Bitcoin has been at a bit of a crossroads lately. The creator himself, Dr. Wright, has even come out and said that the community needs to get its act together if bitcoin is to even have a future. While bitcoin has had spikes of popularity, it has taken a while to get off the ground due to numerous issues.
However, for some in the mobile gambling community, it has been an invaluable resource and a great way of paying deposits. It may not be widespread, but for those who use it it's been a great method to use. But we can safely say these people are in the minority. Is bitcoin even necessary for mobile gambling anymore and, more importantly, should you invest you time into it?
For those unfamiliar with bitcoin or how it even works, it is basically a digital peer-to-peer based currency that is gathered through “mining”. The mining process involves running a computer program to produce bitcoins. The entire process was created in 2008 and released to the public in 2009. Ever since it has struggled to make reasonable ground.
Saying that, though, it has stuck around and managed to find some success despite facing severe adversity. For this very reason, we admire bitcoin. It might have faced some pretty bad criticism but it has kept going nonetheless, such is the developers' belief that it can change the world.
And who knows? A unified, decentralized currency could do just that. It certainly has with mobile gambling — to a certain degree. And there's no denying its impact on the digital world in general, as it has reminded us how free and wild the internet can be.
On the other hand, there are just a few problems with the whole concept behind bitcoin. The fact that it's intended to be a universal, non-regulated, decentralized currency has meant it is banned in a lot of countries, and we mean a lot. How can governments control and regulate what money people are using to buy things with if this currency is decentralized and peer-based?
And what about exchange rates? Many nations rely on those to get money back they make from imports. A universally used currency would eliminate the need for that, allowing them to fall short. Not to mention the very fact that bitcoin is unregulated by a central body creates a whole ton of problems with controlling it. Especially when it comes to the exchange rates.
Try converting it into real money and, depending what time of the month it is, it could be completely different to the previous day. It's so volatile and transparent that it's like trying to control a gust of wind. It may stabilize at some point in the future — after all, it is still a relatively new currency. But by the time it enter circulation going on current predictions, it'll likely become commonplace in… 2140.
So considering all this, and considering bitcoin's impact on mobile gambling overall, is it really needed for industry to function? For the time being, no. There are still plenty of payment methods to use instead of bitcoin that it hasn't become necessary to use it yet.
Besides, not all mobile casinos use it. But that isn't to say that it won't become more commonplace in future. In fact, thanks to Dr. Wright's recent public interviews, the community could buck up its ideas and realise the creator's original goals. By that time, we could all be trading in bitcoin and we may all be better off for it.