While the huge reach and endless benefits of Bitcoin are undisputed, it’s the cryptocurrency’s volatility that has kept it from enjoying a greater global take-up.
Last month saw another massive drop in Bitcoin that saw $4 billion wiped off the cryptocurrency’s value. And although the price of Bitcoin has rallied in the following weeks, it provides sceptics with another reason why to be hesitant over implementing the Bitcoin into their financial operations.
The drop in value was all the more startling as it went against trends that suggested that Bitcoin was starting to become more accepted by large government and financial institutions.
With the likes of Japan legalising Bitcoin for digital payments, and investors in other Asian nations like Korea helping to boost liquidity into the cryptocurrency, it seemed that Bitcoin was poised for another record-breaking year.
But the sudden value drop in May shows that Bitcoin needs to stabilize as a currency, and it’s only through implementation among recognized brands that it’s going to give consumers the security that’s essential for widespread use.
Brands as far-ranging as gaming companies like Steam and coffee chains like Starbucks have already adopted Bitcoin technologies. And whilst the casino games like Irish Riches featured at New Jersey Online Casinos currently don’t offer Bitcoin payments, it’s easy to see how the cryptocurrency’s log of traceable transactions could help add an extra level of security.
Despite these obvious benefits, there’s still something of a negative perception about Bitcoin. With its popularity being linked to illegal purchases on the now defunct Silk Road, it faces something of a battle in attempting to reverse its public image.
Thankfully it seems that there’s a growing range of companies and institutions who are putting their energies behind stabilizing Bitcoin. Just last week, the bank, Barclays, made fresh demands that UK regulators attempt to bring the cryptocurrency into mainstream use.
Whilst attempting to regulate a decentralized currency are always going to go against the central concepts of Bitcoin’s ethos, it’s evident that a degree of compromise on both sides are necessary in order for Bitcoin to truly find mainstream acceptance and stabilize its price volatility.
But with places like Kreuzberg in Berlin being packed with small businesses that accept Bitcoin as a mobile payment method, it looks like we’ll hopefully be able to play casino games like Irish Riches with all of the security and convenience that Bitcoin offers very soon.