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A Beginner’s Guide to Digital Currencies 
Digital Currencies (or cryptocurrencies) have become reliable alternatives to traditional finances in the 21st Century. Bitcoin for example, offers many undeniable benefits including lower transaction and bank fees. The anonymity and control, among other financial and tax benefits have made cryptocurrencies especially attractive in industries such as online gaming. Their use however is most certainly not limited to the gaming industry, with the likes of Microsoft, Bank of America and Coca cola adopting bitcoin as an alternative, legitimate payment method.

Various digital currencies or virtual currencies are now being taken by companies in the retail sector through to the hospitality industry. The crucial aspect of their proliferation is the lack of institutional and governmental regulation.

A basic introduction to the most common digital currencies:

     1. Bitcoin

On the 18th of August 2008 was first created and a few months later Bitcoin was circulated as a Cryptocurrency. After its launch, there was a significant change in the economic environment. Bitcoin’s founder is unknown, but the invention took off. Many Bitcoin-specific gambling sites are available today due to the increase in demand for bitcoin as a payment method in this industry.

     2. Dash

If you know about Cryptocurrency, you may have heard that Xcoin changed its name to “Dash” on the 18th January 2014. With its release, around 2 million coins were published in 48 hours. Dash is vital for gamblers, and Dash currency transactions can be completed within minutes.

     3. Litecoin

In 2011 Litecoin hit the market, and it was launched using the Bitcoin design. Those familiar with Bitcoin’s structure have attested to the similarities between Bitcoin and Litecoin. Litecoin took only two years to hit $1 Billion market capitalization. Among Litecoin’s benefits are lower transaction fees, a undeniable benefit which experts predict will have it hanging around for a while yet.

The benefits of adopting Cryptocurrency as a payment method

The privacy, transaction speed and lack of governmental regulation provided by cryptocurrencies make them particularly attractive. We’ve created a list of the benefits of using digital currencies as a payment method for any industry:
  • No commission
As there are no banks involved the transaction process is excluded. As a result, you will not be charged with a transaction fee for any such operations, reducing payer expenses. 
  • Higher transaction speed
Cryptocurrency transactions are made in a decentralized environment, in blockchain form. That's why funds come directly to the merchant from the payer's account, and there is no in between stage involved. Banks are not involved and there are no records of money being transferred. This enables fast and private transactions.
  • Absence of strict regulations
None of the countries allowing digital transactions have introduced regulations on cryptocurrencies. In addition, no tax base is present.
  • Maintains privacy
No one knows the payer’s age, location, etc. Online gamblers in countries where only online gaming occurs for example, can participate without restrictions. This is an advantage for gamblers in locations where brick and mortar gambling activities are not allowed.  
  • Impossible to freeze your wallet
No country has the authority to freeze your wallet as no fiat currency is available.

The final verdict – Are digital currencies the future of money?

The value and nature of digital currencies lie in their being a financial asset. Holding Bitcoin is a speculative asset representing the evolution of block-chain technology. What is certain is that digital currencies are here to stay as part of the financial and economic landscape of the 21st century.

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