Bitcoin had an incredible run during 2017 when it hit a peak value of just under $20,000. It was the buzzword on everyone’s lips at the time. Bitcoin was in all media outlets, and it seemed like many people managed to get rich from some lucky investments. However, this was not to last, and by early 2019, the price of Bitcoin had dropped to $3,000. It led to a huge amount of criticism about Bitcoin, mostly related to whether it would ever stabilise and become a viable trading element.
However, things have changed. Bitcoin has started to make a recovery from its slump, and the current growth looks like it’s much more sustainable and measured than the rapid rise that occurred in 2017. What are the reasons behind the change in Bitcoin’s growth and what benefits to the people who use Bitcoin get from it?
Investors understand the cryptocurrency market
In 2017, the Bitcoin market was new. This meant that a lot of the growth came from investors whose understanding of how Bitcoin worked was incomplete, especially when it came to trading in the cryptocurrency. A lot of the people who invested in Bitcoin were bandwagon jumpers. It meant that the growth was artificial, and although its value increased at an incredible rate, once the people who were in it to get rich quick jumped off, the value tanked.
This time, the growth has occurred with traders understanding how the market works. Because there are patterns and analytical tools that they can use to see how the market is performing over time, it has become more stable. In addition, traders are more willing to hold onto their Bitcoin if there is a small drop in the price. This was not the case in 2017, when as soon as the price started to drop, investors got rid of their holdings as fast as they could.
Bitcoin is more widely used
At the time of the initial rise, Bitcoin was not used in many ways. Since then, several retail outlets and a wide range of online-only service providers have adopted Bitcoin. This means that you can now use Bitcoin for everything from buying drinks to playing blackjack.
Also, the infrastructure that supports Bitcoin has improved significantly, and the people who work on the blockchain have made it much easier to use. Because of this, Bitcoin has become a lot faster to mine. This has the added impact of making Bitcoin more affordable and accessible. This has allowed the price to rise in a consistent but steady manner, which is much different from the 2017 rise.
It has also led to more innovation surrounding how Bitcoin and the blockchain are used. This means that investors are looking at Bitcoin as a long-term, viable instrument to invest in. Some even feel that there may be different uses for it in the long term that expand upon the original idea to just be a new form of currency.
The improvement in the infrastructure, combined with the greater knowledge of the market, has led to cryptocurrencies in general, and Bitcoin in particular, becoming much more ingrained with large companies. Several major companies, including Apple and PayPal, have begun to utilise Bitcoin, and even the New York Stock Exchange has recognised Bitcoin as a legitimate investment. This means that unlike the 2017 growth, Bitcoin has a lot more legitimacy behind it this time. All of this has contributed to the level of stability in Bitcoin’s rise during 2019.
Casino players feel the benefits of Bitcoin growth
Playing at an online casino can offer you the chance to walk away with huge wins. Among the biggest payers are progressive jackpots, which can offer you genuinely life-changing wins. However, using Bitcoin to place your wagers can increase this even more. Because Bitcoin offers the possibility of increasing in value, any wins with wagers funded by Bitcoin can possibly be worth more in the future.
In addition, there is the added benefit that your account balance can increase in value without even playing any games. For example, you could place a deposit in your account and then not be able to play because your internet has gone down. When it comes back up a week later, the value of your account may have increased. It means that your bankroll for blackjack is worth more than when you initially deposited it. It may also give you a higher cash balance depending on the game you are playing if you are required to convert your Bitcoin to cash.
While there is still the risk of the value of Bitcoin falling, the way that the market is moving in 2019 means that it is not as likely to happen, and certainly not in the manner of the 2017 crash. As previously mentioned, traders are more likely to hold onto their Bitcoin in the event of a decrease in value. This is because there is confidence in the Bitcoin community that any dips are short-term issues.
Obviously, there are no guarantees that the value of Bitcoin will continue to rise, but most market analysts are predicting that there is still a long way to before Bitcoin reaches its ceiling. This will allow you to continue to increase the value of your winnings when playing at online casinos.
Choosing an online casino
The leading Bitcoin casino on the market is Bitcasino. We have the widest variety of Bitcoin-friendly games, and you can easily make a deposit within seconds. Also, you can make the fastest withdrawals around. Once you have signed up with us, you will be playing your favourite games before you know it. Make sure that you do not miss out on the best Bitcoin casino there is. Come and play at Bitcasino today.
Words: Sean McNulty