For anyone familiar with the gambling industry over the years, it goes without saying that technology has had its impact on the development of modern day gaming. Prior to the turn of the 21st century, people were only able to play their favorite casino games at their local/favorite casinos. Since then, however, the dawn of online casinos has made it easy for you to play all of your favorite games from the comfort of your own home.
Even more recently, the online gambling industry has harnessed even newer technology to facilitate gambling via new methods.
Bitcoin is a new type of currency that is beginning to make a name for itself. The currency is unlike any other currency in that it does not exist in the physical world like the dollars and cents we have in our pockets. This type of money offers a bunch of advantages for online casino-goers. Before we get into the finer details of how gambling with bitcoins works, it is only right that I first explain how Bitcoin functions within our modern society.
Whether you have heard of Bitcoin or not, chances are you do not have a very good understanding of how this currency functions even though it does not exist in the physical world. For many, the simple fact that bitcoins exist yet cannot be held if the most difficult thing to wrap your head around.
Satoshi Nakamoto is the brain behind Bitcoin, and is the one who created the program from which Bitcoins are derived. Nakamoto, who is an unknown Japanese citizen who only goes by this alia, created bitcoins as a way for people to exchange value without having to use banks. Despite banks being trusted by most of the world, the fact of the matter is that they, operating as middlemen, make the process of exchanging money much more complicated than it has to be. With bitcoins, I can exchange money with a friend without having to give him anything and without having a bank approve the transfer.
Bitcoins are stored online in much the same way our bank accounts store our balance online. Now if you are wondering how this system can be trusted, look no further than the public ledger upon which all Bitcoin gambling transactions are listed, though, of course, they are not noted as gambling related. By way of this, the total number of coins in circulation can be independently verified at any point in time to ensure that the system isn’t rigged. On top of it all, your own personal security is never compromised as all transactions involving this type of cryptocurrency take place anonymously.
The whole Bitcoin system is far more complex and involved than what was just described, but this does a good job of helping you understand how bitcoins work in the context of the modern financial world. Now we can discuss how Bitcoin is changing the way in which people gamble online.
At first, the concept of using bitcoins to play at online casinos may seem unnecessary due to the fact that it is already fairly simple to play online casino games by way of traditional currencies such as USD, Euros, and GBP. When you think about it, however, the reality couldn’t be any different.
First, using Bitcoin immediately offers an advantage to those bettors who deposit frequently. As you are well-aware, any and all deposits to online casinos are subject to a fee, sometimes two. Right off the bat you will see your initial deposit reduced by anywhere from 1% to as much as 5%. With Bitcoin, all exchanges take place without any fees applied. After just a few months’ worth of deposits, you can see how much money Bitcoin will save you over traditional deposits.
Another benefit derived from playing at online casinos by way of a Bitcoin deposit is the fact that all your information is kept private. No more do you have to worry about your financial and personal information falling into the wrong hands, because no longer do you have to supply that information. In the security-conscious world we live in, Bitcoin offers safety and security that can be found nowhere else.
Because Bitcoin is still a somewhat new concept, very few people are familiar with it as it relates to the wider gambling industry. Because of this, it is not at all uncommon to find hoards of online gamblers who simply do not know about the existence of Bitcoin.
Truth be told, there really aren’t all that many Bitcoin casinos out there. While there are quite a few and more on the way, traditional online casinos handily trump the offering of Bitcoin casinos. With that being said, however, you can do just a bit of research through bitcoin casino reviews and discover that there are quite a few casinos accepting Bitcoin deposits.
As is the case with traditional online gaming establishments, no two Bitcoin casinos are created equally. While one site will offer a wide array of poker games played across a handful of different stake levels, another site may not offer poker games at all. Still, when it comes down to it there is a Bitcoin casino for every type of gambler. By doing a bit of research you can uncover what casinos appeal to you and which ones you might want to stay away from. Being that this is a new branch of the online casino industry, and one that is still attempting to garner a following, the bonuses and promotions offered by Bitcoin casinos tend to be some of the best currently offered.
Perhaps the best aspect of Bitcoin casinos is the fact that cashing out is easier than it is anywhere else. Unlike traditional casinos, where cashing out means you may have to wait weeks on end before ever receiving any money, Bitcoin cashouts are processed instantaneously such that you will have your money only seconds after requesting to cash out.
For any online casino-goer, the speed at which your funds can be in your possession is an aspect of Bitcoin casinos that simply cannot be ignored.
Truth be told, this part of the industry is still very much in its infancy. Bitcoin as a currency is barely 5 years old and, as it becomes more widespread and utilized by more people, will attract a wider following. Despite its youth, Bitcoin gambling is an extremely attractive prospect that offers numerous benefits. As time moves on, I expect that Bitcoin will become even more prevalent in the online gambling industry as more and more online establishments pop up and gain a following.