Decentralized Digital Currencies: The Details
Although the idea of digital currency is nothing new, this trend is just beginning to pick up steam. Bitcoin has become the biggest name in the industry by offering a platform for decentralized digital currency to be used for online transactions.
Traditional currencies, such as the US dollar, are regulated by governments. With decentralized digital currency this is not the case. Instead, it is only regulated by the value to users and the expected future value. With the inability for the government to reduce the value, decentralized digital currency is becoming more and more popular.
Like anything, there is a large group of people in favor of decentralized digital currency as well as those that are opposed to this method. However, one thing is for sure: more and more companies are beginning to use this form of currency on a regular basis. As of late, the online gambling industry has got on board with Switch Poker leading the pack.
Switch Poker is a “real money” service that offers mobile device gambling. Earlier this week, the company announced that it would begin to use decentralized digital currency, through Bitcoins, for both deposits and withdrawals.
Switch Poker is the first company to mix traditional deposit and withdrawal methods with the use of Bitcoins. While this may sound a bit risky, the company has different thoughts according to spokesman Conor McCarthy.
“The advantage of the Bitcoin currency is that it has the ability to remove all payment processing related barriers of entry. It would allow any person to play for real money completely anonymously. Players will be able to now send us funds directly without a 3rd party being privy to the transactions, and we will be able to send funds directly back to the user.”
For the time being, Switch Poker is the only online gambling operator dealing with decentralized digital currency. Whether or not this changes in the near future is unknown.
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