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Roundup: Russia, Bitcoin Gap & Microsoft

Roundup: Russia, Bitcoin Gap & Microsoft

Chris in Bitcoin & Cryptocurrency published on 19, March 2016

What Microsoft’s Error Says About Bitcoin Stability

Microsoft accidentally announced on its website that it would no longer accept Bitcoin after it integrated the digital currency in 2014. This turned out to be a mistake on the side of the multinational company as it promptly clarified the issue, ensuring the public that Microsoft and Bitcoin still remain in good terms. This incident took a toll on Bitcoin price, which only hinted of Bitcoin’s instability and dependence on key industry players to encourage and influence others to use bitcoins.

“With news about Microsoft and Bitcoin parting ways, the usual rumbles about the cryptocurrency’s dependability ensued. This would have been another body blow to Bitcoin’s reputation after the string of setbacks that it has suffered recently like the recent network congestion that resulted in transaction delays. Combined with the ongoing block size controversy, this seriously puts the future of the cryptocurrency in doubt.”

5 Leading Payment Processers For Bitcoin Users

Using Bitcoin can be quite challenging in the beginning for both first-time Bitcoin users and merchants. This is the reason Bitcoin payment processors like GoCoin, Coinify, Cubits, BitPay, and CoinKite play an essential role in ensuring a dynamic and functional Bitcoin environment.

“The main job of payment processors is to streamline the process of paying for purchases, both for the merchant and the buyer. Most of the advantages are for the merchant, but the people buying services or goods get some benefits, too.”

Online Casinos Slow To Bridge Bitcoin Gap

A quick inquiry about Bitcoin acceptance among real-money online casinos reflected the current state of Bitcoin growth in iGaming. It confirmed that even the growing Bitcoin gambling sector is but a small portion of the billion-dollar online gaming industry as the top online casinos still fail to see the benefits of adding Bitcoin to their payment system, thereby emphasizing the Bitcoin gap in iGaming.

“Today, Bitcoin is still seeking to get mainstream recognition. It may not seem like it from the perspective of an experienced Bitcoin user, but people are still a bit hesitant about the cryptocurrency. There are several elements that make the casinos reluctant to adopt the cryptocurrency, only establishing a Bitcoin gap in iGaming.”

Bitcoin Adoption: Recent Successes Pave the Way

The stellar performance of Bitcoin in two downtown Las Vegas hotels served as the perfect reason for other establishments in the area to welcome Bitcoin aboard. Two years after The D Las Vegas and Golden Gate accepted Bitcoin, Sin City gradually turns Bitcoin-friendly and contributing to the increasing Bitcoin adoption rate. The installation of more Bitcoin ATMs serves as a major progress, with Mike Tyson’s Bitcoin ATM as the most notable of all.

“To date, bitcoins can be used for payment for various services and activities within the state, including haircut, car repairs, shopping, kart racing, and even office rentals. An increasing Bitcoin adoption continues to manifest even outside Las Vegas. In fact, reports said that the number of merchants accepting Bitcoin has risen by 42 percent.”

Bitcoin Faces Setback In Russia With New Proposal

Users of Bitcoin in Russia are on a roller coaster as efforts to suppress and support Bitcoin continue to overtake one another. After laying low on banning the cryptocurrency, Russia may one day grant Bitcoin usage as a criminal offense punishable by up to seven years. According to the new proposal, ordinary citizens caught using Bitcoin must pay a ₽500,000 penalty or spend four years in prison. Bitcoin miners, however, should pay ₽1 million to ₽2.5 million to evade the alternative punishment of seven-year imprisonment.

“This piece of legislation, even in proposal form, is regarded as the harshest ever placed against Bitcoin. This adds a new wrinkle to the saga of Bitcoin in Russia, which has always been turbulent.”

 

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