The 22nd of May 2010 marked a landmark day in the financial world. The cryptocurrency, Bitcoin (BTC), was used to make a public purchase. Two large pizzas were bought for 10,000 BTC by Laszlo Hanyecz from Papa John’s, making this transaction the first recognised sign of cryptocurrency in action.
The breaking news of a financial transaction being made by a digital currency sent shockwaves across the world with people immediately taking interest in this ground-breaking innovation. Satoshi Nakamoto is the man responsible for the inception of Bitcoin and reportedly made the first official transaction at the beginning of 2009 when Nakamoto made a transfer to American software developer, Hal Finney.
Since the first signs of cryptocurrency emerged into the mainstream, thousands of other digital currencies, such as Ethereum, Dogecoin, Tether, XRP, and Litecoin, have joined the movement and have created a whole new realm of financial capability. Following a decade plus of peaks and troughs in currency price for every single cryptocurrency, Bitcoin and the rest of the cryptocurrency family are seemingly finally establishing themselves in the world.
There are increasingly more signs of cryptocurrency in action, which is leading online businesses around the world to seriously consider implementing crypto and the blockchain technology that powers it into their daily operation to extract the benefits provided by digital currencies.But many businesses already have.
Crypto-Powered Online Casino Action
An example of the impact cryptocurrency can have on a thriving business is seen in the online casino industry. The activity has gained incredible momentum in the past few years and a recent injection in popularity can be attributed to partnerships with cryptocurrencies. As an activity that operates exclusively in the online realm, digital currencies have been a perfect fit for online casinos and players looking for rapid, sometimes instant, transfers at low, or no, cost.
The explosion in digital activity in general has heightened expectations and cryptocurrencies go a long way to satisfying online casino enthusiasts needs. Rapid deposits enable players to get to the gaming floor quicker and significantly cuts down waiting time for the withdrawal of any winnings. There are still online casinos that accept credit card but in a statement of the growing digital influence around us, cryptocurrencies are appearing on more online casino platforms.
Crypto Convenience When Shopping
One of the sectors that has seen the widest use of cryptocurrency is online shopping. Also aligned with the growing digital movement, more retailers are extending their focus on their online presence to target the increasing number of people surfing the digital realm. With mobile apps providing quick and seamless access to online shops, shopping has also become faster.
And much like with online casinos, online retailers are also benefiting from the advantages presented by paying with cryptocurrency. Besides from fast transactions, there is a greater level of anonymity and greater protection of data that is transferred. This is particularly effective when payments are made across borders, where a banks authoritymight be weaker or non-existent.
Online businesses operating in the e-commerce sector are beginning to reap the rewards of partnering with cryptocurrencies and with digital currencies expected to gain grater influence in the future, these companies are also positioning themselves well for the coming years.
More to come from cryptocurrency
Despite the uses of cryptocurrency that are currently exhibited in society, there is still a long way ahead for the digital currency. Achieving levels of stability to become a financial force is the first objective. But with most signs pointing towards a digital future, cryptocurrencies are expected to play a significant role in the future, especially for online businesses.
