Bitcoin has come a long way since it was invented almost a decade ago. It began timidly but has soon started gaining traction and has increasingly become accepted by customers around the world. Therefore, it represents the biggest cryptocurrency that exists nowadays.
This article will explore the dynamic “from rags to riches” journey that Bitcoin has gone through and explain in more detail the importance of this cryptocurrency and the places you can use it as an online payment method.
But before we dive in any deeper, let’s take a moment and explain what Bitcoin actually is.
What Is Bitcoin?
Bitcoin is a form of digital currency that allows its users to perform transactions without any middlemen, including banks. All the transactions are made from Bitcoin wallets and are verified and recorded by other Bitcoin enthusiasts on the blockchain.
The blockchain is a network of Bitcoin users who lend their computing power for the verification of individual digital transactions. Because of that, these transactions are completely free of charge.
Bitcoin’s Journey Through Its Short History
Bitcoin’s journey began in 2008 with a statement issued by Satoshi Nakamoto. To this day, we haven’t found out who this person is, or even if it is one person or a group of people. This statement disclosed a breakthrough in electronic payment and described a new peer-to-peer digital currency protected and authenticated by a computer code.
In 2009, there were a lot of theories that tried to explain the reason behind creating Bitcoin, many of which were conspiracy ones. In 2010, an appetite for Bitcoin started growing more and more. This is the year when programmer Laszlo Hanyecz used 10,000 Bitcoins to buy two pizzas. At Bitcoin’s highest point, these pizzas would have been worth $200.89 million!
By 2012, Bitcoin started coming out of the shadows as more and more legitimate businesses started recognizing it as a viable payment and investment option. Before that, it was largely perceived as a dark web payment method.
From that point onward, Bitcoin kept reaffirming its position online and continued growing in value. In 2013, first Bitcoin ATMs popped up around the world, and in 2014, the price for one BTC surpassed $1,000.
Since then, Bitcoin showed a lot of volatility, reaching its all-time high of $20,089 on December 18, 2017. At the time of writing this article, its value is much lower and is around $4,000. Even so, the owners of Bitcoin are not losing hope of another spike, and the currency is still being widely used online.
Online Uses of Bitcoin Cryptocurrency
Today, almost ten years after Bitcoin went live, there are numerous options for spending this cryptocurrency. You can use it to buy products, pay for services, donate money to charities, and receive money yourself.
One popular way that many people choose to spend their cryptocurrencies is in online casinos. That’s because Bitcoin is much safer than fiat currencies and provides users with higher privacy and safety levels. Today, thousands of online casinos accept Bitcoin, so if you want to learn more about this topic, you can click here and the link will take you to the corresponding article.
If you are keen on traveling, you can use Bitcoin to easily pay for hotel stays or flight tickets. The most popular companies that offer this option include Expedia, Surf Air, and CheapAir. If you’ve visited all of the cool places on Earth, you can even embark on a space voyage with Virgin Galactic!
You can also use Bitcoin to purchase apps or pay for the streaming of music, movies, and TV shows. For example, Microsoft allows you to pay for its products using Bitcoin and a lot of musicians and streaming services accept it as well.
If you’re feeling hungry and cranky, it couldn’t be easier to pay for food with Bitcoin. If you live in the US, the website PizzaforCoins will let you turn your digital currency into a delicious slice of pizza in no time. However, thousands of other restaurants and sites around the world accept it as well.
Bitcoin has undoubtedly come a long way since it was first introduced in 2008 and 2009. It has had its ups and downs, but this hasn’t discouraged too many people from investing into it.
Even though its current value is far from the all-time high, the number of online places where you can spend your Bitcoin has been constantly growing.
Moreover, the blockchain, the technology which Bitcoin is based on, is finding new and revolutionary applications as we speak. Therefore, we will certainly see a lot more of Bitcoin in the future. Until then, enjoy your pizza paid by this cryptocurrency!