Bitcoin users would have never thought that the world of virtual and traditional currencies will collaborate. Both are very distinct from each other, up to the point that it was deemed impossible for the two forms of currency to conspire.
No banks wanted to deal with the unconventional legality of Bitcoin, which is why taking the plunge is difficult for these giants. But the tides have somewhat turned, and the two are now managing to complement each other.
The scenario instantly changed after a bold move from Barclays—one of UK’s largest banks—to run a prototype program with Safello to test Bitcoin as a settlement system. Currently, this joint project will concentrate on charities accepting cryptocurrency payments for fund raising and disbursement.
Furthermore, a stream of interest in Bitcoin among some of the well-known Wall Street banks emerged lately. The underlying technology of blockchain’s open ledges drew plenty of attention.
From a slim chance of this occurrence happening to a prospective future today, bridging the gap moved another step closer. With a higher feasibility of this adaptation now in realization, advantages should be expected by Bitcoin users.
Integration implies favorable effects
This technology cannot stay underground forever, where its full potential remains contained and unutilized. Virtual currency is bound to grow at one point, and this is an immense opportunity for the promising technology. Having the benefits of Bitcoin recognized by the masses will perform a substantial deal for aiding the digital currency reach its goals—one of which is to be globally accepted.
Therefore, the declaration of this first mover can only assist cryptocurrency credibility to gain further traction toward mainstream acceptance, which is one asset that all Bitcoin users hope for. All the criminal and dark web links that give virtual currency a substandard name can slowly be cleared up.
Current users have the responsibility to help establish a healthy status for the digital currency, which is what the Bitcoin gambling niche is trying to display through the Bitcoin games offered on various betting websites.
Maintaining a stable reputation in the online casino industry encourages traditional currency players they should not be afraid to employ it as a payment system. In fact, this system is gradually being embraced with the emergence of Bitcoin casinos accepting both Bitcoin and real money. Princess Star and 7BitCasino are only some of the casinos that offer this feature.
Can too much mainstream acceptance hurt Bitcoin?
It is possible that having too much involvement on the traditional banking market will create more harm than good for virtual currency. It may even damage some of the markets known to cryptocurrency due to the changes demanded. Centralized systems may seize Bitcoin’s decentralized trait, which plays as another major foundation of the technology apart from blockchain.
Anonymity is another concern that will be raised in time, as traditional banks are known for gathering all necessary user information. A number of bettors prefer to retain all their personal information to avoid any form of fraud and unauthorized use of details.
Nevertheless, the possibilities of affiliating both traditional and digital currency can equate to something every Bitcoin user should look forward to. All of this may be essential for determining the cryptocurrency’s next step, which is to attain growth on every market involved. This only guarantees improvement of overall services provided through continuous innovation exhibited in the Bitcoin ecosystem.
Looking at Bitcoin casino amid centralization and banks
When viewed from the Bitcoin casino perspective, the centralization of Bitcoin may impose significant changes with how the digital currency may be used from one country to another. In short, it may soon be treated as real money, thereby subjecting it to existing regulations that may prohibit users and casino operators from continuing in the business. This may also remove the anonymity enjoyed by Bitcoin players.
On another hand, the possible integration of Bitcoin into financial institutions like Barclays and the other major banks that have already given their nod to the blockchain technology may not necessarily and adversely affect the Bitcoin gambling industry if the players and the operators choose to decline the opportunity to avail themselves of the services forwarded by the banks and make the most of the Bitcoin advantages in payment instead.