Virtual Bitcoin System Could Be Good For Online Gambling

Published Monday, April 02, 2012 -

Bitcoin is one of the first implementations of a concept called crypto-currency, which was first described in 1998 by Wei Dai on the cyberpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.

The cyber currency is considered a perfect form of monetary exchange for the online gambling industry. The reasons are obvious the Bitcoin could become the online poker chip of the future. It has been reported that the use of the anonymous system could be the way for developing counties which do not have a central banking system. The system which is still in its infancy is unfamiliar to many and is mistrusted so far as a monetary exchange that could have problems with abuse but some experts maintain the problems are the same as with real currency. The peer to peer system will someday find a foothold where no other system has dared to go.

The mistrust of the Bitcoin thus far has been generated by the lack of a central backing with credibility. With governments in places such as Greece and Italy devaluing the currency a new peer to peer type of payment system may very well look to be a viable alternative to what is already becoming less and less viable. According to the information site related to Bitcoin it is the new gold standard for currency that is as easy as sending an e mail to make payments. Bitcoin is the world's first completely decentralized currency. This means it has no issuing entity and therefore, no single point of failure. The Bitcoin network is made up of millions of computers all over the world, connected via the internet. The entire Internet would have to go away, in order for the Bitcoin network to fail.

Related news

Return to Latest News