Bitcoins and betting

Bitcoins and betting

Bitcoin is a relatively new cryptocurrency that is sweeping the internet. Unlike centralised currencies that are regulated by banks and other governing bodies, bitcoin remains unregulated and depends on the current demand for its value which can fluctuate dramatically at any one time. The bitcoin itself is mined through the use of various algorithms and users can then stash it in an online wallet. There are keys to this wallet and these cannot be lost, as this will mean there is no access to the bitcoins that have been found, thus all the bitcoin is lost and worthless.

In recent years, as the popularity of this currency has grown, some online casinos are now allowing it as a payment method. This means that players can simply sign in and use their bitcoin wallets in order to pay for things at the casino. The level of popularity is not quite high enough to make it fully mainstream, so there are still relatively few casinos that offer this service. However, the use of bitcoin to pay for games has many different advantages.

For example, the first good reason to use bitcoin is the fast transaction times. There are minimal fees associated with this currency and both deposits and withdrawals can happen almost instantly. In addition to this, it is a paperless option meaning that it is also good for the environment. In addition, the currency is completely transparent and with its complete anonymity, it lessens the security worries that many people have when playing online.

Whilst this payment method is not for everyone, it is becoming more common and the fact that it doesn’t require any input of credit card details is also a plus. Of course, not having any bitcoin is a major drawback and really only truly lucrative if you owned bitcoin prior to its increase in value.

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