glaws.in /?by?JAY SAYTA?/?APRIL 17, 2013
Will Bitcoin change the future of the online gaming industry?
Virtual Peer-to-Peer currency Bitcoin generated a great deal of media attention this week as the value of the virtual currency increased exponentially after the Cyprus bailout and Eurozone crisis (the total value of Bitcoins in circulation was approximately?US $ 2.6 Billion?as on last week), where investors supposedly pulled their money out of conventional banks and invested it in Bitcoins. [See reports of?Economist,?Forbes,?Time?and?Times of India].
As noted by popular online gaming news website Calvin Ayre?here?and?here, Bitcoin has become extremely popular for online gaming transactions and a host of online gaming websites are offering payments and withdrawals in Bitcoin due to its anonymity, decentralisation and guaranteed authenticity.? [For more details on Bitcoin and how the currency functions, read Economist's detailed explanation for beginners?here]. Users are comforted by the fact that Bitcoin transactions are encrypted, safe and not traceable by government authorities. This enables them to freely use the currency for gambling and illicit activities online without any fear of liability and also provides a great tool for tax avoidance specially for online gaming transactions in India, where foreign remittances are barred under FEMA Rules and withdrawal of high-value winnings also attract the attention of the taxman and create a host of problems.
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h/t: The Daily Bitcoin
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