Being a digital currency which was created in a digital age, bitcoin has always been popular for online transactions – gambling in particular. The gambling industry has always been quick to adopt new technologies and trends and they were certainly on the ball when it came to cryptocurrencies. After it was first created in 2009, bitcoin was soon revolutionizing the way we placed bet online, from casino games to sportsbooks and poker sites like this one, you can learn a lot from bitcoin and poker A host of new gambling sites began cropping up all over the internet, specialising in bitcoin gambling. Bitcoin arguably gave the online gambling scene a significant boost and allowed it to gain momentum.
Bitcoin is appealing to gamblers and the gambling industry thank to its unique characteristics. It facilitates anonymity – players who bet with bitcoin aren’t required to give the amount of personal details (like addresses and postcodes) that those who use credit and debit cards are. Bitcoin’s decentralized nature also allows for a counter to the increasing government restrictions on gambling around the world, especially online gambling. In recent years, many governments have been imposing a lot of regulations on gambling and online casinos and as a result of this, bitcoin became the perfect solution to avoid the increasing number of gambling restrictions worldwide. Anyone unfortunate enough to live in a country where online gambling is heavily policed can easily gamble with bitcoin, as it is transferred using decentralised peer-to-peer transactions rather than banks. Bitcoin transactions are cheap and quick. Online casinos can lower their commissions and still get the same financial incentive through bitcoin transactions. Anyone can independently verify all the transactions in the Blockchain, so it allows greater financial transparency making it more secure using bitcoin to gamble. Being a global currency, it is perfect for international transactions and there are no conversion charges to bear in mind.
It can be easily argued that bitcoin is far superior compared to traditional banking options when it comes to online gambling. Credit and debit cards, wire transfers, bank transfers and PayPal are all hugely convenient for bettors, however they are are also restricted by local regulation and taxation, which don’t apply when it comes to bitcoin.
So for online betting fans, why not switch to bitcoin? After all, bitcoin is the currency of the internet.