Published on 5 July 2016 by Rachel
Everyone has heard of Bitcoin by now – the cryptocurrency that is making waves around the world and infiltrating a variety of sectors as a viable payment option. The online casino sector is no exception, and it has slowly been taking up this currency as
one that players can use to recharge their casino accounts.
What is Bitcoin?
Bitcoin is a currency that exists only online – you won’t find a Bitcoin ATM, dispensing Bitcoins you can put in your wallet anywhere on earth. It offers a completely virtual payment option, with users being able to select from a number of online wallets, convert funds to and from Bitcoin, and safely transfer Bitcoin within seconds.
Another of Bitcoin’s attractive features is the combination of safety and anonymity. No user information – name, address, credit card details – is visible to anyone aside from the user. Sending funds is simply a matter of copying and pasting a long string of text. That text can be used to verify that a payment has indeed been completed, in real time.
No banks are involved at any point during a Bitcoin transaction. Fund transfers are carried out and verified by an international team of volunteers, who lend their computing power towards this goal in exchange for small payments. Bitcoin value can and does fluctuate, however it is considered quite a stable currency now that is has become an established payment method.
It seems like a natural step for online services such as casinos will see the value in a currency that is secure and can be transferred in seconds. A growing number of casinos are accepting Bitcoin, making it easier for fans of this cryptocurrency to play their favourite online games in their preferred currency.
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