Money | Tech

3 Reasons Why You Need Bitcoin in 2017


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bitcoin coins

You may have heard of Bitcoin, you might have even exchanged your own currency for some in the past, but why should you be willing to use a virtual currency in 2017? Although the thought of using a digitally created, non-government controlled currency to buy goods and services might seem like something out of a sci-fi novel, Bitcoin has been around since 2009 and, today, it’s starting to find its place in the world.

Although the cryptocurrency (the technical name for a currency digitally created using cryptography) hasn’t usurped traditional currencies in the way some expected (yet?), it is certainly becoming more common in the mainstream. For example, if you want to book a flight with Expedia, you can now pay using Bitcoin. Similarly, Blockchain, the technology that essentially makes Bitcoin transactions possible, is now being explored for mainstream use by a host of industries, including banking, healthcare and even music.

Essentially, Bitcoin is starting to make its mark and that’s why you should consider using it in 2017. Still not convinced? Here are three reasons you may want to swap your dollars for virtual coins in the coming months.

Anonymity and Security

anonymous men

One of Bitcoin’s biggest advantages is the fact that transactions are anonymous or semi-anonymous (pseudonymous). When you send money or make an online purchase, you don’t have to enter any personal details in the same way you would if you used a debit or credit card. Instead, all you really need to make a Bitcoin payment is a Bitcoin wallet, the recipient’s Bitcoin address and the amount you need to send.

By using unique Bitcoin addresses instead of a person’s name or address, it means it’s a lot harder for cyber criminals to identify the dynamics of a transaction. Indeed, by removing the sender, recipient and purpose of the transaction, it essentially leaves any outsiders looking in with a blank page. Naturally, the benefit of this is that you’re less of a target which is great if you make a lot of online payments.

Have Some Fun in 2017

bits bytes

Online businesses are now starting to see the benefits of Bitcoin, and that’s creating many more ways for you to spend in 2017. In fact, aside from being able to book a flight using Bitcoin, you can do all manner of things online. If you’re a casino fan, it’s now possible to play all manner of Vegas-style games, including slots, without relying on your native currency.

Instead of adding Bitcoin on to an existing selection of traditional payment options, VegasCasino has gone a step further and created a Bitcoin-only platform. Everything from deposits and jackpots to the moment you claim your bitcoin slots bonus available for new players, the cryptocurrency is king at this site. Indeed, by using an exchange like Cubits.com and sending funds to the site, players can take a spin on the site’s variety of slots games and other casino offerings – featuring titles such as Sugar Pop, 7 Sins and Dragon King  – without needing a dollar.

The benefit in this instance (and in all instances) is that players aren’t hit with currency conversion charges. Even though VegasCasino isn’t based in Canada, Bitcoin’s universal nature means anyone from anywhere can play using one single currency. Moreover, in addition to offering a more egalitarian system, the site also boasts all the intrinsic safety benefits of Bitcoin, which means players can “ante up” in a safer environment.

Governments Are Getting On Board

parliament hill ottawa

With all the buzz surrounding Bitcoin in recent months, coupled with the fact its value as a commodity more than doubled in 2016, governments are now starting to take note. In Canada, the Ontario Securities Commission (OSC) has been reviewing the digital currency in recent months and even met with Crypto Consultant president, Jason Cassidy, at the Toronto Bitcoin meet-up.

Discussing the issue of Bitcoin and blockchain becoming mainstream products, Cassidy and the OSC are now working to create a legal and regulatory framework that will ensure Bitcoin can become a major player in Canada’s financial culture over the next few years.

“We are now at a point where, to grow the ecosystem further, we must work diligently with these groups to form a legal framework that makes sense for all Canadians,” Cassidy explained back in November 2016.

Across the Atlantic, the UK government is also looking into the potential of Bitcoin as both a mainstream currency and a technology aid. In fact, as it stands, an official study shows that 20,000 people in the UK already hold £60 million worth of Bitcoin.

With governments now getting on board with Bitcoin, it seems as though 2017 could be the year it flourishes. If this proves to be the case, then it could benefit businesswomen immensely. Aside from government backing and secure transactions, Bitcoin’s anonymity could allow women to compete on a more level footing. Because a customer doesn’t need any information other than a Bitcoin address, there’s no reason (or way) for them to choose a company based on the gender of its CEO. Although a small consideration in the grand scheme of things, it’s certainly a possibility that Bitcoin could make a reality.



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Kayla Diamond


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