How is the Bitcoin Affecting Online gambling and Sports Betting?BTC Casino / 12th July 2018
The term cryptocurrency was totally unfamiliar till 2009. That is until the introduction of bitcoins. From that time, it has been one of the most sort-after items to date. The currency has started a whole new, revolutionary movement that has changed the world’s view. Bitcoins have penetrated all areas of monetary transactions including the online gambling and betting world.
Bitcoins, What are They?
Bitcoins are a cryptocurrency, meaning that they can only operate online. They can neither be seen nor felt physical. Bitcoins are part of a blockchain system. This is a cryptographic transaction meaning that even though the records are transparent, they are protected by a genius mathematic security and digital signature system. This system is highly secure, tamperproof and cannot by any means be forged.
Gambling with Bitcoins
Naturally, since the currency only exists online, online platforms like real money online casinos and online betting sites were the first to accept its usage.
Gambling with Bitcoins started in 2010. Originally there were a few internet casinos that accepted the currency. But now most of the online casinos use it. It is only the worst casinos that do not accept deposits and withdrawals using Bitcoins.
Bitcoins Providing an Online Solution
As mentioned above the Bitcoin is secure and very confidential. These are the biggest “pluses” to using the cryptocurrency at online casinos after you remove the fact that it is the most efficient online payment method.
By providing anonymity the currency has allowed gamblers all over the world to enjoy casino games in private if they so wish. This has resulted in many gamblers joining the top online casinos.
Then there is the security. Bitcoins are a secure way of transacting online. The transaction is protected from third parties making it hard got anyone to steal your Bitcoins.
Since Bitcoins are transacted between peers the payment option is a cheaper alternative. Since there are no transaction charges, the best online casinos offer bonuses on deposits made using the cryptocurrency. This is a good enough reason as any to play casino games using Bitcoins.