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Wednesday, October 18, 2017

Bitcoin: What’s it doing in Oregon?

by Editor (editor), , March 10, 2017

So, for those who don’t know exactly what the whole situation with this modern yet mysterious digital currency is, it goes like this:

Bitcoin. It’s a word you’ve heard, but you may not entirely be familiar with. Don’t feel bad! It’s just not here in our state, or used in your field - as far as you know. Well, that’s where you’d actually be wrong. The beauty of this cryptocurrency is literally that it’s digital, which means it can obviously be used anywhere in the world. This, of course, makes it an asset in the world of business, too.


"bitcoin" (CC BY 2.0) by Sean MacEntee

What Is Bitcoin?

So, for those who don’t know exactly what the whole situation with this modern yet mysterious digital currency is, it goes like this: everything about bitcoin is done digitally, so it can be used to make electronic purchases or online transactions. However, you can also use it in real-life stores, as long as you have a mobile "wallet" app. Unlike regular money, bitcoin will never be printed, and it’s also the same in every country while at the same time being decentralized - which means that there's no single organization that controls it, as it happens with traditional currencies.

Bitcoin is based on mathematical proof - a digital ledger that's called the blockchain. A bitcoin is divided into many units, the smallest of which is called the Satoshi - after Satoshi Nakamoto, the mysterious developer of the digital currency. The blockchain documents all the transactions which have occurred, for everyone to see - without disclosing any information about the people who made these transactions.

Bitcoin has blown up massively – whilst other currencies have seen shocking crashes among worrisome political climates, investing in bitcoin has actually given a lot of people a huge windfall. A small investment when it first came about in 2008, for example, would be worth hundreds of thousands of dollars now.


"Bitcoin Wallpaper (2560x1600)" (Public Domain) by PerfectHue

Is Bitcoin Actually Used?

Yes, partially in thanks to the fact that it’s so reliable. Some sectors value the use of bitcoin already more than others, but the rest are bound to follow. One industry which has particularly embraced it is the online gambling scene, with bitcoin casinos really making their mark. Take Vegas Casino: the brand accepts the currency and works it into its entire strategy - as they have decided to deal solely in bitcoin. You receive a welcome bonus, are given quick access to any exchanges, and as such, the model allows users from around the world to play bitcoin live blackjack among other games such as slots and poker at the touch of a button – without having to worry about fraud or bad currency conversion rates.

Many other fields of business are starting to warm to bitcoin, too. And there are many reasons why. There are often fewer costs for processing when compared to the traditional credit card options, for example. In addition, its public ledger means that nobody can cheat the system, as it’s visible to all.

What’s It Doing Here?

Oregon is home to actual bitcoin ATMs – yep, you can make withdrawals. In fact, Portland even saw its own battle back in 2014, with two companies vying to host such implementations within the city. The views of these two brands battling it out to get in on the scene highlight how Oregon businesses could, and perhaps should be approaching bitcoin. Allowing for a modern take on both the ethics of exchanging currency and more sound investments, it simply cannot be something we – or anyone– can ignore any longer.



About the Writer

Editor is an editor for BrooWaha. For more information, visit the writer's website.
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