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Bitcoin Offers Solution to Online Gamblers

Players across the globe are beginning to use a new virtual internet monetary system.

Players across the globe are beginning to use a new virtual internet monetary system. Over recent years Bitcoin has become more popular within the online community.

Over recent years Bitcoin has become more popular within the online community.

Launched in 2009 by Satoshi Nakamoto, Bitcoin, much to the shock of many financial analysts, has become a real contender when choosing a currency.

Bitcoin has become versatile enough that you can buy gold and silver as well as domains and hosting services with it. It is even possible to donate to some political parties using Bitcoin.

Bitcoin offers a huge advantage to the online gambling world; it will keep transactions out of the central banking system. Bitcoin operates as a peer-to-peer decentralised digital currency. There is no central issuer and no middlemen involved to complete transactions.

The supply of the currency is not regulated by a bank, instead by software. The idea behind Bitcoin was to create an anonymous, secure and independent electronic currency away from the prying eyes of authorities.

Users of Bitcoins can buy and sell Bitcoins with each other for a fee. The largest Bitcoin exchanges are Mt Gox, CryptoXchange and Intersango. At present one Bitcoin is worth around $11 USD, however, that can change with just the click of a button, just like any other currency exchange.

 

OCA News Editor

Keeping up with the latest trends in entertainment, Matt Holden brings celeb news to the front page of OCA. Matt loves numbers games and researches the highest paying lottery draws to play.

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