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The Future of Bitcoin Casinos and Online Gambling

February 18, 2023

The Future of Bitcoin Casinos and Online Gambling

February 18, 2023

Blog » Posts tagged "Bitcoin" (Page 2)

Is Bitcoin the Future of Online Gambling?

The relation between bitcoin and online gambling, and what the future of bitcoin casinos may look like, is a trending topic due to the fast-growing adoption of cryptocurrencies in the online gambling sector.

Since as early as 2013, online casinos have been making the move toward accepting cryptocurrencies as payment, not only for player deposits but also player withdrawals. This brought about an entirely new breed of online casinos, and with them, a revolution that has changed online gambling forever.

But will this fast-growing trend last? Does bitcoin have a future in online gambling – or is bitcoin the future of online gambling? And if not, will other cryptos or forms of digital currency emerge as the go-to choices for crypto gambling?

Well, we have a few theories – backed by crypto market research and valuable information that may give you some insight into what the bitcoin casino future might look like. But first, let’s look at what bitcoin gambling is doing in today’s world.

The Current State of Bitcoin Gambling

Straight off the bat – recent events in the crypto space have only proven that crypto gambling is here to stay and that the future of bitcoins casinos is a healthy one. Markets have been on the brink of crashing, massive crypto exchanges have been shut down due to unlawful practices, and the crypto community finds itself in uncertain times as a result.

Don’t get us wrong, crypto is not failing – not by a long shot. But of course, growing pains do apply, as with any emerging market.

BUT! Even though cryptocurrencies have been facing these challenges of late, crypto gambling, specifically, has been on the rise. But why? Well, according to research, the industry shows a considerable growth rate of just under 11.5% a year.

This is said to continue throughout 2023 all the way to 2030, with predictions pointing at even larger growth beyond.

The latest bitcoin gambling statistics released by casinosblockchain.io in early 2023 state that since the inception of crypto gambling, around 4% of all gambling activity is crypto-related, and players have wagered over $4.5 billion in bitcoin since – that’s only bitcoin, and the majority of this is only in the last few years.

So what does this positive growth for crypto gambling, in specific, mean when comparing it to the not-so-positive growth that crypto markets have experienced lately? Yes, investing in crypto is a volatile game and not for the faint-hearted, but it seems crypto gamblers, in general, are not too phased by current or past events. Let’s find out why.

Why Players Are Choosing Bitcoin Casinos Over Regular Online Casinos

Bitcoin gambling and crypto gambling in general offer various benefits for the player. Yes, the crypto casino also enjoys a few perks, which is another reason why crypto adoption among online casinos is growing at this rate.

But to understand why crypto casino players still prefer using bitcoin and other cryptos for online gambling in such unpredictable times in the crypto market, we should look at the benefits these players enjoy.

Benefits of Bitcoin Gambling

Instant deposits and much faster withdrawals than fiat currencies
Cheaper transaction costs than fiat currencies (sometimes only a fraction)
Improved security when transacting online
Convenience of payment methods and integrated payment technologies
Higher levels of anonymity

What this essentially comes down to, is that crypto players know that they can take advantage of these gambling benefits without needing to ‘invest’ in crypto. They are simply using it as a rejection-free, low-cost, safer, and instant payment method, rather than getting stuck in the red tape around centralized currencies issued by central banks and governments.

A player can simply deposit and withdraw using crypto with very few KYC requirements (if any) or restrictions from third-party payment providers. And the best part of all of this is that the gaming experience at crypto casinos is just as good as in traditional online casinos, if not better.

Which bitcoin casino games do players enjoy most? Here’s a look at the most popular bitcoin casino games in the US:

So now that we know why players prefer bitcoin gambling, which games they’re playing, and that crypto gambling is indeed on the rise, let’s take a look at what the future of bitcoin casinos might look like.

The Future of Bitcoin Gambling

Due to the nature of the business, online casinos have always been ahead of the game when it comes to technological advances and online security, finding innovative ways not only to entertain players but also to create a safe and user-friendly environment to do so.

But as the internet and online entertainment world evolved, online casinos needed to keep improving and find new ways to entertain players and ensure that their experience is as unique and seamless as possible, which is a never-ending cycle.

Now, you can imagine this is a very competitive market with new online casinos sprouting up left, right, and center, almost every single day. So if they want to last, they’ve got to get with the program.

And the new program is without a doubt, crypto. Blockchain and cryptocurrencies are almost certainly the future of online gambling – if not playing a very big part in it. The world is going digital, especially when it comes to finance, and in a digital world, digital currencies reign supreme – hell, even governments are looking into creating their own forms of digital currency.

With the benefits that the technology offers, including security, transparency, cost-effectiveness, and decentralization, it’s easy to see why both players and online casinos are steering in the direction of crypto.

In the US, for example, GamingAmericas.com reported that research conducted by Newzoo shows “around 73.9 million US residents are active users of online and bitcoin casinos. Among them, 52% gamble for real money, and 2.6% are high rollers.”

Now this includes both fiat and crypto casinos, but the ratio will most likely fall in crypto’s favor in coming years, and here’s why we believe why.

Crypto Gambling Trends Shaping the Future of Online Gambling

Blockchain technology and cryptocurrencies are not only becoming prevalent among online casinos but the entire e-commerce sector as well. Putting the current volatile markets aside – the benefits of blockchain tech are starting to creep into every corner of the internet, from gaming to buying goods and services online, and even building decentralized apps and entire Metaverses.

This is good news for crypto gambling and further proves that the bitcoin casino future looks promising. As blockchain technology improves, so do the use cases, which have resulted in numerous trends that will shape the future of online gambling.

Online casino trends in 2023 are one thing, but crypto gambling in particular has its own, unique trends thanks to the nature of the technology behind them. Let’s take a look at a few of the really interesting ones that will most definitely play a big part in the future of bitcoin casinos.

Metaverse Casinos

You may have heard of Decentraland and The Sandbox, which are probably the 2 most popular Ethereum-based metaverse and gaming ecosystems that allow users to share, create, and monetize digital assets and gaming experiences.

In short, they are basically digital worlds that players can access online and interact with each other, buy and create NFTs, purchase digital real estate for advertising, and play games. What if we told you that these digital metaverses also offer casinos? Well, they do.

This is still fairly new in the online gambling world, but you can imagine what a big part metaverse casinos will play in the future of bitcoin casinos. They offer an immersive and interactive casino gaming experience that simulates a real-world casino environment (apart from the frog dealing a poker game, of course).

The key factor to consider here is that all goods, services, and activities in these metaverses are paid for using the in-world digital currency, such as the digital assets token for Dentraland called MANA, or SAND in The Sandbox.

Decentralized Gambling

With the creation of decentralized applications, casinos can offer games on a downloadable platform that can be played using cryptos and can even calculate the outcomes of the games using blockchain technology, which we’ll get to soon.

Decentralized gambling can also be defined as crypto gambling, as you’re using decentralized currencies to wager in casino games. As mentioned, crypto gambling offers many advantages, including safety, anonymity, and cost-effectiveness, and we can certainly see how this would appeal to players, and play a big part in the future of online gambling.

Seamless Payment Methods

Crypto technology has also improved the ways in which players deposit and withdraw from a casino. By using a mobile crypto wallet, players can seamlessly deposit their funds straight to their casino account, without delay, and without extra costs incurred by third-party payment providers.

Crypto wallets also offer a few unique features that can be integrated into payment methods using the blockchain. In Deccentraland, for example, you can connect your crypto wallet to your player profile by scanning a QR code via your crypto wallet, allowing you to easily pay for goods and services without lengthy deposit and withdrawal processes.

Punt Casino also offers a similar approach – no more credit card details and deposit forms here, buddy. You can simply scan a QR code via your crypto wallet to make a deposit, and insert your wallet receiving address when making withdrawals with very little identification and none of your personal banking details required.

Of course, user-friendliness is very important to players, and technology such as this is really changing the game and continues to improve. With seamless payments and improved security (not to mention it’s cheaper), crypto payment methods are going to play a big part in the future of online gambling, which means the future of bitcoin casinos looks promising.

Provably Fair Games

What if we told you that players can now prove the fairness of the outcome in casino games using blockchain technology? The days of hoping that you are playing with a fair online casino are over because now, you can prove it.

“Provably fair” refers to an algorithm based on technology that offers a higher level of fairness and transparency in online casino games. The algorithm uses blockchain tech to produce random outcomes when the game is played, for example, shuffling the decks of cards in a blackjack game or generating random reel-stops in a slot to produce an outcome.

The provably fair algorithm generates an encrypted key, which looks similar to a crypto deposit or receiving address with the results of the outcome. The player can access this key along with a secondary key that allows them to verify the fairness of the outcome at the end of each round.

Games on our menu from the provider Spribe, for example, are all provably fair games and will allow you to verify the outcomes of each round when playing.

Provably fair casino games will most probably have a big impact on the future of bitcoin casinos and that of the online gambling industry as a whole, especially with this technology improving and with casinos finding new ways to use it.

Bitcoin Casinos: The Future of Online Gambling

Bitcoin price prediction plays a crucial role in shaping the future of online casinos. As the world increasingly embraces cryptocurrency, Bitcoin’s value is expected to soar, opening up new possibilities for the online gambling industry. With the decentralized nature of Bitcoin and its potential for secure and anonymous transactions, online casinos can provide players like you with enhanced privacy and convenience. Moreover, as Bitcoin’s price rises, the value of winnings and payouts at casinos such as Punt increases.

With all the technological advancements in the crypto space, the bitcoin casino future looks more than promising. Bitcoin and other cryptos will most likely shape the future of online gambling with massive breakthroughs in user-friendliness, payment methods, security, and even the games themselves and how we play them.

What the future of bitcoin casinos holds exactly, we can not say. But if you want to start experiencing the many benefits of crypto gambling, the Punt Casino is the place to do it.

With over 1,00 crypto-friendly casino games, massive crypto bonuses and promotions, and a state-of-the-art crypto casino platform, you can take a peek at the future of bitcoin casinos, right here.

Bitcoin Casino FAQs

What are Bitcoin casinos?

Bitcoin casinos are online gambling platforms that use the cryptocurrency, Bitcoin, for transactions. They offer the same types of games as traditional online casinos but with the added benefit of using a decentralized currency.

Are Bitcoin casinos legal?

The legality of Bitcoin casinos varies by jurisdiction. Some countries have fully embraced the concept while others have placed restrictions or banned it entirely. It is important to research the laws in your specific country before engaging in any form of online gambling.

Are Bitcoin casinos safe and secure?

Bitcoin casinos can be safe and secure if they follow proper security protocols and have a good reputation in the industry. However, it is important to do your own research and only play at reputable and trustworthy casinos.

Can you win real money at a Bitcoin casino?

Yes, you can win real money at a Bitcoin casino. The games offered are similar to those at traditional online casinos and are designed to be fair and provide a random outcome.

How do you deposit and withdraw money at a Bitcoin casino?

To deposit money at a Bitcoin casino, you will need to have a Bitcoin wallet and sufficient funds in it. You can then send the funds to the casino’s Bitcoin address. To withdraw, you will follow a similar process in reverse, sending the funds from the casino to your personal Bitcoin wallet.

What types of games are offered at a Bitcoin casino?

Bitcoin casinos offer a wide variety of games, including slots, table games, and live dealer games. The specific selection of games offered can vary between casinos, so it is important to check before signing up.

What are the advantages of playing at a Bitcoin casino?

The advantages of playing at a Bitcoin casino include the use of a decentralized currency, faster and cheaper transactions, increased privacy, and access to a wider range of games.

The Do and Don’ts of Using a Crypto Exchange

The Do and Don’ts of Using a Safe Crypto Exchange

February 15, 2023

The Do and Don’ts of Using a Safe Crypto Exchange

February 15, 2023

Blog » Posts tagged "Bitcoin" (Page 2)

The Do and Don’ts of Using a Safe Crypto Exchange

Cryptocurrency exchanges are vital to the continuation of the ecosystem. But, for a first-timer, or even someone who thinks they know their way around them, there are a number of golden rules you should follow in order to make your time on a safe crypto exchange a happy, profitable, and secure one.

Here’s our list of crypto exchange dos and don’ts to ensure you don’t fall foul of the taxman, hackers, and more.

What you should do when using a safe crypto exchange (Dos)

1. Do conduct research before registering

You will probably be handing over your identity documents to any exchange you intend to use more than once, so you need to know they’re trustworthy. Of course, you’ll never be 100% sure (FTX anyone?), but 9 times out of 10 you get a feel for how reputable they are when using them.

It’s not quite the wild west out there anymore, in that very few exchanges are intentionally out there to pull a fast one, but some online sleuthing prior to signing up will help you get an idea of whether or not your potential exchange is a truly safe crypto exchange.

2. Double-check your transactions

If there’s one truism about crypto which applies at all levels, it is that you are in control of your own money. This goes for storage but also for trading, because if you make a mistake when buying or selling then there are no ghostbusters to call.

There are many horror stories of traders who have put in an extra zero by accident, or tapped ‘buy’ rather than ‘sell’, and have decimated their holdings in a split second.

To avoid this fate, double-check each trade before you execute, and don’t rush anything. A slow hand might cost you a few cents, but a ‘fat finger’ could cost you a whole lot more.

3. Do use all available security protocols

There are several things you should do to minimize the chances of a hack. First, use a brand new, complex password of at least 16 characters that you haven’t used anywhere else.

Okay, it doesn’t have to be THAT complex, but you get the picture…

Second, use two-factor authentication and ensure that you have email withdrawal verification turned on. This means no one can withdraw funds without having physical access to your phone, and you will be alerted if anyone ever tries to take money out.

4. Do use tax software to record your activities

No one likes to pay tax, but the chances are you will have to do so on your crypto gains. There are some great crypto tax software packages out there nowadays that do all the calculating for you and spit out a handy report at the end of the tax year.

It’s well worth adding each exchange to your tax software before you use it. This is as simple as creating an API, and it will save severe headaches down the line.

5. Do keep a whitelist of addresses

It’s a good idea to add addresses you regularly use to a whitelist on your safe crypto exchange of choice. This means that you don’t risk entering it wrong each time you need to, while some exchanges have an option that means you can’t withdraw to a non-whitelist exchange, further increasing security.

What you shouldn’t do when using a crypto exchange (Don’ts)

1. Don’t be greedy!

Unless you’re an experienced or professional trader, you shouldn’t touch the various options that many exchanges throw your way these days, such as leverage, margin, or options trading.

If you really want to learn how to use these functions then dedicate the time to learn how they work before trying them and be judicious with your spending – selling at a loss is one thing, getting liquidated is quite another.

The crypto market is volatile enough without turning it up to 11, so most people should stay away from these temptations.

2. Don’t keep all your funds on there

You should only keep funds you intend to trade with over the next few days on an exchange, with the rest stored safely in an offline wallet. This is to reduce the chance of your account getting compromised in some way or the exchange going offline.

Exchanges are intended to be a place where you can swap one cryptocurrency for another, not where you store your coins long term.

3. Don’t publicize your success

You’ve just made a life-changing amount of money – congratulations! If you want to keep it that way, don’t boast about it on social media. You will soon find yourself attracting the wrong sort of attention, such as social engineering or phishing attacks aimed at getting into your exchange account and swiping your earnings.

Hackers are clever than ever, and they will play the long game if they suspect you of having a great deal of money in your account, so don’t give them the opportunity to find out.

4. Don’t be wedded to one safe crypto exchange

While some crypto exchanges are certainly better than others, you shouldn’t limit yourself to just one or two – doing that will mean you miss out on the best gains.

Projects generally don’t launch on the likes of Binance straight away; instead, they find homes at smaller exchanges and grow from there.

If you’re looking for the best gains, you’re going to have to go farther afield and register with some smaller exchanges, which is absolutely fine, providing they fulfill your criteria of trustworthiness.

5. Don’t download more apps than you need to

Most reputable exchanges have an app these days but don’t install it on more devices than you will use on a regular basis. Each app you install it on is another potential security risk if you don’t check it very often, so just keep it to the one or two devices you use most often.

Also, make sure those devices have a fairly good malware and antivirus program on them.

Start using safe crypto exchanges today!

As you can see, some of these rules are common sense and some are specific to the crypto world, but all of them will make your use of crypto exchanges a much smoother process.

We wish you happy, and safe, trading.

New to Crypto? Here’s How to Start Using Cryptocurrencies

February 12, 2023

New to Crypto? Here’s How to Start Using Cryptocurrencies

February 12, 2023

Blog » Posts tagged "Bitcoin" (Page 2)

3 Easy Steps to Start Using Cryptocurrencies

So you want to get in on the crypto game but don’t know how to start using cryptocurrencies? We got you! As cliché as this may sound, everybody needs to start somewhere. And hey, good on you for taking the first step in your crypto adoption journey today.

Getting started with cryptocurrency is actually very easy, believe it or not. Many new users are deterred by the digital nature of these coins, often under the impression that you need to be some sort of digital whizz-kid to understand how crypto works, and how to use it.

We’re here to tell you that is NOT the case – everyone can use crypto. And once you’ve discovered the many benefits of using cryptocurrencies over traditional fiat currencies, there’s no going back.

What exactly are cryptocurrencies

Cryptocurrencies are essentially just a digital form of traditional currencies. Yes, there are many different types of crypto created for various purposes, but today, we’re keeping it simple to get you started with the basics of using these digital coins.

Cryptocurrencies are created using cryptography, which is coding used to keep data between a sender and a receiver secure. Furthermore, many cryptocurrencies are not issued by central authorities or financial institutions such as banks, but rather exist on a digital public ledger known as a blockchain.

By using blockchain technology, cryptocurrencies cut out the need for third-party payment providers and create a secure means for the sender and receiver to transact. The best part is, transactions are almost instant.

A blockchain “Node” refers to independent moderators that build and maintain the blockchain network. Nodes are rewarded in crypto for validating transactions and “mining” new coins on the blockchain. Do you need to understand all of this to start using cryptocurrencies today? No.

Without getting too technical, cryptocurrencies are simply an alternative to traditional currencies and allow you the opportunity to invest, purchase goods and services online, or simply use them as a means to avoid high transaction fees and lengthy processing times associated with government-issued currencies and banks.

Why use crypto?

Cryptos offer higher levels of security than traditional currencies.
You can take advantage of lower fees when transacting online.
It’s private. None of your personal info is attached to your transactions, only your crypto deposit or receiving address.
Crypto transactions are much faster than fiat currencies thanks to the use of blockchain technology.

3 steps to start using cryptocurrencies today

As mentioned, getting started with cryptocurrency is very easy. You can become a full-fledged member of the crypto community today if you follow these 3 easy steps to start using crypto.

1. Do your research

If you want to get started with crypto, you’ll need to do a little research first. Fortunately, learning about crypto is actually quite a bit of fun. We’re a quirky bunch in the crypto community and love using acronyms, memes, slang, and funny explanations to teach others about crypto.

Read up on the latest trends, crypto news, and new coins coming into the market, especially if you want to stay ahead of the game. Reading articles such as How bitcoin reached $1,000 for the first time can help you understand the history of bitcoin, and how this applies to the future. You can also visit crypto forums such as bitcointalk.org to get your finger on the pulse of the crypto community.

If you’re looking to start using cryptocurrencies for online gambling, for example, finding out what the best and worst cryptos for gambling are will also be advantageous. You have to understand that the cryptocurrency market is a volatile one, and keeping up to date with what is happening in the crypto space can only do you good.

2. Find a means to store your funds

Once you’ve researched the coins you’d like to get into, it’s time to get your hands on them to start using cryptocurrencies as soon as possible. However, you can’t exactly withdraw crypto and put it in your pocket. You’ll need a digital crypto wallet to store your funds.

Now, this may sound like some techy mumbo-jumbo at first. But setting up a crypto wallet is pretty much just as easy as creating an account with an online store. All you need is a mobile device and a few minor details, and you’re ready to go.

Click on the image above for a full explanation of how crypto wallets work, which types of crypto wallets there are, and how you can set one up today. And please, when getting started with cryptocurrency, make sure you choose a safe and trustworthy wallet to store your funds.

3. Choose a trusted crypto exchange

The final step to get started with crypto is to find a safe and trusted crypto exchange to purchase your coins. This goes hand-in-hand with the first step, research. How to find a safe crypto exchange?

You’ll need to shop around and find out which crypto exchanges offer the best terms with a decent amount of cryptos to choose from. But at the same time, you’ll also need to take user-friendliness and accessibility into account.

Some top crypto exchanges:

Most of these trusted exchanges also offer mobile apps which include crypto wallets. This makes the process of purchasing and storing your crypto seamless. In most cases, all you’ll need to do is download the app, sign up, and you’re ready to start using cryptocurrencies today.

Take advantage of crypto gambling at Punt Casino

If you’re wondering what to use your crypto for, why not take a shot at a jackpot to increase your crypto returns tenfold in any of our payout-packed casino games at Punt?

Yes, that’s right. You can get started with crypto gambling too, with all those exciting benefits we mentioned helping you take advantage of faster, safer, and cheaper deposits and withdrawals at Punt.

We have over 1,000 crypto-friendly casino games with the world’s top bitcoin casino games and game providers available on our menu.

But it’s not only our casino games that see you scoring big returns on your crypto. We also offer all our players bankroll-boosting bonuses and free spins promos that could see you double your deposit (or more) instantly when you sign up at Punt.

Take a look at our Welcome Package for example, where you can get 150% EXTRA on your deposit, and get 15 FREE SPINS on one of our hottest slots, Gods vs Titans.

But it doesn’t end there. Visit our Promotions page today to find out about the newest offers at Punt. We also have exciting tournaments and competitions running frequently with big money on the line.

Start using cryptocurrencies and take advantage today

Congrats, your crypto adoption journey is officially underway. As you can see, getting started with cryptocurrency is fairly easy. We hope you’ve learned a thing or two about using cryptos in this article. But remember, we have tons of articles on the Punt Casino Blog that’ll give you an even deeper insight. But for now, welcome to the party, and may the force be with you.

Is Bitcoin Set for a 2023 Bull Run?

February 3, 2023

Is Bitcoin Set for a 2023 Bull Run?

February 3, 2023

Blog » Posts tagged "Bitcoin" (Page 2)

Is Bitcoin Charging for a Bull Run In 2023?

Bitcoin’s price has been enjoying a huge recovery in 2023, with its price up over 50%, leading many to predict that a new bull run is underway. Is this mindless optimism, pure hope, or is there a possibility to their argument?

Let’s look at the current situation with Bitcoin compared to previous cycles, and see what other factors might be behind the suggestion that the Bitcoin bull is ready to romp again.

A Matter of Factors

When we talk about Bitcoin’s bull and bear market potential, we need to take into account two types of factors – internal and external. Internal factors relate to what’s going on with Bitcoin itself, while external factors relate to the wider financial and geopolitical situation.

Being a global asset now rather than an alternative upstart, Bitcoin is buffeted by the same winds that buffet the larger stock indices. These include the strength of certain currencies and the decisions of central banks and governments.

Let’s start with the internal factors that might dictate whether Bitcoin is set for a bull run in 2023 or not.

Bull Run or Bear Market Rally?

Bitcoin may be showing some healthy green candles for the first time in a long time, but it’s important to differentiate between a bear market rally and a full-on bull run. A bear market rally is a sharp, temporary rally that happens within a broader bear market, while a bull market is a cycle-long price uptrend.

Bear market rallies are dangerous because they can suck in inexperienced investors and traders, who hold off until it looks like a bull run is on the cards, before the rug is pulled and the price returns to something like its originating point.

A clear example of this took place with Bitcoin in 2019:

Following its crash to $3,500 in late 2018, Bitcoin enjoyed a six-month bear market rally that took it all the way back up to $14,000 again.

However, just as the uninitiated were getting excited about another potential bull run, it rejected here and spent the rest of the year giving back its gains, almost touching the lows of the December 18 crash. Only when it finally bypassed this $14,00 level again in October 2020 could we really be positive that a new bull market had started.

But what of the current situation? The parallels with 2023 and 2019 are, in fact, uncanny. On both occasions, the Bitcoin price collapsed at the end of the prior year, followed by a slow and steady recovery, and then a multi-thousand-dollar blast. Today, this has left us in a familiar situation:

Bitcoin’s 2019 bounce saw it jump 300% before giving back almost all of those gains over the following year. The situation Bitcoin faces now is very similar – a rise to the equivalent level, $46,500, would only be a 200% jump from its lows. This, understandably, would get many people very excited… perhaps too excited.

If Bitcoin were to reach this level it is likely that we would see a repeat of 2019, where those who believe that a full on bull market is underway are tempted back in, only for Bitcoin to reject there and spend the next few months giving back its gains. For a bull market to be confirmed, Bitcoin would need to stay above this $46,500 level for a prolonged period.

The Halving

There are other factors that suggest that a bull market will not take place in 2023. As we have seen with prior bear markets, Bitcoin typically needs at least two years to be ‘cleansed’ of all the hype before it can start another cycle.

Given that Bitcoin topped out at $69,000 in November 2021, we are only fifteen months into the bear market. Historically speaking, this is still some way short of the typical passage of time Bitcoin takes.

Allied to this, Bitcoin’s market cycles are driven by its ‘halving’, which takes place every four years. Every Bitcoin halving to date has effectively marked the beginning of a bull market following a period of post-bear market stagnation, and the timings look to be lining up with this philosophy once again.

The next Bitcoin halving is in 2024, so it would, again, be breaking with history to experience a proper bull market before then.

The Global Economic Situation

Aside from what’s going on with Bitcoin, we need to consider the situation within the wider economy. Bitcoin has only ever really operated in a booming economy, with the 12-year bull market that was ended by the Coronavirus in 2020 lending itself to a huge appetite for risk.

How times change.

The 2022 Bitcoin selloff coincided with a rapid increase in inflation and the cost of living for many countries around the world. The populations of entire nations are under financial pressures the likes of which they haven’t faced since the 2008 crash that birthed Bitcoin.

This situation means that the flood of new capital that is needed to fund any bull market simply isn’t there, and won’t be until the cost of living crisis is, at least partially, resolved. These things eventually balance themselves out of course, but there are few analysts predicting that 2023 will be the year that the world gets back on its feet – quite the opposite in fact.

2023 Bull Run is Unlikely

Analyzing these factors then, it’s very unlikely that the rally Bitcoin is enjoying will turn into a fully-fledged bull run. There are too many factors against it, from its own historical patterns to the inability of bull run participants to afford to join in, were one to flare.

This isn’t of course to say that Bitcoin won’t enjoy huge gains this year, that’s entirely possible, but once that crucial level of $46,500 heaves into view (if it gets that far), it would be wise to be taking money off the table rather than putting more in.

Learn about HODL and what it means at Punt Casino.

What Does HODL Mean? Looking Back at Bitcoin’s Most Famous Term

December 18, 2022

What Does HODL Mean? Looking Back at Bitcoin’s Most Famous Term

December 18, 2022

Blog » Posts tagged "Bitcoin" (Page 2)

What Is HODL? The History of HODL and Meaning Explained

What is HODL? Before we dig into that, there is 1 thing you should know. Memes and slang words play a big part in communication between members of the crypto community. It’s almost as if knowing the lingo makes you part of the club, and to some extent, it’s true (as juvenile and totally ridiculous as it may sound).

But hey, if you want to join the club, there’s enough room for all. And getting to know the lingo around Bitcoin and other cryptos can be one of the most entertaining, and in the case of today’s article, interesting stages of your indoctrination into the world of crypto. And with that, welcome to the club.

So, what is “HODL”, or “Hodling” all about?

The meme “HODL” is something that you’ll without a doubt come across while dabbling in the world of cryptos. It has become rather synonymous with the crypto space and is an entreaty to hold your bitcoin through bear markets with the expectation that prices will eventually recover.

In modern times, the phrase ‘diamond hands’ has come to replace it in some areas, mostly with the amateur stock market trading crowd. However, “HODL” is the original call to stand firm. But what is HODL? And where did it come from? Let’s find out about the history of HODL.

Surprise, surprise! HODL is NOT an acronym

Many believe that the term HODL stands for ‘Hold On for Dear Life’. This belief refers to the ups and downs of the cryptocurrency markets. It was perpetuated by TV show host John Oliver, who referenced this explanation in his evisceration of the cryptocurrency space in March 2018. However, the real history of the term is much different, and funnier.

The history of HODL starts on December 18, 2013 – two weeks after Bitcoin had broken its all-time high of $1,124 that was achieved only four days earlier. Since hitting this figure on December 4, Bitcoin had experienced a 54% decline. This caused many to believe that Bitcoin had topped out and that the bull run was over. It was a prophecy that turned out to be true.

By December 13, Bitcoin was hovering around $520, with sentiment turning decidedly sour since it was last climbing that level in November. So, what is HODL? Well, at 10:03 AM, BitcoinTalk user, GameKyuubi, who had been a member of the forum since June 2011, wrote and published a now infamous post. This post contained a key misspelling in the title – ‘I AM HODLING’.

That last line is an absolute classic! The post, a helping of word soup that contained mixed capitalization, typos, invective, accusations, regrets, and the not-so-subtle use of language, was written after GameKyuubi had consumed “some whiskey”, which he also acknowledged was misspelled. This, is how the history of HODL began.

“not part of that group”

GameKyuubi informed readers that he was planning to hold bitcoin rather than try and sell at the right time to maximize profit. The reason? “I’m a bad trader and I KNOW I’M A BAD TRADER.” He went on to explain how some traders knew exactly when to buy and when to sell. He also that they were trading on the emotional reactions of other, less experienced souls.

When referring to these expert traders, GameKyuubi asserted that he was “not part of that group”. This is a realization that comes to many newcomers in the crypto space when the Bitcoin price comes down the other side of the mountain having thought they were geniuses on the way up. He crystallized this point at the end of his rant.

“You only sell in a bear market if you are a good day trader or an illusioned noob. The people in between hold. In a zero-sum game such as this, traders can only take your money if you sell.”

A meme is born

If it wasn’t already clear that this would be a post for the ages. One respondent’s simple reply of “HODL!” guaranteed its immortality, with responses such as “WE OL SHAL HODL!” and “Spartans Hodl” coming thick and fast.

One visionary suggested that, “I could see a meme coming from this post with (a) bit of creativity.” He wasn’t wrong. No one needed to ask ‘what is HODL?’ anymore. The notion was immediately clear to all those with any exposure to Bitcoin.

The thread quickly gained popularity. Hundreds of people jumped on board the HODL bandwagon. Although, the message behind it was sorely tested as Bitcoin endured a near 2-year bear market which saw prices plummet as low as $360.

However, comments from the time support the notion that people were indeed HODLing and waiting for the market to rebound, rather than abandoning the principle. This, of course, proved to be the right play.

The last few posts on the HODL thread were made in July 2016 as Bitcoin’s price approached $700 again. This proved the concept was still holding strong:

“Holding is the only thing that makes sense now. Just think about selling now and the price going to 2k in a couple of years.”

Little could this poster have imagined that Bitcoin would hit ten times that figure in a little over half the time. And that, is the history of HODL.

What is HODL today? A solid message

So what is HODL all about these days? The HODL meme has only grown over time as the space has increased in size, valuation, and the number of participants. For obvious reasons, it is particularly prevalent during bear markets when the temptation to sell after having held a loss is increased for fear of further downside.

Along with the general message to hold Bitcoin for the long term, the actual content of the post, which is often forgotten, is also a great lesson for newcomers. Trading in cryptocurrency markets is something that very few people are cut out for. For the inexperienced, doing so is an easy way to lose your bitcoin. Don’t get “rekt”.

Only those who have experience of trading in other markets, or are trying to learn the ropes and are happy to lose money while they do so, should be involved in multiple acts of buying and selling during a bear market.

The vast majority of people, as GameKyuubi says, should simply HODL and not try to outsmart those that are more efficient traders than they are.

HODL is more than a meme

Today, HODL is more than a meme, and certainly more than just a typo – it is almost a franchise. You can buy HODL t-shirts, hoodies, caps, mugs and more. Leaders in the crypto world frequently use the term in their online discussions, and for some, it has come to embody a way of life rather than just a way of preserving wealth.

HODL is becoming a symbol for perseverance and hope, for holding on through the hard times and not giving up, as remembered throughout the history of HODL.

HODL is slowly becoming a 21st-century continuation of the stoic philosophy that dates to around the third century BC. Assuming that it continues to do so, it would be quite something if a drunken typo from a Bitcoin bear market survivor acts as the catalyst to an entire philosophical movement.

The history of HODL is something that those outside the crypto space won’t be aware of. Many will assume, as John Oliver did, that it is a thought-out acronym, rather than a near decade-old misspelling.

Now, however, if you hear anyone trying to make such an outrageous claim, you will be able to proudly explain what HODL stands for – none of that “What is HODL” business anymore – you’re part of the club now.

Learn how Bitcoin reached $20,000 for the first time with Punt Casino.

Bitcoin’s First $20,000 Breakthrough

December 12, 2022

Bitcoin’s First $20,000 Breakthrough

December 12, 2022

Blog » Posts tagged "Bitcoin" (Page 2)

The First Time Bitcoin Reached $20,000 and How

The Bitcoin $20,000 run made many millionaires almost overnight and is remembered as the first time that cryptocurrency really went viral. In this article, we relive those heady days and dig deeper into what happened on the way to the Bitcoin 20,000 breakthrough in some of the most pinnacle moments in its price history.

The roots of the Bitcoin $20,000 bull run

Bitcoin’s $20,000 breakthrough had its roots at the end of the prior bear market. In November 2013, Bitcoin topped out at $1,242 and spent the following 13 months in freefall, with a capitulation event in January 2015 acting as the final flush before the new cycle began.

This flush saw Bitcoin’s price drop from $317 to $152 in just a few days, with mainstream media outlets attributing it to various outside influences, including a hack on the Bitstamp exchange a week before, “anticipation of the Feds selling 100K more bitcoins in light of the #SilkRoadTrial news” in the words of Roger Ver, Russia banning crypto websites, and finally, miners needing to settle their loans.

Whatever the reason, the capitulation put the stopper in the bear market and sparked nine months of accumulation before the price started to rise again and the bull market properly began.

The $1,000 mark was a key level

Nobody took much notice of Bitcoin’s recovery, particularly the media outlets that had predicted its demise – until it crossed $1,000 again. Bitcoin accomplished this 3 years after it had last been there when Bitcoin hit the $1,000 mark for the first time.

Bitcoin remained in this $1,000 pocket for 3 months, finally breaking out and trebling in value by the middle of 2017. The bull market was well and truly raging on, and it was clear that this time around something was different.

More and more first-timers were coming into the market, those who had previously had no interest in Bitcoin but were reading in the news about how it had gone 10x in six months and hearing from friends that now was the time to buy in, which is where the lead up to the Bitcoin 20,000 dollar breakthrough took flight.

Bitcoin fever really began to take hold in the second half of 2017. Popular cryptocurrency exchanges such as Coinbase began to see more Bitcoin purchases than they had ever experienced, as newcomers to the scene raced to pick up a stack.

There was no specific fundamental reason why Bitcoin was experiencing such rapid growth – it was still only accepted in a minority of online stores, and use in the physical world was still largely non-existent.

At the time, a Bitcoin $20,000 price was but a dream, but there were a few companies offering crypto debit cards which seemed to be promising, but this form of adoption was still in its infancy. As before, this bull run was cyclical, with the Bitcoin halving, which had occurred in July 2016, once again providing Bitcoin price history right in dictating a bull run.

The ‘Block Size War’

Despite all the positivity and price increases, there was one issue that threatened to tear Bitcoin apart in 2017 – the block size war. The war over Bitcoin’s block size had been brewing for years, but in 2017, the battle was in full swing. Within the Bitcoin world there were, broadly speaking, two camps – those who wanted Bitcoin’s block size to stay at 1MB, and those who wanted to expand it.

As Bitcoin had become more popular over the years, the blocks that formed Bitcoin’s blockchain were filling up with an increasing number of transactions. This caused transaction prices to increase and the network to become slower, as the only way to get a transaction through in a reasonable time was to pay a higher fee to miners for processing it.

There were various solid arguments on both sides of the block size debate, and a series of attempted compromises led to the New York Agreement in May 2017. This is where Bitcoin-related companies and miners decided to implement SegWit2x – a 2-stage amendment to Bitcoin’s protocol aimed at solving the scaling problem – at least enough to satisfy most moderates.

The birth of Bitcoin Cash

However, this wasn’t enough for some of the ‘big blockers’, who announced that they would launch a competing coin off the Bitcoin blockchain (called a ‘hard fork) if part 1 of SegWit2x was activated as planned in July.

This was a problem for Bitcoin because if the alternative, called Bitcoin Cash, proved more popular than the original, it could have led to this alternative coin becoming the official ‘Bitcoin’, and a Bitcoin $20,000 price never being reached.

When the New York Agreement was announced in May, Bitcoin’s price jumped 65% in nine days. However, the concerns over what might be about to happen with the hard fork caused the Bitcoin price to tumble 30% in the weeks leading up to August 1.

Fortunately, fears over what the hard fork might do were overblown, and when it finally happened, it became clear that the original Bitcoin was still the preferred coin by miners, and the worries were swept away.

As a result, Bitcoin’s price continued on its stratospheric journey, jumping 170% to $4,900 by early September, with the idea that it might double its block size in just a few weeks. But for a Bitcoin 20,000 price to be reached, there was still a lot that needed to happen.

Bitcoin fever hits… hard

By September 2017, Bitcoin fever struck hard. A whole new breed of buyers was emerging, buoyed by the sudden ease with which BTC could be acquired – it was easier than ever to buy bitcoin with a bank card, and the numbers showed. Buying volumes went through the roof on all exchanges, including the newly launched Binance, with those who knew nothing about Bitcoin simply joining in for the ride.

It wouldn’t be long however before a familiar foe would enter the fray and test holders’ strength – China. China had effectively ended the 2013 bull run by announcing that banks were not allowed to handle cash connected to crypto exchanges, severing a vital lifeline at a time when Bitcoin was heavily China-driven.

This time around, in mid-September, the Chinese government went one further – it was banning cryptocurrency exchanges from operating in the country altogether, and there was no hope for a Bitcoin $20,000 value.

Despite the Bitcoin market being much more heavily diversified in 2017 than it had been four years earlier, the market still reacted badly – Bitcoin’s price fell from $4,178 to $3,000.

However, the general direction of the market was too strong for this to have any kind of long-term impact, and many exchanges experienced their biggest weekly Bitcoin buying volume of all time as a direct result, propelling the price from $3,000 to $8,000 in less than two months as Bitcoin shrugged off concerns over China.

Bitcoin Cash takes the lead

The coin experienced one final moment of peril before its race to the Bitcoin $20,000 mark, brought on by the block size war once again. On November 8, the architects of the New York Agreement revealed that the 2x element of SegWit2x, the block size doubling, would not go ahead, citing a lack of support.

This led to a surge of support for the new Bitcoin Cash coin, which rocketed in price while Bitcoin dropped 29% within a few days.

However, this support didn’t last and it was realized that Bitcoin Cash had missed its chance to overtake Bitcoin. Bitcoin Cash’s price surge faded just 4 days after the announcement, and, with the block size wars now over, Bitcoin is prepared to take center stage once again.

Bitcoin futures fuels the fire

Having seen off the competition, it was now purely a case of how high Bitcoin could go. By now, you couldn’t budge with mainstream media outlets discussing its incredible rise, fueling a buying spree that saw exchanges having to limit the number of new registrations on a regular basis. Bitcoin breached $10,000 for the first time at the end of November, leading to one of the craziest months in Bitcoin history, and finally the Bitcoin 20,000 dollar price.

In early December, twin announcements from the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) revealing that both had been given licenses to launch Bitcoin futures on their platforms led to one of the most explosive episodes in Bitcoin price history.

The price jumped from $11,600 to $16,500 in just 48 incredible hours. This presented the first institutional adoption of Bitcoin, and Bitcoin enthusiasts reveled in the news.

After a brief drop to $12,750, the coins rebounded and finally, we saw a Bitcoin $20,000 price value hitting the charts on December 17, 2017, marking an incredible run from just $800 the year before.

The mania was out of control, with predictions of $50,000 and even $100,000 doing the rounds. However, as it would turn out, this was to be the end of Bitcoin’s amazing run, with Bitcoin maxing out at $20,000 – for the time being, at least.

What stopped the runaway train?

There are several theories as to why the Bitcoin $20,000 run ended. One of the most compelling is that, contrary to the belief that the introduction of futures contracts by institutional players would help propel Bitcoin further, it actually acted to stop it in its tracks.

Futures markets allowed institutions with balance sheets bigger than Bitcoin’s entire market cap to short it (to place bets that it would go down) and use their influence to make sure it did. In fact, in 2019, Commodity Futures Trading Commission (CFTC) chairman at the time Christopher Giancarlo admitted as much in an interview:

“One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the National Economic Council director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.”

Bitcoin’s price history suggests that this is exactly what happened, and where Bitcoin would have gone had the U.S. authorities not gotten involved was a matter of much debate. Some who argue that it had been going parabolic for long enough and it was natural that it was going to come back down when it did.

Others, however, argued that with the number of people still waiting to buy in, it could well have kept going for some months more.

Of course, we’ll never know the answer to this question, but the Bitcoin $20,000 run in 2016-2017 will be remembered as the first time the general public got a foot in the door with Bitcoin – a love affair that has only grown stronger as the years have passed.

Slot Machine Money: Tips On How Much To Play With

December 8, 2022

Slot Machine Money: Tips On How Much To Play With

December 8, 2022

Blog » Posts tagged "Bitcoin" (Page 2)

Slot Machine Money: How Much Is Enough?

How much money should you put in a slot machine? There is no clear-cut answer to this question.

How much slot machine money to deposit depends on:

How much budget you have
The minimum and maximum bet on your slot(s) of choice
Whether the progressive jackpot can only be won by placing the max bet
How long you plan to play for

You’ll notice that each slot has a customisable bet amount. The slot will have a fixed minimum and maximum bet. You can adjust this to suit your style of play. Many people prefer to try out a new slot by making the minimum bet. This is until they’ve figured out the slot’s mechanics and feel more comfortable placing larger bets. Some players are high-rollers by nature, and don’t care too much if they are betting at the max bet. They’re just interested in those wins! Plus, you will always win more the higher you bet. No risk, no reward!

With that said, let’s take a look at some considerations when it comes to deciding how much money you should put in a slot machine.

Determine Your Budget

You should apply this to your gaming as a general rule. It’s important to set a spending limit and to not go over that amount.

It’s important as an online gambler to set a strict limit for yourself. It’s also crucial that you don’t fall into the trap of chasing your losses. If you haven’t won, don’t increase your spending limit in the hopes that the next spin is going to yield results. Rather walk away, and come back the next day once your budget is reset, and your mind clearer.

Each slot has a minimum and maximum bet

If you’re familiar with online slots, you’ll know that each slot differs when it comes to a minimum and maximum bet allowance.

Some slots have a super low minimum and maximum bet – perfect for the more conservative bettors.

While other slots cater to the high-rollers who have some cash to spare.

Progressive jackpots, for example, usually have a relatively high max bet amount. You’ll notice that oftentimes you won’t be able to qualify for a jackpot win unless you’ve placed the max bet.

Naturally, this is going to impact how much slot machines cost to play. This is great news, though, as it means that there is a slot to cater for all types of bankrolls. You won’t be strapped for choices just because you want to bet more conservatively. And you won’t have to worry about a slot machine chewing up a small budget if you know exactly which ones offer a low minimum bet.

How long you plan to play for

If you’re just looking for a quick game to play while you sip on your morning cuppa, then you’ll have a pretty fair idea of how much money you want to deposit.

If you’re planning on playing for a few hours, then you’ll likely want to deposit a bit more into your account.

The amount of slot machine money depends on how long you plan on playing for. The longer you play, the more you should deposit.

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FAQ

Does it matter how much money you put in a slot machine?

Nope. The amount of money that you’re depositing into a slot really doesn’t matter. Your odds will remain the same. The only thing it does impact is how much you win – with larger bets usually accumulating larger wins. This is especially true when it comes to multipliers in Free Spins rounds. The higher your bet per line, the higher your prize multiplier.

What is the best amount to bet on a slot machine?

This is entirely up to you, and depends very much on your budget. If you prefer to bet conservatively, go for it. If you’re a high roller and want to go all in, that’s fine, too. There are a variety of betting amounts to choose from, and each slot has its own minimum and maximum bet. At the end of the day, it’s about placing bets that you feel comfortable with and that don’t go over your allocated budget.

Is it better to put more money in a slot machine?

If you bet more money, then your total win will be higher. But this also means that you could lose your bankroll faster.

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5 Features Great Casinos Have in Common

November 24, 2022

5 Features Great Casinos Have in Common

November 24, 2022

Blog » Posts tagged "Bitcoin" (Page 2)

5 features a great casino will never skimp on (and neither should you)

There are TONS of online casinos out there. Every year, new online casinos are popping up. Some licenced, some not. Some great, many average. Some legit, others… not so much.

With all of these choices (and very little direction), how do you ensure that you’re choosing a casino that is valuable? One that ensures premium entertainment, maximum bonuses, and absolute fair gaming? That’s where we come in.

We’ll guide you through the 5 features a great casino will always have, and which you should never skimp on.

Naturally, Punt Casino has all of these (and more), so if you haven’t created your account with us yet, do it now!

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Let’s take a look at 5 crucial things every brilliant online casino has in common.

5 Features of a Great Casino: #1 Sensational Games

This is where many casinos differ. You’ll notice that some casinos offer a small selection of games, which may be quite limiting if you’re a player that prefers variety. Others offer an impressive variety, and tick all of the gaming category boxes.

At Punt Casino, we literally have thousands of games. These include a solid selection of the finest slots, table games such as blackjack and roulette (as well as many of their varieties), video poker, and specialty games such as poker.

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Why this matters: Much of your win potential is determined by the type of games a casino offers. Additionally, many casinos have bonuses with wagering requirements – which means that you’ll need to wager on games in order to cash out your winnings. If a casino has a lousy variety of games, or doesn’t offer high-value slots with a decent RTP, you’ll be sorely disappointed, and those wins will trickle in snail-pace style.

Quality wins (and games) are only possible if the casino has partnered with premium providers. Punt has – including the likes of award-winning brands such as BetSoft and Tom Horn Gaming.

5 Features of a Great Casino: #2 Bangin’ bonuses

I mean, this one is pretty obvious. Casino bonuses are a massive drawcard for any online gambler. An enticing welcome bonus, generous promotions, and real-world giveaways are massively alluring. Any player who wants to experience the thrill of a win, or who wants to be rewarded for their gameplay, will be looking for a casino offering impressive bonuses.

Punt’s welcome bonus is hella cool

If you play at Punt, you already know that we’ve got this one down on lock. We start you off with an epic crypto welcome bonus: up to 6 BTC and $25 Free Chip. Read more about how to claim this here.

Then, we continue to shower you in spoils with weekly bonuses in the form of deposit matches.

Deposit match bonuses to keep you winning

Make Monday blues a think of the past with a generous deposit match, which is yours to claim every single Monday thanks to Punt’s GM Reload promotion.

Then, log on any day of the week and make the most of Punt’s brilliant Blockbuster Bonus, a tiered offering where you decide how much you want to play with.

Punt’s always up to something

This, of course, is in addition to myriad real-world giveaways, where you can win trips abroad, the latest iPhone, laptops, and so much more! Keep your eyes peeled for promotional drops on the reg – follow us on social to stay on the pulse, and add us to your safe senders in your mailbox so you never miss out!

5 Features of a Great Casino: #3 Super safe payment methods

Safety is obviously a huge priority. It’s important to have the peace of mind that comes with playing at a legit casino that takes your security seriously.

The benefit of playing at a crypto casino

When you play at a crypto casino, you are automatically benefiting from higher levels of security than a traditional online casino offering only fiat currencies. This is because crypto casinos such as Punt completely do away with third party payment providers. Blockchain technology keeps you safe whenever you transact at our casino, and all of the cryptocurrencies we offer are completely safe and trustworthy.

If you want to know more about what makes online casino deposits and withdrawals at Punt Casino safe, read this blog.

5 Features of a Great Casino: #4 Excellent customer support

There is nothing more frustrating than bad service. It’s the pet peeve of many. If your customer service sucks, it’s a surefire way to ensure a steady decline in customers.

Support agents are there to do just that – support you in your time of need! At Punt Casino, we promise to never blue tick you. Our support staff are available 24/7 to assist you with any query you may have. And if you prefer to avoid human interaction at all costs, we’ve covered everything in our FAQ.

Same, girl. Same.

5 Features of a Great Casino: #5 Seamless navigation and site speed

This is a no-brainer. Imagine logging on to your favourite social site, streaming site, or gaming site. It doesn’t matter what site it is – if it takes ages to load, you’ll likely be outta there faster than you can say ‘thank u, next’.

Human beings are so used to instant gratification that there’s really no debate. If a site takes too long, or if games buffer, you’re probably not at a casino that takes gaming as seriously as we do.

Great casinos ensure that their site loads with lightning-speed, that their games render flawlessly on desktop and mobile, and that navigating their site is a breeze.

In summary: 5 features great casinos share

Now that you know the 5 features of a great casino, we’re sure you’ll never settle for less again. Make sure that you’re signed up with Punt Casino to immediately experience the best of the best:

An enticing and varied game selection
Exceptional bonuses
Secure payment methods
Excellent customer support
Intuitive navigation and fast site speed

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Punt Casino explains how the Bitcoin price reached $1,000 for the first time.

How Bitcoin Reached $1000 for the First Time

November 23, 2022

How Bitcoin Reached $1000 for the First Time

November 23, 2022

Blog » Posts tagged "Bitcoin" (Page 2)

When Bitcoin Hit $1000, the World was a Very Different Place

There aren’t many people still in the crypto space who were around when “Bitcoin $1000” was creating headlines. Of those that still are, even fewer would have thought such an achievement was possible when it was languishing at just $2 two years prior. How did this momentous piece of Bitcoin price history happen? Let’s find out.

The two-dollar bear market

It’s November 2011. Barack Obama is approaching his third year in office, the world is getting back on its feet after the financial crisis, and Bitcoin is floundering. 5 months earlier, it had been riding high at $30, with illicit marketplace Silk Road giving Bitcoin its first use case and propelling it to unthinkable highs. But then, suddenly, the fun stopped.

Between November 2011 and June 2012, Bitcoin lost 82% of its value as exchange after exchange was hacked. Millions of dollars from users were lost in the process, and confidence was lost. This led to many of the remaining holders selling up and leaving the space, as the experiment seemed dead and buried. Six months after hitting its all time high, Bitcoin was again languishing at just $2.

This crash led to the first real exposure of Bitcoin in the mainstream media. Many news outlets covered the Bitcoin bubble, and very few were complimentary – even those that understood it. The rise of Silk Road was a major talking point, with a leaked FBI report from April 2012 stating that Bitcoin would “become an increasingly useful tool for various illegal activities beyond the cyber realm.”

Stagnation to recovery

2012 was a year of stagnation for Bitcoin, with many wondering if its best years were already behind it. However, the price slowly rose over the year. It regaining double figures by August, aided by an increase in adoption. Blogging site WordPress announced that it was accepting bitcoin while French exchange Bitcoin Central gained a banking license, resulting in a slew of positive headlines and a much-needed reputation boost for the cryptocurrency.

By early 2013 there were definite green shoots as payment processor BitPay surpassed 10,000 bitcoin transactions without one incident of fraud. Of course, this poured cold water on the claims that bitcoin was only used for nefarious means. All this positivity, coupled with the pressure of 18 months worth of consolidation, led to the building of a powder keg that exploded at the very start of 2013. Bitcoin ran from $13.30 to $230 within four months without pausing for breath.

The Cyprus factor

There was an important factor behind Bitcoin’s rise in early 2013, and one that brought its basis as a decentralized currency to the fore. The Mediterranean island of Cyprus was gripped by a financial crisis at the time, which resulted in the government and central bank deciding to tax bank deposits as a way of raising $7.5 billion.

The authorities also enforced withdrawal restrictions to avoid potential bank runs. This led to negative headlines across the globe and forced citizens to seek out cash alternatives. It didn’t take long for Bitcoin to grab their attention, and Cypriots began using it to store their wealth.

When a financial rescue package was implemented and the restrictions were lifted, it was expected that things would return to normal.

They didn’t, however. Cypriots, no longer trusting their financial overlords, rushed to withdraw their funds, many using them to buy the un-taxable, un-confiscatable, Bitcoin. This run to $230 was a stick in the eye for the critics, and highlighted Bitcoin’s elegant design. Finally… there was another way.

Silk Road arrest is a springboard

Of course, all good things must come to an end, and Bitcoin’s early rally faded. By July 2013 it was back to $67, leaving many wondering if they were in for another 18-month bear market. If anyone was in any doubt as to the role that Silk Road was playing in Bitcoin’s success at this time, they only needed to look at what happened on October 2, 2013.

Silk Road’s founder, Ross Ulbricht, was arrested in San Francisco – Bitcoin’s price plunged from $125 to $100 within just 90 minutes of the news coming out. This was followed by days of negative stories worldwide about Bitcoin and its connection with Silk Road. It seemed that a bear market was a certainty, and that Bitcoin’s price history would forever show that $230 was the top of the bull run.

However, as many of us know, Bitcoin is a one for doing the opposite of what anyone expects, and this was no different. Buyers gobbled up the 20% discount and Bitcoin was back at its pre-arrest price within a week – boom! Not only that, it did what it had done at the start of the year and simply took off, doubling in price in less than a month and kicking off a second bull run of 2013 that almost no one had predicted.

China bitten by the bug

Again, geopolitics played a part in this second bull run. Seemingly from nowhere, the Chinese middle-class began throwing their money at Bitcoin. Demand was so high that when Bitcoin crossed $500 in November, some Chinese exchanges were pricing Bitcoin at $1000.

The reason why Chinese investors were rushing to Bitcoin was, again, down to its decentralized nature. It was perfect for getting around China’s tight capital controls, which prevented rich Chinese citizens from moving too much money overseas. Suddenly, they could transfer their money internationally, without catching the gaze of the authorities.

Another reason why Bitcoin’s price was able to take off, was Mt. Gox, a Tokyo-based exchange which launched in July 2010. Mt. Gox was the template on which all Bitcoin exchanges have since been built. By November 2013 it had hoovered up users from all other platforms and became the biggest Bitcoin exchange in the world.

This influx of investment into Bitcoin and the ease-of-trade it presented had the obvious effect. The price of Bitcoin jumped 400% in the space of three weeks to November 30, when Bitcoin reached $1,000 for the first time. This run turned many early investors into millionaires practically overnight, and dashed all fears that the Silk Road affair would kill Bitcoin.

A memorable time – bitcoin finally reached $1000

The Bitcoin $1000 run took in some of the biggest stories in its history. It allowed the world to see for the first time the power of a borderless, decentralized currency. Mainstream media outlets that had predicted Bitcoin’s demise were forced to eat their words.

Although, the other side of this historic run allowed them once more to stick the knife into Bitcoin. Less than a week after the Bitcoin $1000 milestone was surpassed, China banned any financial and payment institutions from dealing with Bitcoin-handling companies. As a result, Mt. Gox went bankrupt a month or so later, having lost 850,000 bitcoin to hackers.

Those who were around will remember the Bitcoin run to $1,000 with great pleasure, particularly, because it came on the back of the predictions of Bitcoin’s demise following the collapse of Silk Road. This event, one that all early-adopters will remember forever, remains a pivotal time in Bitcoin’s price history.