Bitcoin – consumer’s perspective. All of those conversations reminded me of the Bitcoin and inspired me to write this post, where I’d like to take a look at the Bitcoin(BTC) from consumer’s perspective. As it’s not yet ready to conquer the world, let’s look at the more local approach. Let’s try to estimate what’s the volume of transactions here in the US. Also, I am not going to talk about mining, as it’s being talked everywhere and it’s not really practical or profitable especially here in the US, as it requires expensive hardware to start with and uses a lot of electricity, which quite expensive. Working on the front line of IonTec Software LLC is a lot of fun. While paying on the network you have to think twice on what information traces you leave, because once someone can associate the name to a signature a lot of things possible. Surely it will create a lot of transactions. So what if those people will start to transact on BTC network, what if even half of those will?
I am not even talking about bad guys and how they can use that type of information. However at the end of the day, BTC is just a cryptocurrency, so I put it very simple, why would you invest into a currency, even if it is the currency of the future. The answer depends on the online casino you’re playing at and what kind of currency you’re using for your deposit. Setting deposit limits for each player. Another quick search and we will arrive at magic number 35 which is the average number of orders per second for Amazon, but there are other retailers with a similar volume. A quick search on a number of transaction that VISA network is handling per second will give you a magic number of 4K transactions. I have to mention that Bitcoin’s wiki has an article about some proposal which will supposedly bring network to at least level of VISA with their 4K transactions per second and I hope they will find the way to improve that area, but until that happens, waiting for 10-20 min at my local coffee shop while paying with BTC is not going to happen. Replacing all of this with BTC transaction sounds way too nice, right?
Now let’s think ahead, the network is public, so everybody can see all transactions, right? Enough about transactions, let’s move to another aspect, its openness. Let’s take a look at transactions part deeper. The trustworthiness of an online casino is a fundamental part of its success. We hope this review has given you a better understanding of what’s involved in playing at a crypto casino. They are well-versed in all aspects of online casino gaming and will answer questions promptly and courteously. Bonuses and promotions are just around the corner… Then just imagine options for targeted advertisement, if one of the advertisers can associate the name to a signature, and profile person’s spending, learn about habits, like pizza delivery on Friday night. Some time ago I was helping one of our customers to navigate through industry buzzwords and see if they could improve their business processes by implementing some of the new technologies. Crypto casinos must adhere to certain regulations in order to operate legally within the industry. By having clear regulations in place, crypto casinos keep everyone informed about how to stay safe and gamble responsibly. Most reputable crypto casinos employ military-grade encryption technology on their websites, allowing players to enjoy a secure gaming experience without worrying about outsiders accessing their private data or financial information.
With today’s advancements and growth in artificial intelligence that type of data is very dangerous. What I’d like to talk about today is to take a look at BTC from consumers side of the world. Today we have about 7.5 billion people on our planet. Given, that national chains can’t deliver good products and people would rather order pizza from a local shop, which may not have money of a large corporation to improve their cyber security, it’s totally possible. Imagine what a privacy nightmare it’s going to create if, say, pizza shop, where you used your hard-earned bitcoins and provided delivery address plus your name, got compromised. Let me set some boundaries: I am not going to talk about investing in BTC, because I am not a professional investor and it looks to me like a giant speculation. The premise of the Bitcoin is quite simple and compelling, it would allow almost instantaneous transactions between parties with a low fee, like peer-to-peer transactions. People would argue that it anonymous and because it’s anonymous it’s fine that everyone sees transactions. All transactions recorded and tracked by everybody on the network. Well, in reality, it’s pseudo anonymous or it’s anonymous until there is no association between the person and a signature which is visible for the entire network.