A bit of Bitcoin History
Though Bitcoin appeared recently (in 2008) it is still uncertain who came up with the idea. In other words, the “very father” of Bitcoin is still contested by some people . Most of the people consider Satoshi Nakamoto as the true inventor of Bitcoin. Several claims that mr. Nakamoto might not be the one who came up with Bitcoin, draw the attention to other people like “Nick Szabo” or “Craig Steven Wright” , or even a “group of very experienced computer engineers”. But whoever did invent Bitcoin, is considered by many people a “genius” considering the complexity of the code that lays behind it. Bitcoin can be defined by its value, and by the ability to transfer money anonymously in a peer-to-peer system and also by the fact that it can be identified as the first implementation of cryptocurrency. Bitcoin is still unregulated by most of the governments or other laws, thus making its value a bit relative; it can rise and fall in value within days or even overnight. Since 2008,the Bitcoin economy has boomed, roughly representing a supply of over 7 billion USD in 2014. That’s roughly 12 000 000 bitcoins. Thus, bitcoin has attracted attention, not only from small investors or brokers, but also from International Banking Institutions.
The existence of Bitcoin today
The UK Gambling Commission, has discussed the possible regulation of bitcoin, knowing the fact that nowadays, digital or virtual “money” are also very likely to be used in the gambling industry. For example, a bill that was introduced recently, that allows licenses to be validated throughout this “virtual payment” method.
Another aspect analyzed by the commission was about the purchases one person can make in a specific game (for example, buying better weapons, skins, powerups) and if that can consist in gambling acts. Many people used these things in order to trade them, sell them, or simply gamble them in order to receive prizes or other kind of rewards.
A very important aspect is the fact that, among bankers drafts, cheques, and debit cards, we can see that bitcoin also has a place (known as digital currency). Thus with the new definition of “Bitcoin” and new aspects regulating it, gambling operators in the UK now have time until 31st October to familiarize themselves with the new terms, conditions and changes the commission has decided to impose. And even though these changes might not come as fast as we expect, regarding the so-called Bitcoin economy, UK can now be considered one of the few countries that have tried to impose a better regulation on this new digital currency, giving more stability to all of the industries that use bitcoins .
