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.
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.