Stock trading, gambling, pornography – these are just a few of the things that could contribute to the so-called “rise and rise” of Bitcoin.
Many of us ask, “What is going to make Bitcoin mainstream?” One would think it was reasonable to examine these areas and ponder how Bitcoin could improve them.
Online stock trading is the norm for investors and traders over the past decade. This is a big improvement over the old ways of doing things, which entailed calling a stockbroker and placing an order on the telephone.
There are many companies, like TD Ameritrade, Etrade, Scottrade, Fidelity and others offering such services. In a study July 2013, Brian Bloch found that, just like online gambling, online stock trading gives the participant an addictive rush.
Bitcoin could streamline the experience of buying and selling stocks online namely due to the ease of obtaining and sending bitcoins.
What’s more, there are already plenty of ways to play public markets on the internet.
Between 2009-2010 in the UK, 4% of adults had bet online, and from April 2010 to March 2011, online gambling yielded £660.74 million. The global online gambling industry represents one of the largest and quickest growing markets in the world, with a current net worth of $30 billion.
Betting was the highest grossing activity in global interactive gambling last year. Some dominant games in online gambling are wagering, casino and poker. One of the main driving factors of gambling industry growth is internet penetration.
In 2012, European online gambling operators saw an almost 45% increase in their total online gambling yield. Approximately 51% of the global population gambles in some way every year.
Unsurprisingly, online gambling is also one of the most addictive activities online. Because online gambling has become so popular, the youth of today are more apt at those finding corners of the internet in which one can gamble on almost anything.
Gambling has already adopted Bitcoin. Here is a list of the most popular, Bitcoin-accepting gambling sites.
56% of Britons watch porn at least occasionally, while 15% do so on a regular basis. 53% of UK women read erotica novels at least occasionally. 70% of Australian men view porn online. 70% of UK students said porn was seen as normal by their peers at school. 64% of American men view porn at least monthly, while 79% of men ages 18-30 view porn at least monthly. There is, in a way, a porn epidemic, according to some. 70% of men have looked at pornography.
Not even Christians are spared.
Although but a small percentage of men use paid websites for pornography, one could reasonably assume these individuals would be more apt at spending bitcoins on a porn site than uploading a credit card with personal information, thus leaving a papertrail.
Moreover, porn loves new tech.
“Generally speaking, porn is an early adopter of anything related to new technology. If you look back, they were the first to adopt many of the new video formats,” according to Fred Ehrsam, a former Goldman Sachs currency trader now owns Coinbase.
Video game addiction is a know addiction and even causes death. Its severity has grown in the 2000s, especially with the help of massive multiplayer online role playing games like World Of Warcraft, which is known for its “WoW Gold,” a virtual token for use within the game. One clinical psychologist claims 40 percent of World of Warcraft players are addicted.
One could reasonably assume that, for many of these games, instead of using fake digital tokens with little real-world value, the use of Bitcoin would raise the stakes, attracting more players to online gaming.
The abovementioned sectors are ripe for Bitcoin penetration and could go a long way towards increasing velocity of Bitcoin on the internet. Importantly, many of these sectors have been first movers into the Bitcoin world, but it is likely we have not seen the final exodus away from credit/debit to Bitcoin in many online activities.