The online gaming industry is always at the forefront of technological innovations; this is probably why the industry has expanded at the tremendous rate it has! One of these innovations, Bitcoin, is actually the perfect currency for online transactions because it is international in nature and also because it is extremely easy to use.
Bitcoin didn’t have a lot of takers when it was first introduced in 2009, but it became popular very quickly due to a number of reasons that are hard to ignore. It has to be admitted at the outset that the currency appeals to people who like to go against authority for any and every reason. However, this digital currency does offer a whole range of advantages to users apart from anti-establishment people.
A digital asset and a payment system invented by Satoshi Nakamoto, Bitcoin was first introduced as an idea in 2008 to a cryptography mailing list. The following year in 2009, it was released as an open-source software. Bitcoin has become so popular that in February 2015, the number of merchants that accept Bitcoin as payment for their products and services crossed a whopping 100,000!
Well, it’s quite evident that among them are a number of online casinos like Bit Casino, Betcoin Poker, Cloudbet Sports, 5Dimes Casino and Bovada Casino.
One of the biggest benefits of using Bitcoin for online transactions is that it can be used by people of any country, Hence, it frees them from uncomfortable restrictions that might govern the use of their country’s currencies. In other words, people from any country can use Bitcoin to gamble online even if their currency is not accepted at gambling sites on account of government regulations.
Being a digital currency, Bitcoin transactions are quite difficult to trace. This is particularly useful to people living in countries that have a hostile attitude towards gambling. It might come as a surprise to most people that certain countries have laws that permit online gamblers to be identified and punished. The use of Bitcoin will certainly go a long way to help avoid this.
People who use credit cards to gamble online will find out that there is great disparity in terms and conditions governing credit card use. There will be different restrictions on minimum deposit and withdrawal amounts, and the fees will also vary according to the card company and the website.
Online gamblers can also save a great deal of money by using Bitcoins which they would otherwise have spent when buying foreign currencies that are accepted at gambling sites. This isn’t just important to people living in countries where online gambling is banned. People using Bitcoins can access the best gambling sites located all over the world without having to buy the currency accepted by that site. Even if the exchange rate loss is very small, it can work out to be a tidy sum over a long period and it definitely pinches when one’s wins have been eroded by unnecessary costs!
It goes without saying that increasing familiarity with Bitcoin has led people to choose it over other currencies for online gambling. Online gaming sites have been quick to catch on and an increasing number of them are offering Bitcoin as a currency option. As a matter of fact, there are sites that accept only Bitcoin since it is clear to see that this is going to become the standard currency for online gaming. Contrary to the predictions of naysayers, these sites are doing very well and they continue to attract business in ever increasing numbers.