As of the time of writing this article Bitcoin is floating around $27,000.00, a major leap from its $20,000 all-time high back in 2017, and it appears there’s nothing stopping this steam train!
In figure terms a $1,000 investment back in 2010 would’ve netted you $53,841,267.00 in todays value. There’s no other asset return that’s been seen to have been this big, ever.
Why is Bitcoin huge news in 2020?
For the Crypto community in particular, the growth of Bitcoin signifies an important milestone of adoption and retail investment. Despite the numerous negative news and stories surrounding Bitcoin and other cryptocurrencies, it seems they aren’t going anywhere.
While the US dollar continues to devalue as trillions printed during the Covid 19 pandemic, one significant weakness in using cash became apparent. Moving money and exchanging hand to hand cash wasn’t effective. Individuals who invested their first $1,000 stimulus cheques into Bitcoin are now sitting on just over $7,000.00, that’s a $6,000.00 increase within the year.
Retail Investment in Bitcoin
With the likes of microstrategy buying $650 million in Bitcoin and others such as, Greyscale, Black Rock to name a few, investing heavily into the purchase of Bitcoin and Ethereum, its forced Governments and individuals to take these digital assets seriously. And in all honesty who spends $650 million on an asset they don’t believe is the next biggest thing since sliced bread?
Since its release in 2009, Bitcoin has gained traction as other cryptographers have followed suit using its structure to design other digital solutions that support the Bitcoin idea of trust, wireless and in some cases decentralization. Therefore, the past decade has seen an advancement in the technology, getting better and stronger particularly in the use of smart contracts.
Chainlink the missing link
One of those major names is Chainlink which acts as a middleware for data, between the blockchain and the World, effectively using smart contracts to move data to and from the blockchain. This is important particularly for industries such as insurance and finance. Chainlink is currently the only project that offers the go between service which will be ideal for relevant markets currently looking to explore and use the blockchain for effective and non-manipulated contracts.
Chainlink greatly expands the capability of smart contracts by enabling access to real-world data, events, payments, and more without sacrificing the security and reliability guarantees inherent to blockchain technology
As an example, the current insurance market alone in the U.S is worth $1.3 trillion while the overall crypto market sits at $724,000,000,000. A move from insurance companies into blockchain would therefore see a major impact on the crypto market, especially for the likes of Chainlink.
Which Other Markets Are Taking Advantage?
Travel, Finance, Property, Transportation, Medical, Textiles and Security are just some of the industries exploring blockchain technology.
However, one of the main markets taking advantage of the crypto evolution is the gambling sector, mainly because of the borderless structures, second to none graphics and in some instances the none biased provably fair system which replaces the standard random number generator when predicting an outcome, using the player to determine the selection of seed numbers to ensure a fair outcome.
DaVinci’s Gold Casino proudly proclaims it is the ‘Number one bitcoin casino in the world’ on its landing page, and it is certainly one of the most cryptocurrency-friendly casino sites we have come across. They offer a 300% BTC bonus or 5 free spins everyday for an entire year.
This new online casino with an unusual steampunk-style design and an impressive game selection. Boasting a wealth of payment methods, jackpots, and progressive prize funds, it’s an interactive gaming experience with lots to explore. JoyCasino offers 200% up to £/$ 50 and 200 free spins.
Unlike most online crypto casinos, Crypto thrills casino accepts a variety of countries, including the United States of America. They also boast over 320 slot games a variety for competitions including happy hour free spins. To start though you can claim 300% up to 1 BTC along with 100 free spins. Check out their Live section as well which have a mega welcome offer.
When it comes to online casinos, there are hundreds to pick from. This makes finding one with the perfect pedigree and combination of features a rather tough challenge. Fortunately, BitStarz Casino has broken into the industry and taken it by storm. Scooping up multiple leading industry awards, BitStarz has the pedigree that all online casinos crave so badly. They offer up to $500 or 5 BTC as well as 180 free spins to get you started.
Trust Dice Casino has been designed with the Bitcoin gambler in mind from design concept, bonuses, jackpots, free bonuses as well as multi-coin faucet. Offering over 1,000 slot games, multiple bonuses and competitions as well as rewards with TXT tokens. They have an up to $30,000 welcome offer, although a variety of others available.
Where to from here for Bitcoin?
We can all conclude that bitcoin as a digital asset isn’t going anywhere other than to the top in value, this is predominantly due to the exclusive amount available which will create scarcity. Of 21 million being the circulation cap, bitcoin has 2 million left to be mined. With that in mind there’s no saying what the value per bitcoin will be meaning it could be worth whatever anyone wishes it to be.
As for the cryptocurrency market as a whole, regulation and adoption have yet to come into fruition although the tech itself is still fairly in its infancy. That said the likes of the US dollar digital project is proof that Governments are also jumping on the crypto bandwagon.
It may take a decade or more before all businesses catch onto the advantages of using the blockchain and even longer before third World countries adjust. However, the benefits of this technology, is it’s borderless and merely requires someone with a computer and understands what they’re doing to make it happen.
Most institutional organisations have tried to slow down the growth of crypto knowing the disruption it could cause to the current financial infrastructure, particularly banks, and the best way to doing so has been via negative news whilst they’ve stacked their own bags in preparation for the adoption.
So, if you’re not invested in Bitcoin or other cryptocurrencies, maybe it’s time to start looking into them and taking them seriously before it’s too late!