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Bitcoin has taken internet businesses by storm, & online casinos are no exception. In recent years, online casinos have opened their doors to this popular currency to attract new customers. It started as an underground method for players to place bets on sports or casino games.
Now Bitcoin is now a legitimate currency. Many reputable online casinos have jumped on the bandwagon. This gives clients the advantage of almost instant payouts & zero fees. Like everything else, there are pros & cons of using bitcoin for online gambling. In this article we will examine each aspect so you can make an educated decision the next time you start playing. Sit back & prepare to discover the wonderful world of Bitcoin!
It’s no secret that Bitcoin pioneered cyber currency. Ever since its creation in 2008 by Satoshi Nakamoto it has grown into the most popular virtual currency in the world. It’s completely digital & uses a series of characters to make it unique. Each cryptocurency is created by computer resources in a process known as mining. It’s completely anonymous & the currency is decentralized. This allows for free use & prevents any government from seizing it.
To purchase Bitcoins all you have to do is sign up. Several sites offer ways for you to register & create a Bitcoin wallet. Once you have a wallet set up, you only need to connect your bank account. Once that’s finished you can purchase Bitcoins from your provider. Each one is then placed into your online wallet.
The exact value of Bitcoins has fluctuated wildly throughout the years. When it first debuted it was valued at just a few cents. As the currency gained traction the value skyrocketed up to over $1,000 a coin! After this shocking jump, multiple crashes are currently putting it at around $265 a coin.
Against all odds, Bitcoin has become the currency of choice for internet users around the globe. It has made the news for being a more stable alternative than traditional banking. In 2013 shocking numbers of Cyprus citizens withdrew their money from the banks & invested it into Bitcoins. The tumultuous state of the banks around the world have made this currency extra appealing. Despite many people calling Bitcoin a fad, it has withstood the tests of time & to this day remains a respected payment method.
When it comes to online casinos, Bitcoins are booming. Depositing has never been simpler. With Bitcoin all you have to do is provide your casino with your wallet information & transfer the amount you want to play with. Withdrawals are made with the casino depositing directly into your wallet. This allows for instant payouts & removes the stipulations of dealing with banks. The added anonymity also allows users in restricted countries to gamble freely despite their country’s laws. There are also no fees involved with using it, which makes it especially attractive.
Even though there are plenty of advantages to using Bitcoin, it does have its flaws. The fluctuating value is the number one deterrent. Aside from that there are considerably less casinos that accept Bitcoin compared to traditional payment methods. Many online casinos that first supported it have gone under due to questionable business practices. But within the last year the stance has changed dramatically. More casinos have started to accept it, so now your choices are a lot more diverse.
Bitcoin is a great tool for those who need it, you just need to decide if it meets your needs. It’s a godsend for those who live in countries where online gambling is forbidden. You also get much faster depositing & withdrawals. The only downside is venturing into the unknown & trying something new. The choice is yours, decide what works best for your situation!
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