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Canada to Test Bitcoin For Online Banking

David Burgundy | 16 Aug 2016

In a truly landBitcoin for online banking in Canadamark move for cryptocurrency, Canada has announced that the Bank of Canada will be testing out the use of Bitcoins for inter-bank transfers. Should this prove to be a success, the future of Bitcoin would look very bright indeed. 

Bitcoin is an open source cryptocurrency that was developed in 2008 and is unregulated by any one country. It is the first true world currency, provided that all parts of the world have Internet access. As such, it offers numerous benefits that have already been noted by many online businesses. 

Bitcoins are a feature of Blockchain technology, which uses cryptography to create a safe and transparent online ledger system that allows you to hold and spend money safely around the world. The Bank of Canada will be testing out Blockchain technology to see how it can be used for inter-bank transfers, and whether it meets expected standards of safety and security. The Senior Deputy Governor of the bank, Carolyn Wilkins, has suggested in recent interviews that there may be several more experiments on the way, though there is currently no plan to digitize the Canadian currency. 

Bitcoin is becoming a very popular currency for use at online casinos, and one of its draws is that fact that as yet, it is not fully regulated. This means that the transfer fees and transaction fees are very low, sometimes even non-existent. As a result, online casinos are able to offer better bonuses for Bitcoin players, as they have fewer costs to cover. In addition, Bitcoin is not tracked and therefore won’t show up on your credit card statement, or any part of your credit record, making it wholly anonymous. 

With institutions like the Bank of Canada getting involved in using this cryptocurrency the doors are being opened for a more wide spread use. One of the few drawbacks of cryptocurrency is, because it isn’t regulated or managed by any given bank, should a business fail and have your Bitcoin balance in credit, you are likely to lose the currency with no recourse to claim it back. Recognition of the currency by international institutions could pave the way for this one deficit to find a resolution. 

It remains to be seen what the outcomes of the tests and experiments will be, but it’s clearly evident that Bitcoins are not going anywhere, and have only just begun their growth into the sphere of the online industry. With an increasing number of online casinos and other digital business accepting Bitcoin as currency it’s clear that they have already gained legitimacy, and if a bank backs them, they are sure to become even more readily utilised.