Rapid Growth sees Bitcoin Value Nearly Double in a Single Month

bitcoin-2007912_640When Bitcoin was first introduced as the world’s first decentralized cryptocurrency back in 2009, few people could have predicted the incredible rise to global prominence that would follow over the next decade. Although the idea seemed interesting enough on paper – published in a white paper by founder Satoshi Nakamoto entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” – there were naturally countless questions and unresolved legal challenges to contend with.

Just under ten years later, Bitcoin has evolved to become a recognised currency in its own right and its value continues to grow at a rate of knots. The last month alone has seen an incredible phase of growth for the currency, in which the top-end value jumped to an all-time high of $2,289.21. This represents an increase of just under $1,000 dollars from the trading price listed on April 30.

Financial experts attribute the surge in confidence to the recent decision of governments in Japan and China to legitimise Bitcoin as a valid currency system. And although the price has levelled out slightly since then, it’s a very promising sign for the future of Bitcoin, particularly as more and more industries worldwide are now looking to utilise it as a valid method of payment.

Let’s take a closer look at three specific areas of business that are already backing the Bitcoin revolution.

Online retailers

As the worldwide legitimacy of the currency becomes more and more concrete, it’s no surprise that Bitcoin payments are already being accepted by a number of large online retailers in exchange for their goods and services.

Take Expedia, for example, one of the world’s leading online travel agencies. Expedia has been giving their customers the option to pay for their hotel bookings with Bitcoin for a few years now, and was actually one of the first major online retailers to do so. By affording their customer base a greater range of payment options, Expedia ultimately offrs a more flexible service which suits the payment preferences of a wider range of people.

iGaming

Fans of iGaming will have undoubtedly realised that there are a growing number of online casinos, poker rooms and slots games that now accept Bitcoin as an alternative method of payment.

Sites such as Bitcasino advertise the enhanced security and anonymity that the digital currency affords players as an attractive incentive to use their service. This is certainly a major factor in the growing popularity of Bitcasino, although regular players would likely say that the site is more than a Bitcoin casino because their focus on creating immersive experiences across a large selection of games is just as strong as adopting an alternative system for deposits and withdrawals.

Professional sports

You may be surprised to hear that Bitcoin is already making waves in the world of professional sports, particularly in Major League Soccer (MLS).

San Jose Earthquakes are the first professional soccer team to allow their fans to pay for tickets, merchandise and concessions with Bitcoin. It’s a template that other teams are likely to follow in years to come, and may very well prove to be a necessary step to maximise fan attendance and purchases of memorabilia and apparel.

Of course, these are just three areas in which Bitcoin is already starting to make its presence felt. Due to the very nature of the digital currency, there really is no limit to the spread of industries in which it may very well eventually be adopted – we’re certainly excited to see at what rate the growth continues over the next few years.

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