We explain how the crypto-currency functions and examine whether casinos in place of real money transactions will soon follow the digital cash alternative.
Could new digital currencies like Bitcoin be able to help players finance their accounts in a cheaper and quicker way? And is it time to look at the way we pay in an entirely different way for services?
With more online retailers embracing this fascinating (and increasingly valuable) crypto-currency, including names like Microsoft and Expedia.com, can we all soon discount bank notes for anything more abstract?
What is Bitcoin ?
Bitcoin is a digital ‘crypto-currency’ originally developed with the generation of the Internet in mind. It facilitates digital money transfers across the globe, and the absence of bank or government regulation is cited as a big plus by its proponents.
It came from an unknown inventor in 2009, who only went by the name of Satoshi Nakamoto. Since then, several have purported to be Nakamoto, but his true identity remains a mystery.
Bitcoin runs on an open network where users are in charge instead of a regulated currency like GBP. Coins are generated from users’ machines that perform complex mathematical algorithms, or ‘mined’.
Any Bitcoin generated is added to a Blockchain, and only a finite number will ever be mined by the method used to generate the coins. Once there are 21 million Bitcoins, no more will ever be mined.
The value of Bitcoin rises or decreases as people buy and sell, rather than being pegged to the dollar or another currency.
The price has risen dramatically since Bitcoin was created. When the first online purchase was made, it had a value of just $0.01 in 2010, but by 2013 this had risen to $1,250.
Significant security breaches, such as the hacking of the trading platform Flexcoin, meant that the price of Bitcoin slumped to $200 a year later.
But it has rebounded and kept rising since then. A Bitcoin was worth between $800 and $1000 at the start of 2017. It had risen to over $7,500 by November 2017, its highest ever worth.
Bitcoin and gambling at online casinos
On the face of it, with more and more gambling sites embracing it as a recognized currency on its cashier page, Bitcoin may be a perfect deposit choice for online casino games(korean site : 바카라사이트).
But as the payment preference for 바카라사이트 players, can Bitcoin ever replace VISA, MasterCard and PayPal? And what if it bursts the Bitcoin bubble?
Argument for the…
Transactions are instant transactions.
A Bitcoin deposit or withdrawal is immediate and typically arrives in player wallets the next day, unlike a bank transfer, where users have to wait days for processing.
The value does not display any sign of falling,
Over the past year or so, the value of Bitcoin has risen exponentially, and the price shows little indication of falling significantly any time soon. Some analysts believe that the value of Bitcoin could exceed $1m, which will mean that governments are taken seriously.
It is not regulated by central banks, but it is still controlled by central banks.
For now, Bitcoin is a ‘democratic’ currency that the big banks and financial institutions should not hamper. Transactions are discreet, encrypted, and tax-free as well. But as the blockchain expands, bigger bodies will need to get involved.
There are no charges for
Few online Bitcoin exchanges have imposed fees, but there are zero charges on most peer-to-peer Bitcoin exchanges. Often, the transactions are absolutely anonymous.
Bitcoin can be spent on major online businesses
Bitcoin used to only be a way to anonymously move cash across the globe. Many large corporations, however, are now starting to embrace Bitcoin, with e-wallets such as PayPal facilitating Bitcoin transactions with a small fee added to each purchase.