Ten years ago, a digital invention stymied the Internet and propagated stories of a seedy black market, taken over by drug dealers and criminals. This relatively small invention was Bitcoin and today is it worth 600,000 times what it was in 2010.
In tandem with the rise of bitcoin has been an increase in the popularity of the eWallet. Whether you use bitcoin or “regular money,” an eWallet makes it convenient to play games at your favourite mobile casino. Just download an app, enjoy low transaction fees, and indulge in continuous gaming and fun at the Gaming Club.
Discover more about bitcoin and eWallets with the following FAQs.
What Is Bitcoin and How Does Bitcoin Work?
Bitcoin is a cryptocurrency, which is a digital asset programmed to work as a means of exchange. It operates on cryptography instead of governmental regulations and management. Essentially, each bitcoin is a computer file stored in a digital wallet or eWallet on a smartphone or computer. People can send bitcoins (or a portion of one bitcoin) to your wallet and you send bitcoins to others for goods. You can obtain bitcoins using real money, selling things and receiving bitcoin payment, or mining them with a computer (which can take a long time).
Each transaction is recorded using a public documentation called a blockchain, which keeps Bitcoins secure and transparent. It also stops people from spending Bitcoins they do not have, making copies, or erasing transactions.
Are Bitcoins Legal?
Of all the countries in the world, 40% or 99 have unrestricted bitcoin laws. 7% or almost 17 countries have deemed bitcoin restricted or illegal. Fortunately, bitcoin is very legal in Canada. Canadian Crypto states that you can use “digital currencies” to purchase items and services on the Internet and in any store that accepts bitcoin or other cryptocurrencies. You can also trade it in an open exchange.
What Is the Bitcoin Price History and What Is the Price in Your Region?
Bitcoin’s price history has been a roller-coaster. Starting in 2010 with less than 003 USD when there was a bitcoin exchange called BitcoinMarket.com (now defunct), the current USD price per 1 Bitcoin (at the time of this writing) is now $10,234.80, which translates to 13,490.85 CD. Until 2013, nearly all of the bitcoin market was in United States dollars. Today, the market has grown globally, with 17% of bitcoin users in North America.
Is it a Safe Investment?
Bitcoin is an exciting investment for many, if not dynamic, and not necessarily a safe investment for just anyone. In the last two years alone, the monthly Bitcoin price index has dramatically swooped from 13,860.14 USD in December of 2017 down to 3,441.03 USD in January of 2019. In the past year it climbed back up to 10,908.18 in June of 2019 but now it has already fallen again.
It seems to have a trend of arching and dipping without much predictability. Bitcoin notoriously dropped from 1150 USD to less than 500 USD in 2013, after many flocked to buy it, bursting many people’s bubbles of money-making hope. It did not pass its previous high for nearly four years. Some critics wonder if the quick rises in the market are short-lived stock bubbles or indicative of the future of currency merely taking shape in its formative years.
Regardless, those in favour of bitcoin appreciate how much easier and safer bitcoin is than currency at the whim of volatile governments. The skyrocketing prices keep risk-taking investors interested because of the boom and promise of the technology.
Overall, if you are interested in purchasing or investing in Bitcoin or other cryptocurrencies, you want to be aware of the risks. It could just as easily double in the next few years as it could drop down to nothing. Invest only what you can afford to lose and you should be safe.
What Is the Best Bitcoin Wallet?
A bitcoin wallet is simply an app in which you keep your cryptocurrency. Two of the best bitcoin wallet apps you can use in Canada are Coinbase and Trezor.
Coinbase is a full buying and selling platform for bitcoin, along with cryptocurrency storage. You simply connect to your bank and transfer currency in and out of your wallet. As convenient as Coinbase is, however, some have been concerned about its depth of security.
More secure than Coinbase but not as handy is Trezor. Trezor is a physical device that plugs into your device to access your cryptocurrency. Like Coinbase, it works with multiple types of cryptocurrencies. It also functions as a password manager and two-factor authentical device.
While you may not be interested in cryptocurrency for purchasing services and goods, eWallets are still very useful. Products like MuchBetter are apps you can download in Canada that store sensitive information and debit card info to make online payments a snap, like mobile gaming and other digital services.