Increased investor interest in cryptocurrencies in the early weeks of 2021 along with a record increase in the exchange value of the most widespread virtual currency, Bitcoin (BTC), has significantly helped to establish a virtual casino in Las Vegas, where bets will be solely accepted in cryptocurrencies. On Sunday, 14 March 2021, BTC reached US$ 61,556 per BTC, but at the beginning of this new trading week, it dropped.
On 16 March at 5:51 am CET BTC traded on the Coinbase digital currency market at US$ 54,530.25 per BTC with the daily decline of -3.51% which, according to economic reporters, was caused by investor profit withdrawals achieved during the weekend trading session. According to analysts and financial strategists, the decline should only be short-lived and the BTC should strengthen again, however even these experts are unable to estimate the fall or subsequent growth of this cryptocurrency. The decline in exchange rates affected not only Bitcoin, but also other virtual currencies such as Ethereum or Litecoin, as these currencies also recorded dynamic increases in their values and are currently affected by investors’ profit withdrawals.
Bitcoin is an internet open-source P2P payment network and also the crypto currency used in this network. Bitcoin’s main uniqueness is its full decentralization; it is designed so that no one, including the author or other individuals, groups or governments, can influence the currency, falsify, confiscate accounts, control cash flows or cause inflation. There is no central point in the network, and no one can make decisions. The final amount of bitcoins is known in advance and the release of bitcoins into circulation is defined in the network source code. There are minimal or no cost payments. The network has been operating since 2009 and it was created by a group of people known as Satoshi Nakamoto.
According to cryptocurrency analysts Bitcoin is the only medium of exchange that can offset central banks printing money. “Bit gold” and “b-Money” concepts were the basis for the creation of Bitcoin. There is now an official software client for payments, managed by volunteers from around the world and several alternative clients. Since 2011 conferences have been held all around the world on Bitcoin, economy, possibilities and implications of this currency. In September 2012, the non-profit company Bitcoin Foundation was established to take care of the Bitcoin infrastructure, monitor threats and possibly improve protocols, organize conferences and promote the currency. However given the decentralized nature of the network, the foundation has no special powers as the majority always makes decisions. In 2014, the Apache Software Foundation, a non-profit organization, began accepting donations in Bitcoins.
