Holding bitcoins for speculation is now the norm, with online gambling a major contributor that fuels its blockchain ledger.īitcoins are ideal for online gambling, because unlike fiat currency, they're incredibly easy to transfer from one account to another, usually within minutes, and for a very small fee. Due to massive daily fluctuations of its value, bitcoin is rarely used for its intended purpose. Since then, Bitcoin has doubled in value and analysts predict a bitcoin could reach $100,000 in value in 10 years.Ĭreated by the mysterious Satoshi Nakamoto, the cryptocurrency was meant as an alternative for fiat currency. The highly volatile online commodity reached parity with an ounce of gold back in March amid speculation of a pending ETF approval from the Federal Trade Commission. Bitcoin, the decentralized cryptocurrency notorious for its status as the currency of the dark web, seems to be shedding its shady past and is now enjoying soaring highs not seen since 2014.
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