Bitcoin has become something of a buzzword in financial circles, although it is fair to say that many people are still unsure how the cryptocurrency works in modern society.
The system, which operates on a public ledger called blockchain, uses decentralised technology for storing money and secure online payments that doesn’t require banks or people’s names.
Users generate blocks on the network to create Bitcoins which are created cryptographically by harnessing users’ computer power. These are then added to the blockchain, letting users earn by keeping the network running.
Read on to find out more about our top three ways Bitcoin has impacted society in recent times.
Online casino payments
Many online gambling operators now offer customers the opportunity to fund their account with cryptocurrencies.
Depositing money via this method requires the transaction to be confirmed by the blockchain, although this usually takes less than an hour.
Withdrawals are processed quickly and players can usually receive their online casino winnings the same day as they make their request.
Funding your account via Bitcoin is efficient and used in conjunction with offers like the volt casino promo code it is a great way to power your online gambling activities.
Making secret donations
Many people wish to support causes that governments or other major organisations make it difficult to send money to.
Bitcoin is the perfect way to circumvent the barriers placed in your way as it allows you to send funds with no risk of your identity being discovered.
Wikileaks is a great example of a company who use Bitcoin as a way to serve people who want to contribute to its media and whistleblowing efforts.
Founder Julian Assange is a huge fan of Bitcoin, having made a 50,000 percent return on his money after investing in the cryptocurrency in 2010.
Powering the adult entertainment industry
Many adult entertainment performers are forced to operate largely with cash-in-hand payments. They are unable to access many of the services facilitated by the established financial system, which is where Bitcoin comes in handy.
The sex industry has also benefited from the growth of the technology, with many of its workers now paid this way rather than through traditional banking methods.
The majority of pornography sites also accept Bitcoin payments in order to cash in on the numerous users who want to pay this way due to the anonymity it affords them.