The rise of Bitcoin
and its global implications for online gambling and services
What is Bitcoin – Part 2
Guest post © 2017 Great Bridge Links
The digital age has spawned many technologies such as Bitcoin that have transformed the way we live, work and conduct business.
Bitcoin is a digital currency that is created and held electronically without any control from central banks.
Instead, the virtual currency is ‘mined’ by individuals and companies around the world using computers and software that solve complex mathematical problems. Bitcoin has grown to become the biggest and most known form of digital money, described as crypto-currency used to buy things electronically and thus has huge implications for global commerce and trade.
The origins of Bitcoin and its rise in popularity
Bitcoin was created by a software developer named Satoshi Nakamoto and is based on an electronic payment system that relies on mathematical proof. The inability for governments to control the currency is what attracts many people to use it as no central authority can tamper with its value or control how it’s used.
Anyone can join the Bitcoin community and how they use their money remains private and is up to them, thereby sidestepping the bureaucracy associated with traditional bank accounts. Users can also hold as many Bitcoin addresses as they want and the system is largely anonymous meaning users can conduct their business in private.
Given its decentralised nature, Bitcoin poses huge implications and its effect is already being felt globally, particularly in online and electronic services.
Of the many benefits the crypto-currency offers, its main advantages are the lack of governmental control, making its value purely market based. Many internet-based services such as dream bingo have begun to embrace the virtual currency as a form of payment and this has led to its value soaring in recent years.
The global implications of Bitcoin and its impact on online services
As mentioned above, the global implications of Bitcoin are huge and its effects are already being felt in many ways, particularly with regards to online services. Where traditional payment methods such as credit cards and cash are traceable and can be tied to any individual using them, Bitcoin gives users freedom and anonymity.
No personal identifying information is ever available where Bitcoin is involved and the currency is also currently the most transparent.
The virtual currency also has the advantage of having either none or a minuscule transaction fee which means users get more value for their money when they use Bitcoin for purchases, transfers and savings. This has led to the crypto-currency becoming popular on web-based services such as online gambling, where users may wish to keep their activities private.
Unfortunately, in the same way the currency has been seized by users of what is called the dark web to conduct transactions for illegal dealings, substances and other nefarious activities.
One of the biggest issues of the digital age is privacy and that is what has attracted so many to use Bitcoin as a form of payment as evidenced by the phenomenal rise in its popularity and value. Bitcoin sidesteps all these issues and thus its implications on the global stage will continue to grow in the coming years.