Bitcoin Enters Online Gaming
Many fads come and go, especially on the internet. The latest fad seems to be the use of a digital currency known as Bitcoins. The concept behind Bitcoins is somewhat complex but its basic principles are the same as physical currencies such as the dollar.
The Bitcoin market was designed to use a shared network to store every algorithm that makes up Bitcoins. Each Bitcoin is essentially a line of computer code that needs to be verified and deciphered. If you’re smart enough to do so, you can take claim to a Bitcoin The value of Bitcoins fluctuates from minute to minute and many people have actually started make a living by trading these online.
As this market is un-regulated by any government, creative marketers have begun to offer online poker rooms that use only Bitcoins. This is geared more to the American market as depositing for US players has become restricted since the passing of the safe port act.
However, many see the use of Bitcoins as a legitimate alternative to traditional gaming and one such company is poised to be the first to offer online casino games that use Bitcoins as the primary currency.
Cake Bet is set to launch in early May of 2013 and will be the first of its kind to offer real money casino games to the public using the Bitcoin system.
It will be interesting to see how this play works out as most of the online Bitcoin poker rooms have had limited results. Their goal is to make betting online as easy as cake, hence the name, but will it actually be that easy? Only time will tell.