Are Bitcoins the future of online betting?

Bitcoins - an online "virtual currency" - may very well become the go-to alternative for online bettors, according to an article from Yahoo! Sports.

That is, if they aren't already.

Bitcoins, which are dubbed "the first neutral global currency", can be purchased online with your regular currency and can be used as a peer-to-peer means of financial transaction or they can be exchanged for goods online.

From Yahoo!:

One major appeal of using Bitcoins for betting is the heavily encrypted coding that comes with it. They are essentially impossible to trace. So much so, that Bitcoins were once used as a financial means for drug deals and arms transactions.

According to the article, the value of Bitcoins is based on a complex mathematical algorithm as opposed to the normal means we are used to which determine the value of a given currency. This alone makes dumping money on a new, unregulated and non-tangible currency a gamble in and of itself.

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