Joe Explains Crypto, In His Own Words
Everyone’s been banging on about Crypto since 2009, and while being a patron at Joe’s means you are smart and savvy by definition, for some reason it seems the world of crypto is still out of reach for us everyday blokes and blokettes.
No longer, I say!
Crypto shouldn’t just be for financial big-wigs or techpreneurs. This currency should be for your street, not just Wall Street, whether you live in Liverpool, Launceston or Longreach.
As the leader of the world’s best online Bitcoin casino (according to me, anyway), I’m going to help to decrypt crypto for the average Joe around here, in terms that even your dopey mate Davo will be able to understand.
I’ll also share some golden opportunities for chalking up some wins using crypto at the top online bitcoin casino in Australia… and yes, that would be Joe Fortune Casino, as I pointed out earlier.
Let’s get started.
What is crypto… really?
For all of us laymen wanting the simplest possible explanation, here you go:
Cryptocurrency is money that you use online. A digital currency.
But instead of banks or governments controlling the currency and trying to control its value, crypto is run by the people who use it.
There’s no regulating authority, no physical coin or bill, and no prodding into your personal information.
Instead of hoity-toity organisations verifying transactions by trawling through your personal financial information, everything is instead verified through a series of unique encrypted codes.
It’s these codes which allow transfers to go from the right person to the right person, with no one meddling in between.
While Bitcoin was the first ever crypto with a name that “stuck”, so to speak, it actually wasn’t the first virtual currency ever made.
An American cryptographer named David Chaum developed the first known electronic currency operating via encryption in 1983, called “ecash”, which later became the inspiration for Bitcoin.
A few other currencies came and went until 2009, when an anonymous creator going by the alias “Satoshi Nakomoto” created Bitcoin, which swooped in like a seagull at a chip shop and took over the whole scene.
The Evolution of Bitcoin
The first ever real-world transaction made with Bitcoin was for two large pizzas in 2010 for 10,000 BTC, or about 40 US dollars.
Then in 2011, Bitcoin developed a bit of a shady reputation when it became the currency of choice on the infamous dark web marketplace Silk Road, making it synonymous with online crime.
From 2012-16, other more legitimate companies like WordPress, Microsoft, and PayPal rescued the digital currency from its angsty teen years by starting to accept it as payment, paving the way to legitimising cryptocurrency among regular folk on the regular internet.
Which brings us to today, where Bitcoin is considered a trusted form of payment in much of the world, with over 400,000 transactions taking place daily – many of them right here at Joe’s for crypto gaming!
Market Value Over Time
If you want to understand crypto and all the hype about its skyrocketing value, you’ve got to understand how it has moved in the market over time.
To put things in perspective, when Bitcoin first got going in 2009, it was valued at less than a penny per individual “coin”, or BTC.
It experienced drastic ups and downs in the following years, but it really hit the news in December 2017 when it reached a staggering $20,000 per coin.
2018 saw Bitcoin drop down again to $3,236, but it’s been steadily rising again since, reaching around $35,000 at the start of 2022.
Bitcoin isn’t the only player in the game. And by other players, of course, I don’t mean players of Bitcoin slots or fellow crypto gamers who sign up and get you the $225 referral bonus through Bitcoin.
No, I’m talking about the other digital currencies out there. Which, over the years, have reached over 20,000 in number. And that’s not even counting NFTs, but they’re a whole other kettle of fish.
Some of these other contenders include Litecoin (one of the earliest so-called “alt” coins), which was launched in 2011 by an MIT graduate, and 2013’s Dogecoin, which started as a joke based on a popular meme. Ethereum jumped on board in 2016, Bitcoin Cash came out in 2017, and Bitcoin SV soon after in 2018, to name a few other big hitters.
We may not be back in the golden age of 2017, but as of today, Bitcoin is considered a monolith in the financial world.
Most recently, from September to October 2022, the price of Bitcoin has been hovering around the $19,000 to $23,000 range, having fallen from just over $39,000 a year prior.
While Bitcoin has experienced massive highs and lows, over the long term it has moved steadily upwards since its inception, and some experts project it will hit $100,000 in the not-too-distant future.
Fun Facts About Bitcoin
And now, my friends, with all of the background you have about Bitcoin, we move on to the fun facts portion of today’s lesson with some interesting tidbits about Bitcoin.
Tidbit #1: Bitcoin is officially considered legal tender in El Salvador, and has been since September 7, 2021.
Tidbit #2: Only 21 million Bitcoin can ever be produced, and 2140 will be the year that the last Bitcoin created.
Tidbit #3: Worldwide there are almost 100,000 millionaires who earned their fortunes from Bitcoin. That’s almost Joe Fortune Big Winner level, right there!
Playing Crypto at Joe Fortune
As the operator of an online Bitcoin casino in Australia – well, not just any, but THE online Bitcoin casino in Australia – I can tell you from my own experience that crypto is the best way to play online pokies.
It’s just so much faster and more convenient than any other method. It works lightning-fast; both your deposits and withdrawals are cleared within minutes, and you don’t need to provide any personal information for them to be processed.
If you haven’t dipped your toe into crypto yet, there’s no time like the present! To help you along, I’ve even got guides on choosing the best cryptocurrency and getting yourself up to speed on blockchain.
You can then pick from some of the best crypto gaming features in Australia, like our Hot Drop Jackpots which have three jackpots that must drop at certain intervals throughout the day.
Bitcoin is here to stay. So while all the tech-heads are gambling on the crypto exchange market, now’s the time to get stuck into some jackpots at a Bitcoin casino like ours at Joe Fortune Casino.