While in-game currencies exist in several different minecraft worlds, using bitcoin means that players can take their money out of the game and use it in the real world too.
The server, PlayMC, features an in-game currency called ‘bits’ which the company has set at 100,000,000th of a bitcoin (commonly known as a ‘satoshi’). The unit was chosen for its ease-of-use, as it represents a whole unit and allows players to be rewarded seemingly on a larger scale.
With additional opportunities for players to spend their bits on classes, items and other additional content within the game, PlayMC says it provides a “safe gaming environment for kids to enjoy and have the opportunity to earn their own money”.
What’s a Bitcoin?
“Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.” – CoinDesk
How Secure is Bitcoin?
There are a lot of misrepresentations around Bitcoin. A lot of people have heard of Bitcoin getting “hacked”, etc… but this is simply not true. Here are the facts regarding Bitcoin. A Bitcoin “Private Key” or the password to your Wallet is 32 bytes ( or 256 bits ) The combinations to “guess or hack” your private key are 10^77 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000.
This number is actually VERY CLOSE TO the guessed amount of atoms in the universe of 10^81. Bitcoin uses an Elliptic Curve Digital Signature Algorithm (ECDSA) the largest key broken to date of the type that Bitcoin uses was 112 bits long. A Bitcoin account is more than 4,000 billion billion times harder to break. (Yes Double Billion.) Now for even extra security (and should be standard practice) you can use an M-of-N-signature Wallet. This requires you two have access to TWO private keys in order to spend (or take) money from your Bitcoin Wallet.
Bitcoins are a highly volatile alternate currency that’s used online through computer and mobile devices. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.