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World’s Largest Bitcoin Database Created By Nordic Firm

Anyone looking to gamble outside of a traditional casino should look no further than Bitcoin. This virtual currency has featured prominently in our reports as it is becoming one of the most dynamic virtual “poker chips” that you could wish to play with. There are still people who do not understand how Bitcoin actually works other than that it is a virtual currency.

Essentially Bitcoin is no more than software code that defines units of value and which users can trade among themselves. What makes Bitcoin the equivalent of the modern day “gold rush” is the unbelievable fluctuations that have gripped this highly speculative commodity. Just to recap Bitcoin was launched in 2009 and has been trading last year at $10 and reached $1000 recently.

One of the main issues facing Bitcoin is to demystify the way it works and the best way to do so is to show people where they can use their Bitcoins as actual currency. It is here where a Nordic venture capital firm called Creandum came up with an innovative idea. They claim to have built the largest Bitcoin database of business that accept Bitcoins as currency. Creandum’s database contains over 300 companies which include everything from gambling companies to payment processors.

The thinking behind this type of database is to shed light on what many still consider the murky world of virtual currencies. Both investors and entrepreneurs need as much information about Bitcoin as possible if it is to succeed on a global basis in the long term. Creandum told Reuters what many believe,” This year and next year the Bitcoin needs to prove itself as a payment mechanism, and it could go either way.”

As we pointed out Creandum have posed the question if Bitcoin is a bubble which will burst or whether it is “the beginning of a new world”.

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