What you need to know about Bitcoin in the gambling business

Here, we take a look at the advantages of using bitcoin as main currency when gambling online, as the cryptocurrency popularity rises.

Gambling has been -for a long time- a major industry. For as far back as historians can determine, wagers of some type or another have been placed in almost every culture around the world. Today, the gambling industry is a multi-billion dollar per year juggernaut and thanks to the Internet, it has only grown.

In fact, thanks to the Internet, people from all walks of life and even nations have the opportunity to enjoy some type of online casino gaming, betting on sports, and more. Every nation’s laws are different and some expressly forbid gambling of any type, and its citizens are not permitted to play these types of games, at least not with traditional payment sources.

The new generation of currency

Bitcoin is relatively young, having been introduced in 2008, but it has taken the world by storm. Millions of people have access to this form of currency and there are plenty of ways it is better than other forms. For the gambling industry, Bitcoin represents a new way of not only providing the wonderful experience of gaming to the world, but also another level of security for whom this is an essential component.

What is Bitcoin?

At its core, Bitcoin is a form of digital currency. It’s called ‘cryptocurrency,’ which is a fancy way of saying it’s a digital and secure way to exchange goods and services. Today, people don’t often truly understand the mechanics of money, but the bills and numbers in a bank account don’t really mean anything. They represent some type of value, based on the country in which you live, work, or are traveling and using their currency.

Bitcoin isn’t controlled by the government, but rather private citizens. It’s an open source program that is being welcomed by more and more businesses every single week, and that includes online casinos. With more online casinos that accept Bitcoin, it’s even more incentive for men and women alike to delve into this and realise its inherent value.

Key advantages of Bitcoin for gambling online

Even though it’s relatively new, that doesn’t mean there are problems with it. In fact, by using Bitcoin, you don’t need to worry about double exchanges, exchange rates that can fluctuate based on economic or political turmoil or even legislation within a country, or the other hassles that go along with traditional forms of payment.

It’s also an open source. Not nation has a monopoly or any real control over this currency and while that may be causing anxiety for financial institutions and government agencies, it’s perfectly legal and outside the jurisdiction of nations.

Bitcoin isn’t bogged down by regulations and laws that tend to slow down credit and debit card transactions, especially when they cross borders. This means it’s faster and allows you better access to more online businesses that may not be amenable to the currency your home country uses.

Where can you acquire Bitcoins?

There are several site where you can purchase Bitcoins, or partial Bitcoins. “Kraken.com”, “BTC-E.com”, and “Localbitcoins.com” are three worth looking into.

When you enjoy online casinos and gaming and want to have a more secure experience, easier exchange rates, and be secure, Bitcoin is the way to go.

Further reading on bitcoins

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