When a mysterious person who went by the alias of Satoshi Nakamoto released the first Bitcoin on 9th January, 2009, most did not take the news too seriously. Madcap money schemes have abounded since the creation of money itself, all to die a natural death. But other “crypto currencies” began increasingly to join the Bitcoin, and the very concept of Money as the basic medium of all transaction, began to change. And public support for these virtual currencies has been overwhelming, even as the risks increased of hacking.
Invisible Money, Unseen Internet
The advantages clearly outweighed the drawbacks. Not being backed by the Central Bank of a country is no longer considered to be sacrilegious, and the inherent speed of action and precision of peer to peer distribution has submerged the doubts that Users may have had to start with. Buying Bitcoins has been somewhat cloudy to the general public till now, but that fog is also receding, by an outstanding online onslaught of clarification and advice by professional experts and amateur but learned bloggers. Bitcoin Wallets are being created; Bitcoin Miners are using ASICs to help others procure Bitcoins. But the biggest news is that Internet Gaming has caught up with the Bitcoin. Betting on high odds Games like Hi-Lo and P2P (Peer To Peer) Event Prediction, all of which pay out in Bitcoins, are proving immensely popular with gamblers who are also Financiers. Bit Coin gambling sites like Freebit also ensure reasonable interest on Deposits and free weekly lotteries, and vouch for the security of Bitcoin Exchange transactions.