Bitcoin in High Demand despite Volatility
Companies that opened Bitcoin online casinos in the past few years have noticed that Bitcoin, the most popular virtual currency, has gone up and down since it was developed in 2009. The digital currency is still unregulated, and it managed to reach a high of no less than $1,130 in December 2013, while now, its value reaches $380. Despite its volatility, many firms decided to use Bitcoin as payment method.
There are several countries, such as Japan, that have not yet accepted Bitcoin payments. One of the most important reasons that made people hold back from using Bitcoin is the collapse of Bitcoin exchange Mt. Gox, when customers lost $425 million. In order to avoid such events, the New York Department of Financial Services has already begun developing a BitLicense, which would be necessary for banks or other financial institutions that would make transactions with Bitcoins.
Operators who are looking to open Bitcoin online casinos should know that the development of a BitLicense would help protect their customers and their own businesses. Benjamin Lawsky, the superintendent of the New York Department of Financial Services explained that another reason for introducing the BitLicense would be the prevention of money laundering, which is often associated with Bitcoin. Even so, Lawsky said that there is no certainty whether Bitcoin will become a big part of the financial system in the future.
Besides companies that opened Bitcoin online casinos, many other merchants, such as Expedia, Dell or PayPal have decided to use Bitcoin as payment method, because for sellers, transaction fees are much lower than those of traditional payment methods. Companies also emphasized the fact that Bitcoin can be used for safe electronic transfer, which usually lacks when it comes to online payments.
More than that, Bitcoin can be very effective in countries such as Argentina, where currencies are very unstable. Jon Matonis, the executive director of the Bitcoin Foundation, announced that he is making efforts to establish “XBT” as the new symbol of Bitcoin, in order to bring it on the same level of other currencies, such as gold, which uses the symbol “XAU”.
If you would like to get involved in the Bitcoin and gambling industry, you can open a Bitcoin casino and take advantage of all the benefits that Bitcoin offers. You can read more about opening a bitcoin casino here.
BY CASINOWEBSCRIPTS PUBLISHED 22 October 2014