Bitcoin is making a name for itself in many industries. Its phenomenal growth has been exceptional in less than 10 years since its launching. Nowhere has it become more widespread than in the field of online casinos.
When Bitcoins first hit the world, they were almost worthless. Their first transaction involved 10,000 units. The units were used to buy two pizzas. Amazingly, with its popularity, those 10,000 units would be worth millions of dollars today. Early investors in Bitcoins made life-changing sums of money.
Everyone knows that Bitcoins are not considered as “mainstream” currency. However, they have many places where they can be used. One of these is in the field of gambling. Today Bitcoins can be used to make deposits as well as withdrawals at many online gambling sites. People using Bitcoins in these casinos receive several advantages in so doing.
Not all online casinos use Bitcoins, but they are becoming increasingly more and more popular. Players need to know that two types of gambling sites accept Bitcoins. The first is Hybrid bitcoin gambling sites. The second is Bitcoin-only gambling sites.
Hybrid sites accept Bitcoin as well as other more traditional banking options. The Bitcoin-only sites only accept Bitcoins. Some live casinos may accept other types of cryptocurrencies also.
After all of this information about Bitcoins, you might be wondering what this is. You can use Bitcoins to gamble, or for purchases of items where it is accepted. You can also use it as an investment opportunity.
Bitcoin is classified as cryptocurrency. Others refer to it as “digital currency” or “virtual currency.” However, cryptocurrency is a more accurate term to use. So, what is a cryptocurrency? It is entirely digital. This means it is transferred from one party to another electronically. You do not hold it in your hand or put it in your billfold. Next, cryptocurrency uses cryptography. This creates new units and stores and verifies transactions. A more natural way of putting this is that it’s a form of encryption. Finally, cryptocurrency is not controlled by any authority, such as a bank or the government. It is limited in supply. Its value is dictated by the forces of the market. Some people are fond of this because some transactions can be completed in total secrecy. This is just the basic information on cryptocurrency. It is much more complicated.
Bitcoin is very useful for those gamblers in, for example, the United States. This is because in 2006 the Unlawful Internet Gaming Enforcement Act was passed. This did not make online gambling illegal; however, it did make it illegal for financial institutions to handle online gambling transactions. This resulted in many of the leading gambling sites to leave the US. Most of these gambling sites face this dilemma today. But that is not yet the case in Ireland.
The good news – since Bitcoin is not regulated, this allows gambling sites to process the transaction. This is resulting in online gambling sites to accept Bitcoin in more and more casinos. Some casinos allow you to gamble directly using Bitcoins. Others require players to purchase the casinos’ cryptocurrency. If you use Bitcoin to make your initial deposit, you will be surprised with its lightning-fast speed.
Online gambling casinos are growing at a rapid pace. The growth is also embracing the use of Bitcoin. This is a natural fit with online casinos, gambling platforms, bookies, and poker rooms. Today you will find it easy to bet on almost any mainstream sport using Bitcoin. This will allow you plenty of betting options. Many casino operators have adopted the use of Bitcoin. These operators also include Poker rooms.