recognised sites such as Reddit announced Bitcoin as legitimate means for transaction.

There are now numerous numbers of casinos online that specialize in Bitcoin is now revolutionising the online casino industry. The introduction of the crypto currency offers a range of unique features that provide customers with ab entirely new gaming system that is a safe and secure environment. In addition to this, there are a range of highly attractive qualities for customers and operators alike. The popularity of Bitcoin’s have increased aggressively since it was first developed back in 2009 and is currently heading towards an all-time high. While the digital payment and asset structure has grown within multiple industries, it’s the online gambling industry that has utilised most of the currency’s benefits.

With fast transactions, no fees and anonymous gaming experience for the user, Bitcoin is being looked at by those in countries who are facing legal regulations stopping them from playing or for those wanting to keep their identities hidden. Furthermore, the speed of the transaction is something that many online casinos will be looking to utilise in the future to provide exceptional gaming experiences for their players.

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