So what exactly is Bitcoin? And how can you use Bitcoin in gambling? Well, the short answer is that it’s a digital currency or cryptocurrency that can be both created and stored electronically. It’s controlled by it’s users (decentralized) rather than a bank or other fixed organization.
Bitcoin In Gambling: How it Works
Unlike cash money, there are no physical bitcoins. There’s just a balance which is kept on a public ledger. This is stored in cloud and you can see all the balances and transactions going back forever, thanks to some enormous computing power.Every Bitcoin transaction is recorded in a public ledger. This is called the ‘blockchain. It contains every Bitcoin transaction ever processed. This whole process is managed by persons called “miners” and it’s their job to verify transactions and keep all balances up to date. Your coins are stored in a wallet. This piece of software is like a digital bank account. When you buy coins they come into your wallet, and this is the place you can also send them from. If you’re dealing with a casino, like Bovada, that accepts Bitcoin, then it’ll come out of your wallet.
Because Bitcoin has very low processing costs when compared with traditional means such as credit cards, it’s proving more and more popular with online Casinos. In fact, online gambling news on the US says that the number of Bitcoin only casinos is growing at an exponential rate. Here is a list of sites that accept Bitcoin. As withdraws and deposits are all free, then this gives those online Bitcoin casinos more leeway to offer better prizes and bonuses. For many users, the transfer of Bitcoin is no different than moving funds via Paypal or Skill.
Purchasing Bitcoin for Online Gambling
There are a few ways to buy Bitcoin. One is to use one of the many exchanges both in the UK and abroad. Then there are what’s known as “local Bitcoins”. These are normally individuals who want to buy Bitcoin. Essentially you meet in a public space, they pay you pay cash and then place your phones together and the funds are then automatically transferred. To make deposits into your gambling account, there are basically two methods at your disposal: create a Bitcoin wallet and then make a direct deposit, or deposit your Bitcoin into an E-Wallet like Skill for example. Then you can use the deposit as normal. This last option is great is the casino of your choice doesn’t accept Bitcoin directly.
Reasons to be Happy
According to online gambling sites in the US, Bitcoin has quickly gained a following among online gamblers. The main reasons are:
1. It’s fast with transactions confirmed within minutes.
2. The transaction fees are either very small or non existent, especially when compared with credit cards.
3. It’s a digital currency for the digital age. So it’s a natural fit for online gambling with sites like Bovada.
There’s been some talk about Bitcoin being the choice of criminals thanks to it’s decentralization and anonymous nature. But it’s all still early days. Though the coin isn’t technically legal, it’s status is growing daily. So there’s really no excuse not to use Bitcoin in gambling.