We have all heard the term, but do you know what a Bitcoin actually is? Simply put, it’s an online currency that you can buy with your own currency. It’s also sometimes called cryptocurrency, which is a reference to the encryption security used to protect your money.
There is no paper money version of Bitcoin, as it exists entirely in the virtual world. Once you have purchased your Bitcoins, they are stored in an e-wallet and you can use them to pay for things online. It sounds pretty simple doesn’t it?
It really doesn’t get more complicated than that, and what better form of currency to use at an online casino than an online currency?
There are several benefits to taking advantage of this new payment method. First and foremost it is very secure. You can purchase a limited amount of Bitcoins and use them for online purchases. That way you don’t have to use your credit details for a number of different casinos.
Another great thing about using Bitcoins is they are a universal currency. Once you know how much you have, you don’t need to keep converting the amount to your own currency in your head while you are playing.
One of the greatest things about bitcoins is that because they aren’t regulated by a government agency transaction, fees are very low, sometimes even free. This makes it a very attractive option for casino operators, so there is lots of motivation to offer the option to their players.
Lastly, Bitcoin is anonymous. With no credit card transactions, your name is not attached to your purchases, and your expenses won’t be reflected on your credit card statement. Some people prefer to have as few of their transactions visible as possible, and Bitcoins are a great way to keep your statement simple.
There is only one down side to Bitcoins and it relates back to the fact that isn’t regulated government. For that same reason, should a casino close down or refuse to payout winnings; a player has very little recourse to reclaim any monies and there’s no authority that they can work with to recoup their losses.
Bitcoin may well be the online currency of the future and there are now several other cryptocurrencies that work much the same way. The impact that this currency could have on online gaming is enormous and in many ways, extremely positive.