Written By: Dan Pearson
June 20, 2012

Virtual Currency May Serve Online Gambling Industry!

Internet gambling around the world has grown by incredible leaps and bounds since it began which was not that long ago but has been plagued by one big issue, that of transferring funds by banks and payment service firms since governments presently control those activities. It’s the United States and some other nations that have tried to prohibit offshore gambling for real money, but it’s been the transferring of money that is associated with betting that has been the real target.

Now virtual currency appears on the scene in all its various forms and substance that seems useful but has a visceral drawback, it’s only available through the internet.  The newest trend in account management has been getting a lot of attention lately in Europe and now in Canada where the Royal Canadian Mint’s Research & Development department has created the MintChip, that is a completely digital method for payments. This technology stores value in a microchip, from which encrypted “value messages” can be transmitted to other microchips and there is no centralized database, making the digital funds as anonymous as a traditional paper banknote.

An article published recently in Canada’s National Post newspaper said the virtual currency known as Bitcoin has been surging as millions of Europeans look to save their Euros from the possible devalued demise. Moving their money into safe havens such as U.S. Treasuries, Government of Canada bonds and the virtual currency Bitcoin is seriously affecting the current situation in the financially troubled Euro zone. Anxious to protect their savings people in Spain, Italy, Greece, and even the Netherlands are converting to Bitcoins.

Created in 2009 as an Internet only currency regulated by a network algorithm Bitcoin is catching on because it solves a variety of issues because it operates outside the payment systems controlled by the traditional banks. Bitcoin could be the next currency for online gambling and free the industry from political intervention.

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