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The bitcoin technology provides a safe and secure alternative for online gamers who want to conduct their casino transactions without any connection to their personal Canadian banking account. Bitcoins are denominated in fractions of Canadian dollars. The process for buying and selling a bitcoin is known as a decentralized exchange as it bypasses the need for an intermediary like a bank.
Bitcoin is not a commodity or currency. It is a crypto-currency – a digital electronic money that can be exchanged. In the same way that there are different forms of money (cash, bank accounts, credit cards) – there is also a different form of money (bitcoin) which uses encryption as a security mechanism which offers a similar feature and benefits. Unlike conventional currencies like the U.S. dollar or the Euro, bitcoin uses mathematical functions to protect its transactions from interference. There is no need to print paper money and people can make electronic payments using bitcoins without fear of having their transactions scrutinized and audited. It is the first peer-to-peer, electronic currency in both the commercial and financial sense.
“I love the idea of the internet and the internet in particular because it was the first time a community came together to create a global platform to exchange money”
The bitcoin is generated through a set of complex mathematical equations. The value of the bitcoin is determined only by a mathematical formula. Unlike traditional currencies, bitcoins are not centralized or issued by a government. People can buy bitcoins from other people who will then give them to them. Since they are not backed by any assets, bitcoins can only be used to pay for goods and services on the Internet or in online games. It’s a decentralized platform with a built-in market economy and it allows people to conduct transactions without having any intermediary.
“As people become more aware of the bitcoin, they’re actually going to start using the bitcoin to make their own transactions. As the technology grows, we will start realizing the uses for bitcoins beyond the currency. It’s going to be the equivalent of e-commerce as far as the Internet is concerned” – Bitonic
The Bitonic’s plan is to bring bitcoin to the Canadian market as a way for gaming operators to earn a quick income in the absence of traditional currency fees. The Bitonic believes that bitcoin has a tremendous potential to improve online gaming in Canada.
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