Nov 21 / 2013
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Yours in Virtuality, Bitcoin

Bitcoin happens to be one of these currencies which operate virtually and due to that fact the hedgerow of controversy around it gets bigger. There is more than a bustle in it. The currency opened its gates to wide fields of economy and has been accused of allowing money laundering and culprit illegal transactions.

Basing on peer-to-peer network, Japanese inventor Satoshi Nakamoto, created BTC currency which enables to pay for transactions for almost every good in both real and virtual world. Bitcoiners may buy media: music and films; various material goods: clothing and books; etc. It is perfectly designed for any services related iGaming or online gamin. This currency is a total, institutionally unleashed mean of business and barter, which is not affiliated by any major institution.

However, the U.S. Government felt that it needed to cut any illegitimate businesses within virtual currencies, especially BTC. New anti laundering money regulations has been set and BTC by such moves may be losing its label as a decentralized currency. Records of transactions have become a necessity, as well as registering of bigger transactions. Is this the end of Bitcoin’s biggest advantage?

The scheme is stepping onto the same path as other virtually operating currencies like Linden or even regular Paypal or Visa systems which has fallen under strict regulations. The crux of the matter is that BTC is stripped off its greatest advantage, anonymity. For many users it is the most attractive feature of the currency.

Getting inside the Bitcoin scheme can’t be harder than by entering and installing one of the offered apps as your personal wallet. For example, MultiBit may be installed on your PC, whereas if you choose other option there is Bitcoin Wallet app available for a tablet or smartphone. Bitcoin is transferred directly among computers using P2P network and the system enables to set up secured isolated address transactions.

The currency was invented in 2009 and since then is gaining worldwide popularity.

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