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News/Bitcoin’s Relevance in Today's Crypto Market

Bitcoin’s Relevance in Today's Crypto Market

COIN360

May 20 2024

4 weeks ago3 minutes read

Is Bitcoin Still the Most Commonly Used Cryptocurrency?

 

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People who follow the cryptocurrency markets will know that there are hundreds of different versions of this technology now, many of them launched in the last few years. Cryptocurrencies now include things like stablecoin and even tongue-in-cheek meme coins. So is Bitcoin still the most widely used out of all the crypto options?

Simply put, yes, it is still the most widely-used cryptocurrency by some distance, penetrating mainstream uses in ways that some of the competing versions just haven’t managed. The story is more complex than that though, as we will explore.

Casino Industry Growth Drives Bitcoin

One reason why Bitcoin has stayed at the forefront of people’s minds and continued to be used is the fact that it has been embraced by casinos due to its convenience and security for both casinos and customers.

Many top crypto casino sites have launched as they wise up to the benefits and the fact that these currencies have a lot to offer potential casino gamers. The reasons for this are plenty. Once you know a bit about cryptocurrencies you can see why they would appeal for this type of transaction.

Bitcoin transactions require fewer details from customers meaning it is easier for them to protect their data when signing up for an account. People care about their data now and what is done with it, and an option to not share every single detail about themselves is bound to be popular.

Bitcoin transactions tend to happen faster than many other transaction methods, too. in an age when people really don’t want to spend a lot of time waiting for clearance, the speed cryptocurrency offers has an appeal. 

Bitcoin transactions are also transparent and cut out the banks from the transaction, something that appeals to a lot of people as they want to take more control and use this decentralized method.

Bitcoin in Stores

Another reason why Bitcoin has continued to be such a popular option is the fact that it is one of the few cryptocurrencies to make its way into stores and everyday life.

For a time, people could even go into a Tesla dealership and pay directly with Bitcoin.

Times have changed a little, and there is now more chance to pay with services like BitPay, which takes the currency and converts it as the transaction takes place. Retailers and customers are both happy in this scenario as they can use the currency they want. 

Bitcoin can be used to pay for meals out, cinema tickets, memberships, and more. Even some well-known competing cryptocurrencies can’t say that, and you may find fewer opportunities to use the currency. Bitcoin was built to be used rather than just held so it has stayed popular due to the options it gives people for actually using their crypto.

Digital wallets provide a way for people to hold crypto as well as other currencies and use these from their phones, paying either online or when they visit an actual store or restaurant.

Bitcoin’s Staying Power

It is a certainty that Bitcoin has shown some staying power in its time. Universally, it is accepted to have been the first successful cryptocurrency and this is one of the reasons it has become a household name. A huge percentage of people have heard of crypto or hold and use the currency today.

Bitcoins conception was more than 15 years ago now. Can you remember the first time you heard of the revolutionary new way of moving funds? For many people, it gradually started to enter their consciousness through news feeds and even celebrity endorsement. Anyone who follows Elon Musk is likely to have heard of cryptocurrency long before most people did.

People with high profiles being behind Bitcoin, and big companies that loads of people had heard of accepting the currency also helped put it on the map. Not many of the fledgling and growing cryptos out there have achieved this in the same way which is one of the reasons why Bitcoin is still so popular. It became part of culture in a way other currencies haven’t. Some of us can also remember what a big deal it was when Bitcoin became one of the ways to pay for new games on Steam, and as we’ve already covered it has also been a key part of the gambling and gaming industry for years now.

The Current State of Bitcoin

Bitcoin’s name and the fact it spread so universally has helped it to become the preferred crypto for a lot of businesses and sites. Smart businesses like crypto casinos are embracing it fully but there are some businesses that are less convinced by the infrastructure. Even these may embrace Bitcoin due to the fact it is so well known and has been for a long time.

 

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