Bitcoin has had a rollercoaster ride last year and its still erratic behavior in 2015 does not reflect any signs of improvement. Some critics have been harsh in their assumptions of the cryptocurrency’s future. Investment mogul Warren Buffet, for instance, has said that Bitcoin is a mere mirage that does not innovate in anything.
The criticisms and the loss of confidence are somehow called for. With the price consistently plunging down since the fourth quarter of 2014 up to the beginning of this year, skeptics cannot be blamed. For every cause, there has to be an effect.
2015: Year of Demise?
The value of bitcoins dropped lower than the $200 mark this month. While it managed to climb up again over $200, it still cannot regain its once strong foothold. With the current price at $212, roughly losing two-thirds of its actual value in the last six months, many economists perceive this year to be Bitcoin’s last.
This is being attributed to the fact that bitcoins lack centralized regulation and support from a central bank, which brings a conflict to another fact that its lack of centralization is what made it popular among users in the first place. While a portion of people calls the lack of centralized regulation a weakness, some portion considers this as the strength; a uniqueness even.
Impact on Internet Gambling
If there’s one industry that has grown prolific and matured through integration of bitcoins, it’s the internet gambling. The beginning of a new era for online betting was set in 2013 and things are going well for some, or most. More brands are being developed, and even those already established land-based casinos are considering of adopting the use of bitcoins in their system for a wider market reach, which some have already done, Princess Star Casino, for instance.
However, with the ruckus about Bitcoin’s future, the question still lies unanswered in the open: Will Bitcoin’s dilemma concerning its unstable prices affect the internet gambling niche tremendously? Despite the adamant stance of others in its impending demise, it is still early to say. After all, and after everything everyone has gone through, Bitcoin is still worth salvaging.