The whole of 2016, irrespective of any fluctuation within its months, was a great year for the Bitcoins because they grew up hitting adolescence.
The gaining of a place in today’s business was a shock to many who thought that the digital currency considered by a majority as decentralized, to gain general acceptance.
As opposed to yesteryears when the Bitcoin was only valued in the transaction of illegal and shoddy deals such as the buying of illegal firearms, drugs, illegal merchandise and counterfeit currency, it was widely accepted by a majority of the business community in the day to day purchase of various legal goods and services. Even in the online casino business, where owners make real money casino gambling sites on a daily basis.
In a recent study conducted by the University of Wisconsin_Madison, London University College, and Germany’s Central Bank, the Bitcoin steadily gained its rightful place in the business world because many accepted in the transaction of legitimate purchases.
The study found out that long are the days when the economy of the Bitcoin was dependent on shady business pursuits. It was observed that now, the currency is steady putting aside fears that the Bitcoin will lose the value in the market because it is now accepted. Going forward, the prospect of the Bitcoin gaining even much strength is promising.
In Russia, after years of strict measures to silence the Bitcoin is slowly accepting its use and circulation but only if it will be treated as foreign currency. The country has for a long time barred crypto-currencies including the Bitcoin from legal usage, but following the unusual Bitcoin performance in 2016, Russia has played low on the stern measures laid against such currency in the past.
Slowly But Steadily Finding Its Place
Not long from now, the Bitcoin might become one of the most influential currencies in the world. It should be remembered that by now, some notable financial institutions either have integrated the Bitcoin in their systems or are on the verge of including it in their legal business dealings.
Interestingly, this does not happen in Europe alone, but globally.
However, for some who enjoyed the Bitcoin’s earlier beginning, which denotes its rebelliousness in the irking of various governments, the integration of the Bitcoin into mainstream business systems is not an obstacle. They can still use it in online gambling business including payments made in some unlicensed casino businesses.
Everything Not Smooth With The Bitcoin
In September, the UKGC quietly and discreetly sanctioned digital currency use, when it made an update of License Conditions, Codes of Practices. The amendment evidently affected the Bitcoin. But, in what many would consider a relief to the Bitcoin, Gambling Supervision Commission of the Isle of Man, together with the Treasury, made changes to the laws that will likely give businesses the latitude to make payments using digital currencies.
However, the good performance by the Bitcoin in 2016 and its overall acceptance into many legitimate transactions, is a clear indication that there is hope for it in 2017 and beyond.