In the early days of cryptocurrencies, when Bitcoin was still small, a lot of fans were not aware of its potential. One of the first sectors to accept and adopt Bitcoin was online poker, which was looking for a way to expand their payment methods, and it continues to grow as a payment option on Indian gambling sites.
Let’s take a look at the early days of Bitcoin in online poker and how much would those early winnings be worth today, in light of the quick rise of the Bitcoin price.
The Rise of Bitcoin in Online Poker
Bitcoin was originally launched in 2009 with an inital price of $0.00099 per bitcoin, but it took a few years, until 2011, for different businesses to start to adopt it. Online poker, which already had widespread popularity became one of the first industries to use Bitcoin as a payment method.
A lot of early users started to be aware of the benefits of cryptocurrencies and ended up making a lot of money from starting early in this industry. The benefits of paying with Bitcoin included reduced transaction costs, increased financial anonymity, and quick processing times.
As the online poker community adopted Bitcoin, a number of legendary players started to arise, which had a lot of impact on the game as they earned a lot of money.
There were a lot of players that became associated with the early success of Bitcoin in online poker, which highlighted the potential of cryptocurrencies to change the landscape of online gaming for ever.
The Value of Early Bitcoin Wins Today
There is a lot to take into account as the Bitcoin price development was extremely slow at the start. In 2011, the cost of Bitcoin was very low, and all the early transactions were being priced in cents. It all changed when Bitcoin started to gain a rise in popularity and its value shot up dramatically.
At the end of 2013, only two years after the first industries started to accept it as a payment method, the value of Bitcoin reached over $1,000.
To determine the typical purchase price of Bitcoin during that time period, we’ll concentrate on the transactions that took place in 2011 because that was the year that Bitcoin’s finally started to gain some acceptance.
So, let’s say that a player won $1,000 during a 2011 online poker event and during that time, Bitcoin was costing around $1.
If they held their earning until Bitcoin’s value started to get higher, such as when it reached $100,000, then their initial investment of $1,000 in Bitcoin could be valuing over an incredible $100 million.
The Impact on the Players’ Lives
If the players that were able to make these impressive wins actually kept their digital wealth and did not spend it then the impact it had on their lifes will have been nothing short of amazing.
A win of this size would been able to give financial freedom and allow the players to pursue long-held goals and even engage in whatever business they want thanks to a few dollars in victories that ballooned over time into enormous riches.
These early Bitcoin poker triumphs have a lot of lessons for the larger cryptocurrency community to learn. First of all, it is extremely important to be able to foresee any future possibility, especially when it comes down to new technologies even if they appear speculative or untested.
Second, these players are great examples of the importance of keeping digital assets and not selling them quickly as they had a lot to gain from standing firm amid market turbulance and knowing the right time to sell.
Bitcoin has opened the way for a lot of other cryptocurrencies to be accepted into the world of online poker and similar industries. The use of digital currencies has become even more simple and convenient as this new financial ecosystem develops.
On a lot of online poker platforms, besides Bitcoin, other cryptocurrencies such as Ethereum, Litecoin and numerous stablecoins are also accepted, and this is becoming increasingly popular in India today, in fact you can click here for the best indian gambling sites and find out for yourself what the fuss is about.
Potential Risks and Regulatory Challenges
Despite producing a lot of success stories that are highly motivating, it still is very important to be aware of all the hazards and regulatory difficulties that come with employing cryptocurrency in online poker. Most of those are because regulating organizations are now examining a lot closer these procedures than they were during the beginning of Bitcoin.
That happens due to the decentralized and pseudonymous character of digital currencies, which brings a lot of worries about money laundering, tax evasion and fraud.
The early Bitcoin victories in online poker are part of history and have become evidence of the revolutionary potential of cryptocurrencies. The potential of growth that the digital currencies bring is something that can change many lifes as it happened to players from the modest beginnings of Bitcoin.
The influence of these early Bitcoin poker pioneers will be recognized many years to come as they will be seen as trailblazers in a environment that is always evolving and changing. We can only expect when the next lucky players will experience a moment like this.
