In the news, we’ve come to consider bitcoin purely in terms of value and predictions. If you do a search for the cryptocurrency on any given day you’ll find a virtual library of articles about what its price has done in just the past 24 hours, as well as a slew of predictions and projections from investors and experts about where it’s going next. This all makes plenty of sense given that we now almost universally view bitcoin as a commodity rather than a currency, and price-tracking and projection are important. However, bitcoin is also still a new asset, which means it’s always developing in exciting ways – some of which may have a bearing on price. So every now and then it pays to look past the investor-related headlines to find some of the underlying news in bitcoin.
These are some of the more recent and relevant stories you don’t tend to hear about unless you look for them.
Bitcoin Catching On In Venezuela
If you run a search for bitcoin and Venezuela, you’re likely to come across a few nonsensical stories about the country looking into adopting cryptocurrency in an official capacity. At least in 2018, this is an absurd proposition, and is simply not realistic. However, it is true that the country is becoming a cryptocurrency leader as a result of a local currency crisis. With the country sadly mired in conflict, the economy has struggled mightily, and citizens have turned to bitcoin in large numbers to avoid losing wealth in the Venezuelan Bolivar. It may or may not have any long-term effect on bitcoin universally, but it’s somewhat fascinating to watch.
Bitcoin Is Being Used In Casinos
A lot of people don’t quite realize how much money changes hands globally in online casinos. In fact, we can’t really put a number on it, but suffice it to say it’s in the billions. This leads to an ultra-competitive environment, which in turn produces new gaming sites all the time. There are already many of them, and the past year has seen a massive boom in new sites. A number of these new sites have started to experiment with accepting bitcoin for deposits, as well as paying out prizes in cryptocurrency. It’s unclear at this point if this is part fo a growing trend or just a perk of a few sites, but there’s certainly a chance it catches on.
A Chinese Girl Tried To Live On Bitcoin
China has been famously indecisive as far as forming a coherent government strategy for dealing with cryptocurrency. In the midst of the indecision though, one girl attempted to live for 21 days on bitcoin alone, and even became the subject of a documentary for doing so. It’s actually a very interesting idea and one that could well lead to similar documentaries or even series elsewhere. However, in this instance the girl failed. In a way, it loosely proved that bitcoin is not at this stage a viable everyday currency.
Bitcoin Whales Are Becoming More Interesting
If you haven’t heard of a bitcoin whale before, you may want to familiarize yourself with the term and concept. Bitcoin whales are essentially heavily invested individuals. They may or may not have been particularly wealthy when they started out, but these so-called whales now represent about 1,000 accounts that own 40 percent of the bitcoin on the market. Needless to say those accounts are now worth millions upon millions of dollars, and have massive sway over the direction of bitcoin. And the more widespread cryptocurrency gets, the more interesting these whales are. If even a few of them make significant movements, the whole market can be affected.