Published On: Thu, Feb 11th, 2016

Is Bitcoin the currency of the future?

Technology is advancing so rapidly that things which were once deemed impossible are taken for granted. There seems to be no limit to the progression. Sending an email was once the most amazing feat, and the fact that this service was available for free for anyone with a computer was astounding. Now sending and receiving emails is just a normal thing. This example suggests that a global currency could be a real deal of the future. Something that everyone could use simply and effectively. Bitcoin could be this currency.

Bitcoin first came about in 2009. It was designed as the first e-currency, something that anyone could use from any device, anywhere in the world. Now it is becoming more and more prevalent and many people are realising the benefits of using this form of payment.

Is Bitcoin the currency of the future

Online casinos

Take online casinos as an example. The online casino world is booming, and each site has players logging in and playing from all over the world. If a site is based in one currency it can cause problems for some people when dealing with exchange rates. Some people effectively lose out if their own currency is weaker than the currency of the site they are playing.

This is why a lot of online casinos now use bitcoin instead of a particular currency. It takes away the problem of exchange rates and simplifies the whole process. In addition to this, it makes depositing funds even easier, as banks do not have to be contacted. There are no charges with bitcoin payments, so online casinos can save money in this respect and pass on the rewards to the customers in the form of bonuses or special promotions. All the payments are regulated so they can be processed in seconds from within the games or at the cashier.

It’s not just online casinos that have started to see the benefit of using bitcoin, there are plenty of other companies online where this currency is accepted. The only difference is that most of these companies also accept other currencies. The niche with some of the online casinos is that they only deal in bitcoin.

Currency Switch

So can we expect to see a move to this online currency being used for everything?

When a greater amount of people start to realise the advantages of having one sole online currency, it would make sense that there is a push to enforce this all over the world. It would make all online transactions a lot less painless if there was just one internet currency. People don’t like shopping online and seeing things in a different currency to their own. They have to convert the price to their own currency to understand how much they are paying. If they were using bitcoin this wouldn’t be an issue. It could also be useful in airports, where everyone is using different currency.

In this advanced technological world we live in, it doesn’t seem unreasonable to suggest that something like bitcoin could be used by everyone, everywhere in the not so distant future.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.