Bitcoin is one of the more popular cryptocurrencies being used around the world today, but many local governments and locations within the United States are against the use of this currency. Bitcoin users have been enjoying the unregulated use of the currency online, especially when playing at online casino sites. By making use of a Bitcoin wallet, users can exchange US dollars for Bitcoin and use these anywhere online. Unfortunately, many local states and governments are not supporting the use of this currency.
There has been much debate between individual US states on whether bitcoin is an accepted form of currency. In Kansas, the use of bitcoin to donate to politicians is not supported and the Executive Director of the Kansas Governmental Ethics Commission says that bitcoin is “too secretive” and that it cannot be used as a form of donation. In Kansas, it is believed that the use of bitcoin donations would influence local elections by unidentifiable lobbyists since the currency is hard to trace and is not backed by any government.
In response to the Kansas bitcoin campaign ban, other states like Missouri are embracing the use of bitcoin. Austin Petersen, a U.S. Senate candidate has started to collect donations that have been made with bitcoin. Petersen strongly believes that bitcoin is just what the US needs. The federal government has had control over currency for too long and there are no consumer choices. With cryptocurrencies, American liberties are supported and this Republican is proud to accept bitcoin donations.
A Brief History of the Crypto Currency
Traditional currency has three basic factors. It is centrally regulated, is tangible and can be counterfeited. With Bitcoin, the exact opposite is true. This cryptocurrency completely operated with no banking institutions or governments and there is nothing physical about it. All Bitcoin transactions are virtual. The great thing is that even though one cannot touch or see Bitcoin, it can render real money gains.
Bitcoin was first invented back in 2008 by Satoshi Nakamoto when he wrote a paper describing the Bitcoin. The first version of the currency was released in 2009 and the first transaction took place shortly after its release. In 2009, an exchange rate was established for this new currency at US$1 to 1,309.03 Bitcoin. Today, the cryptocurrency is used by thousands around the world and is one of the top choices for those that gamble online, especially if they are playing while located in a country that has strict regulations pertaining to online gambling. With bitcoin sites, players do not have to worry about government involvement or regulation and are free to use the currency in lieu of their native currency.
Crypto Currency Popularity Over the Years
Over the years, Bitcoin has become widely popular and is still enjoying significant growth. Since the first days of the cryptocurrency, the value of Bitcoin has come a long way. In 2017, the value of the currency shot past US$2,900 Bitcoin for US$1. Since the original release of Bitcoin, this currency has become quite popular for those that enjoy making purchases online, including at online casino sites. Bitcoin has paved the way for other cryptocurrencies and the entire cryptocurrency market is all based on what is happening with Bitcoin.
There have been some setbacks over the years with these types of currencies. In regards to Bitcoin, it has tumbled back due to world events. In 2013, China banned all financial institutions from using Bitcoin and the value of the currency diminished by half during this time. There have also been a number of hacks into Bitcoin exchange services that have affected the value. Even though the popularity of different cryptocurrencies is still on the rise, these currencies are still a far way from being recognized by state governments.
Banned in Certain Places
There are a number of countries that have banned the use of any cryptocurrency, despite
the popular use by consumers. The popularity of Bitcoin and other cryptocurrencies is still on the rise. In fact, many governments are starting to see the benefits of using Bitcoin in the economy. However, there are also a number of countries that have banned the use of these currencies. Following the Mt. Gox disaster, many countries banned Bitcoin in 2014 and while they may eventually change their stance, the use of Bitcoin and any other cryptocurrency remains illegal in countries including:
These countries have strict policies on the use of any cryptocurrency and no financial institution in any of these locations will recognize Bitcoin or other non-traditional currencies that are used virtually.
What Execs Think
Many executives with major banks are explaining their take on the use of Bitcoin. David McKay, the CEO of Royal Bank of Canada believes that some people call the use of Bitcoin a fraud. However, he does not follow that same train of thought but does not believe it solves any societal needs at this point. McKay says that it seems the purpose of Bitcoin is to assist those in moving money in a hidden way. In the face of the Pound, Dollar and Euro, he doubts the legitimacy of Bitcoin.
The CEO of JPMorgan has a strong stance on Bitcoin and believes it is a fraud. He believes that all currencies should have legal support and should be regulated by banks and governments. He also stated that he would fire any JPMorgan employee that was found to be trading bitcoin as it is against the company rules and is a stupid move. After his statements, bitcoin fell to one of its lowest points, down 2% in New York. Bitcoin has soared in value throughout the year, but Damin says that third-quarter revenue for JPMorgan will most likely drop 20%.
As for IMF, their Marketing Director, Christine Lagarde thinks that there will soon be many huge disruptions in financial technology, but she did not rule out the possibility of IMF developing their own cryptocurrency. Lagarde does not have the same feelings about Bitcoin being a fraud as other executives and would rather look at how cryptocurrency could be more efficient and lower overall costs.