From Fringe to Front Page: Inside The Rise of Crypto

Travel back 15 years in time, and the word “cryptocurrency” would have most people scratching their heads.

But now? Crypto has become a household name. Currencies like Bitcoin, Ethereum, and Litecoin have found their way into people’s everyday lives (and, of course, their wallets). That said, the rise of crypto hasn’t stopped at finance. Its reach has extended to various parts of life and culture, from entertainment to gaming (including in online casinos like Ignition Casino).

So, how did crypto come so far? Where did it begin, and where is it headed? Discover these answers and explore how cryptocurrency went from a niche curiosity to a global phenomenon.

Bitcoin is Born: The Start of a Financial Revolution

To uncover the origins of cryptocurrency, you’ve got to go back in time to 2008. It was then that an anonymous person (or group of people) by the pseudonym of Satoshi Nakamoto created the first-ever cryptocurrency, Bitcoin. The coin was launched to the public in January 2009. The following year, the first commercial transaction using Bitcoin was recorded when an American man named Laszlo Hanyecz bought two Papa John’s pizzas for ₿10,000. Nowadays, that would be two very expensive pizzas.

The first few years post-launch were a rollercoaster ride. Its early adopters included people on the black market, which called into question the safety and legitimacy of the coin. With this in mind, it wasn’t a huge shock that several governments and companies worldwide weren’t on board with Bitcoin. For example, in 2013, the People’s Bank of China announced a ban on Bitcoin for all Chinese financial institutions.

Despite the challenges and fluctuations, Bitcoin has survived and thrived. In the years since its launch, Bitcoin has exploded in both value and popularity. At the time of writing, Bitcoin is valued at over A$160,000 per coin and has a global market cap of roughly US$2 trillion. Millions of people around the world now hold Bitcoin — and the community is growing more and more with each passing year. The creation of Bitcoin also paved the way for thousands of altcoins (i.e. alternative coins), such as Ethereum, Litecoin, and Tether. While Bitcoin remains the most popular cryptocurrency globally, these alternatives have allowed people to get into the crypto game while spending far less.

Hitting the Mainstream: Crypto’s Turning Point

Remember: crypto’s rise wasn’t purely financial — it was cultural, too. Thanks to a few key players, crypto slowly but surely worked its way into the mainstream.

The first? Celebrities. Over the years, many A-list stars have endorsed and promoted cryptocurrencies. Kim Kardashian, Reese Witherspoon, Matt Damon, Tom Brady, Lebron James — the list goes on and on. With these influential figures coming out in support of crypto, it wasn’t long until it was everywhere, from social media to news outlets to people’s wallets.

Eventually, some of the world’s largest corporations started adopting crypto for real-world applications. In 2021, Tesla was one of Bitcoin’s biggest investors. But the company didn’t stop there. That same year, it announced that it would be accepting Bitcoin as a form of payment for car purchases made in the United States. PayPal also became one of the first companies to allow its customers to buy, hold, sell, and transfer cryptocurrency. As of 2024, hundreds of other corporations have followed suit, including Airbnb, Microsoft, and Starbucks.

Together, these forces turned crypto from a novelty into a legitimate tool for people to save, spend, and invest.

Beyond Finance: How Crypto Fits into Entertainment & Gaming

Cryptocurrency has found a natural home in the entertainment world, particularly in the world of gaming.

One thing that’s transforming the video game industry is NFTs (Non-Fungible Tokens). These cryptographic tokens use the same blockchain technology as cryptocurrencies. But unlike cryptocurrencies, they’re not fungible (meaning each one doesn’t hold the same value and can’t be exchanged one-to-one). With NFTs, your gaming assets — be it a character, a weapon, or a skin — are tied to your blockchain address, not the game itself. That means you have the freedom to buy, display, and use these things however you want. With more control, you can make your gaming experience whatever you want it to be.

Streaming has also been affected by crypto. On platforms like Twitch, content creators can accept crypto tips and payments from their followers. This flexibility has its perks for both creators and fans. Crypto tips are processed almost instantly, meaning creators can access their rewards right away. Meanwhile, because crypto transactions can be anonymous, viewers can feel confident that their privacy won’t be compromised.

Another gaming arena that’s embraced crypto with open arms? Online casinos. Many allow players to make deposits and withdrawals using various cryptocurrencies. With faster transactions, lower fees, and high-level security, it’s no surprise that many gamers take advantage.

Plus, gaming at an online crypto casino can lead to epic rewards. For example, Ignition Casino offers heaps of bonuses and promotions, many of which grow when you play with crypto. Take the Poker & Casino Welcome Bonus, for example. The standard reward amount is up to $1,000 for the casino and up to $1,000 for the poker room. But when you make your first deposit with Bitcoin? You could score up to $2,000 for the casino and up to $1,250 for the poker room.

More money in your pocket? That’s the power of crypto gaming. Explore the full range of Ignition’s crypto promotions here.

The Future of Crypto: What’s Next?

Because it’s so volatile, it’s hard to predict exactly what’s next for crypto. But if one thing’s for sure, it’s this: cryptocurrency has come a long way, and its journey is far from over.

One exciting we can expect is more people investing in crypto than ever before. This is due largely to the approval of spot crypto exchange-traded funds (ETFs) in the United States. By giving people a way to invest in currencies like Bitcoin and Ethereum indirectly, the crypto world is becoming more accessible. It’s also becoming more regulated.

You may be thinking, “But wait, I thought the appeal of crypto was that it wasn’t regulated.” And you’d be right. But with accessibility comes increased popularity, and with increased popularity comes more regulation.

Around the world, government agencies and international bodies have been laying out plans specifically for crypto. For example, the International Organization of Securities Commissions has set out 18 key recommendations on how countries should handle crypto and digital assets.

The hope is that added regulation will lead to increased security. People who hold crypto have long been targeted by scammers, hackers, and thieves. Although blockchains are known for being secure, the platforms used to access the blockchains aren’t always as safe.

Looking ahead, one thing is clear: crypto’s digital revolution is just getting started. With the power to innovate and connect, cryptocurrency isn’t just changing how we spend — it’s redefining how we imagine the future.