The world witnessed the dawn of a new era on Jan. 3—the day Bitcoin was first introduced; the day that unveiled what could be a solution for the 2008-2009 financial crisis.
It promised an improved way of transferring funds across borders sans the large fees typically charged for fiat currency transactions. It promoted security by fostering anonymity among its users but providing a transparent log of transactions called the blockchain. But Bitcoin’s distinct feature is it is decentralized.
Years after, Bitcoin continues to exist and is finally showing significant progress in achieving worldwide adoption. This year, in its seventh year on the market, Bitcoin is perceived to finally break out into the mainstream.
Seven years on the market
While Bitcoin’s journey toward its main goals has not been a smooth ride, the unwavering dedication of the Bitcoin community has regained the composure of the cryptocurrency and made its overall structure up and running again.
Over time, Bitcoin maintained its zealous desire to move forward and managed to dodge a couple of hindrances along the way.
Of course, other than the negative aspects, the digital currency also experienced a number of positive reinforcements that made it as steadfast as ever.
One of the most rewarding achievements that Bitcoin experienced is its overwhelming price hike. Considering the starting Bitcoin price that was equivalent to two boxes of pizza, Bitcoin surprised the whole economic sector when it peaked at above $1,000 in 2013. Its volatile nature, however, paired with the external factors affecting its market movement, causes the Bitcoin price to exhibit unstable behavior. Bitcoin seven years after now trades for about $400 apiece.
Bitcoin as we know it now
Although global adoption is yet to happen to Bitcoin, the rate at which various markets are integrating the cryptocurrency into their systems hints strong potential for it to find success in its seventh year.
Microsoft, Overstock, and Dell are just some of the thousands of merchants that welcomed Bitcoin as a promising payment system. More are projected to follow suit as entrepreneurs begin to realize the benefits of Bitcoin and as the demand for it grows.
Many Bitcoin experts and enthusiasts believe this year would open more opportunities for the digital currency to break records. With venture investments reaching $1 billion and an extensive list of merchants across the globe accepting Bitcoin payments, this cryptocurrency has clearly created a niche market that could propel it to achieve its premier goal of providing a convenient, safe, and low-cost means to transfer funds.
Online gaming, a haven for Bitcoin
Bitcoin is easily tagged as a cryptocurrency for online gaming since the Bitcoin gambling industry made a buzz in iGaming. Bitcoin’s features perfectly fit this business, which creates a friendlier environment, especially in terms of cashing out funds.
Seven years after the public began hearing and reading about Bitcoin, the alternative for real-money online gambling slowly inches toward maturity as more Bitcoin casino and other betting websites receive strong support from the increasing community of online players.
In online gaming alone, Bitcoin is guaranteed to enjoy a positive market, which is expected to drive more adopters toward the cryptocurrency after the Bitcoin transition to 2016.