2016 was a really good year for crypto currencies, especially Bitcoin. It seems that it will stick to its skyrocketing trajectory in the coming year. When the crypto currency was launched in 2006, not many people were convinced about its chances of doing well. But it has always had a few people who championed its cause. They stated that it represented the future of money.
The Increasing Popularity of Bitcoin at Online Casinos
Bitcoin has become increasingly popular at online casinos because it has many features that are perfectly suited for internet use. The value of this peer-to-peer digital cash system has been rising steadily over the years. However, 2016 has seen an immense climb. As a matter of fact, the digital currency climbed over $1,000 during the first session of trading in 2017. The currency has managed to outperform all major currencies in 2016 with a massive 125% rise.
The highest that Bitcoin has ever reached so far is $1,165. But this was in November 2013 and it will be interesting to see whether it can scale these heights again. Some experts are even anticipating the currency to cross $2000 in value. If this happens, then there will be a massive influx of buyers.
How is Bitcoin Different?
Bitcoin differs from central bank controlled currencies in that its value is not determined by policy decision. This digital currency offers people a way to transfer money across international borders anonymously and rapidly. It is not subject to capital controls since it doesn’t come under the control of any central authority.
The steady success of Bitcoin has, not surprisingly, brought it many more supporters. In fact, lots of naysayers have begun to invest in it. After all, it’s not just the fact that it has increased in value that has convinced them. But the fact that it can be used to transact at a lot of online businesses has helped its cause.
Online casinos and sportsbooks have been especially quick to adopt Bitcoins. Players at reputed casinos such as VegasCasino and BitCasino now have the option of using it. They can transfer money quickly, safely as well as anonymously.
Increase in the Value of Bitcoin
The huge increase in the value of Bitcoin has come courtesy of buyers in China, the United States, and Europe in that order. The 7% drop in the Yuan’s value in 2016 (the greatest drop in two decades) has boosted the demand for Bitcoin in China. Many Indians have also jumped on the Bitcoin bandwagon because of the currency restrictions put in place in their country in the last two months of 2016.
Canny investors are of the opinion that this digital currency is a very safe investment that will keep growing at a steady pace. In fact, it has been called the new gold because of this reason. It has to be admitted that Bitcoin suffers due to its link with criminal activities such as money laundering. The widespread acceptance of the currency will only happen when it can sever this link, if not entirely but at least to a large extent.
Its value is determined by users from all over the world linked to each other by the internet. It has indeed been a very volatile currency. But it has behaved with great stability over the past two years, indicating that it has matured as a trading system. Even so, it has to be pointed out that its daily movements of approximately 10% are much higher than of central bank currencies.
The increasingly expanding war on cash transactions combined with capital controls are definitely adding to Bitcoin’s sheen even though it is not without any risk. 2017 will clearly be the year in which the currency comes into its own.