Select Page

Is there Any Value to the Bitcoin?

Is there Any Value to the Bitcoin?

What are Bitcoins?

Bitcoins are a form of digital currency. One that is becoming more and more popular worldwide not only in Canada.

The key differences that separate Bitcoins from the regular currencies that are used are that firstly, Bitcoins are open-source and secondly, Bitcoins are decentralised – meaning their value is not directly linked to any one country or government. The Bitcoin currency was created by the enigmatic Satoshi Nakamoto and released in 2009. The system operates using peer-to-peer technology and has been gaining mainstream attention since 2011.

As of December 2014 even global companies such as Newegg, Microsoft and PayPal have been accepting Bitcoin currency as well as thousands of other merchants around the world both online and using QR codes.

Bitcoins in Industry

Banking is probably the most obvious industry being affected by Bitcoin as a bank account is not required to send and receive Bitcoins. People can send and receive Bitcoins from their mobile phones all over the world, using e-wallets. In its early days, Bitcoin was perceived as a threat to banking but as with most innovations in technology attitudes have changed, and even some major banks are beginning to embrace the digital currency. It’s not only banks as other financial institutions such as Visa and Mastercard are investing in blockchain start-ups. The blockchain is a practically impossible to amend digital ledger on which all Bitcoins and Bitcoin transactions are stored. Some financial experts are even suggesting that the Bitcoin could save the financial industry billions of dollars by simply removing middleman costs. The value of Bitcoins has also been increasing since its release and more so in recent years.

Image Source |

Other industries are also being affected by the Bitcoin especially the music industry with the rise of companies such as Stem and Ujo Music making it possible for artists to get paid by fans directly bypassing record labels and producers which could be good news for unsigned acts as well as the more established ones.

Bitcoins in iGaming

Bitcoins are also making their way into igaming as well with online casinos beginning to accept Bitcoins as currency as well as casinos that use Bitcoins exclusively. There are many benefits to using Bitcoins in online gaming, and operators such as BitCasino have embraced the digital currency to provide players with a way to play games differently, from blackjack to slots and live casino games to roulette. Some benefits include faster turnaround times for deposits and withdrawals, third party systems or companies are not needed also minimizing delays, reduced or non-existent payment processing fees. The minimum deposits are often much cheaper. Considering the industry’s history in investing into new technology, it is no surprise that iGaming is quickly adopting Bitcoins as currency.

Can you Use Bitcoin in Canada?

Yes, bitcoins are becoming increasingly accepted as a viable currency in Canada. Not only online are Bitcoins beginning to become accepted but also in stores and restaurants across Canada. You can buy groceries, grab a cup of coffee and even buy an iPhone using Bitcoins via the convenience of a QR code on a mobile device such as a smartphone. There are even Bitcoin ATMs offering an easy way of buying and in some cases selling Bitcoins for cash. So, while Bitcoins are not commonly accepted everywhere they are increasingly becoming popular as a means of purchasing goods and it is not hard to imagine that in the future the wallet you keep in your pocket or bag may be replaced by a digital wallet you keep in your smartphone.

Image Source |

About The Author

Surrey604 Staff

Surrey604 is an online magazine and media outlet based in Surrey, BC. Through writing, video, photography, and social media, we secure an intimate reach to the public. We promote local events and causes.


Submit Free

Upcoming Events

Recent Posts

Amazon India Fashion Week SS18 – Part 4 – RTTV – Prama By Pratima, Samant Chauhan

Published 2/17/2018 in Surrey604 Magazine

Surrey604 in collaboration with Raasleela Trends TV, brings you the best in fashion and updates on the latest international trends.

In this series, we are bringing complete coverage of Asia’s biggest Fashion Week “India Fashion Week” home to Surrey. More than 100 selected fashion designers participating and more than 50 showcasing on the runway. The crew of Amazon India Fashion Week consists… read more ❯

How to Get More Involved with Your Child’s School in Surrey

Published 2/16/2018 in Surrey604 Magazine

Is your child going to kindergarten in September this year? If yes then you have probably filled up the registration forms and other documents in the last few weeks. From Monday, January 15, 2018 Surrey public schools opened the… read more ❯

Daisy & The Gumboot Kids premieres on CBC

Published 2/14/2018 in Surrey604 Magazine

Locally produced web series, Daisy & The Gumboot Kids, premieres online at this Thursday. The series is a spin-off of the award-winning television series, Scout & The Gumboot Kids, which is recommended by the Parents’ Choice Awards and was recently named a finalist for the international children’s media award – Prix Jeunesse.

Each episode, Daisy makes a nature… read more ❯


Published 2/13/2018 in Surrey604 Magazine

Surrey-based astrologer, psychic and aura reader, Sanjeev Katoch has your love horoscope for 2018.
ARIES | Arians are full of energy and enthusiasm, their love is sudden and is high in passion. Jupiter is very well placed in Libra until October 2018. Saturn is also sitting in their sign of fortune for the entire year so their love life and relationships are… read more ❯

6 Delicious Dining Options in Surrey this Valentine’s Day

Published 2/12/2018 in Sr3y

Love is in the air.. or is that just the smell of food?
It’s February and love is in the air…or is that just the smell of delicious food? When it comes to Valentine’s Day, there are so many places for food options to choose from that it’s hard to decide, so here are just a few that you should check out right here in Surrey.

Old Surrey… read more ❯