In the last few years, we’ve seen an increased adoption of cryptocurrency in various Industries. While it was once a novel concept that few businesses were willing to embrace, it has since broken the mould and appears to be on its way to becoming an industry-defining asset class.
But even with this, it is clear that interest in cryptocurrencies is not uniform. The majority of businesses embracing cryptocurrency tend to focus on Bitcoin. For example, there’s been greater use of cryptocurrency in the gambling sector. But when you take a closer look at the platforms accepting cryptocurrency, it’s usually Bitcoin. As iGaming expert Andjelija Blagojevic explains in a recent article, crypto gambling with BTC is perhaps the most popular type of crypto-based gambling. But why is Bitcoin the go-to for these companies?
Market Performance
One of the first things to consider is the fact that Bitcoin is, by and large, the most financially successful crypto on the planet. Not only was it the first cryptocurrency to be developed, but it has also accumulated the highest market cap and per token value. Currently, Bitcoin’s all-time price high is over $120,000. For comparison, its closest competitor is Ethereum, with $4,878.26 as its all-time price high. This is coupled by the fact that Bitcoin often sees dramatic rises and falls in value.
When embracing cryptocurrency, choosing Bitcoin means that it is more likely to see massive profit. A Bitcoin purchased or accepted just 5 years ago is worth several times its initial value, and this is a big draw for businesses.
Accessibility
Another reason for Bitcoin being the preferred cryptocurrency for traditional services is that it is simply the most accessible. Bitcoin enjoys the position of being the most famous crypto on the planet, and this means that when consumers themselves turn to cryptocurrency, they are usually turning to Bitcoin. This, in turn, means that businesses accepting Bitcoin are more likely to find a large customer base. If you polled a hundred crypto users, the majority likely have some form of Bitcoin compared to lesser-known tokens. This way, it represents less of a risk in terms of securing a paying audience.
Network Security
When you’re using a novel technology like cryptocurrency, you want to go for some of the most secure options on the market. Generally speaking, this means Bitcoin. To understand this, you’ll have to look at its setup, which is a proof-of-work consensus. It essentially means that computing power is split across thousands of computers around the world.
By confirming transactions on the network, users are rewarded with Bitcoin tokens. The fact that Bitcoin is so popular means that there are millions of people around the world helping to confirm transactions. This, in turn, means that a single individual hacking or taking control of the Bitcoin network is virtually impossible.
This also means that compared to smaller blockchain networks, Bitcoin is highly secure and efficient. And for businesses already taking the leap with cryptocurrency, this level of security is especially important.
