Is Bitcoin Changing the Way People Manage Their Finances Online?
Bitcoin has been a major headline in the news recently, coming in at the forefront of many news broadcasts, interviews, podcast episodes, and articles. Because of its growing profile, It's no wonder many people think Bitcoin is a revolution in spending and managing our money.
Cryptocurrencies like Bitcoin and Ethereum are now widely used, almost removing the need for physical currencies in some cases. Regardless of who you are or your location, cryptocurrencies have become a legitimate way to save, spend, and transfer funds. In this article, we’ll be breaking down how people use Bitcoin and how it has made financial management easier for the masses.
How Is Bitcoin Used Online?
One of the main reasons why so many people online are quickly turning to pay with cryptocurrencies is because they no longer have to worry about slow global transfers or waiting hours for a payment to process. The obvious use cases for this are transferring money online, buying products online, and building a digital wallet of funds. Another important use case comes in the form of online gaming and poker, a huge industry that is seeing a boom again in the 2020s, similar to the poker boom of the early 2000s, but now with more payment options. This is why many players choose Bitcoin when they want to crypto poker – cryptocurrency offers both the flexibility and convenience players won’t get from flat currencies like British pounds or American dollars.
The introduction of Bitcoin and other cryptocurrencies was a natural fit for many gamers, now they can make bets directly with their chosen cryptocurrency or deposit money into Bitcoin slot machines to try their luck on the spinning wheels. It largely means that players no longer have to worry about transferring funds into an accepted currency or incurring additional transaction fees, which would have previously deterred people from playing.
On a larger scale, blockchain and fintech have disrupted global financial institutions by offering customers faster, cheaper, safer, and more accessible financial solutions.
How Has Blockchain Changed Finances Online?
Did you know that the rate of ransomware attacks in the financial industry rose from 55% to 64% between 2022 and 2023? It’s a worrying figure when you think about the amount of money that people have locked away, trusting a financial intermediary to look after them. With cyber crimes, and the susceptibility of financial institutions to quickly crumble in response to global issues, it’s no wonder why some people are feeling less-than-optimistic about the state of their money. This situation provided the perfect opening for cryptocurrency to breeze into the market and offer a better way of running things.
Bitcoin is backed up by Blockchain, a technology that works as a ledger to record anything of value and is shared between peers who verify each addition. Rather than having to put your trust in a bank, under Blockchain, you’re putting trust in lines and lines of verified code and network consensus which build value. With Bitcoin and other cryptocurrencies, you can now manage money online without relying on intermediaries, and without having to deal with the usual delays and fees that you’d normally incur when moving money around.
For gamers, it means they can easily bet using Bitcoin in a game of poker or quickly buy a new outfit in a fantasy adventure game. For art collectors, it can help facilitate the payment of NFTs or other forms of digital art. Even for the beginner investor, Bitcoin provides a good way to build wealth without having to worry about your bank collapsing.
Why Do People Use Bitcoin?
Getting to grips with the basics of Bitcoin and Blockchain is one thing, but it’s interesting to see just how many benefits using this type of technology can bring in a financial setting.
Here are just some of the main benefits of using this type of cryptocurrency to help with your finances when you’re online:
- You have some protection over inflation rates that can often make flat currencies very volatile
- Bitcoin is an accessible currency that doesn’t require ID or background checks to start a digital wallet
- It’s a much safer and more secure way of holding money and making payments online
- You can transfer funds to people across the world much faster
- Using Bitcoin means you won’t incur any fees when transferring global payments
Is Bitcoin the Future of Online Finances?
There are many benefits to using cryptocurrencies like Bitcoin rather than flat currencies online, for many of the reasons that we outlined above. Blockchain technology has provided a new – and arguably, safer way to spend and distribute money in loads of scenarios.
Whether someone is logging into your favorite casino video game, or just looking to transfer money to a friend in another country, many will agree that Bitcoin is going to be the future of finance. It’s still up for debate, but the future looks very promising for digital currencies.