Bitcoin is still a relatively new concept to a lot of people. Developed just shy of ten years ago, the uniqueness of Bitcoin as a currency/method of payment leaves a lot of individuals in a state of confusion. How can you pay for something when it doesn’t technically exist? How can you have a currency that isn’t physical? How secure is it as a method of payment? Is it legal?
Due to the air of mystery surrounding Bitcoin, it has had a few ups and downs in its growth, in terms of both value and popularity. However, for the last couple of years or so, it seems to have been permanently on the up, with more people than ever before using Bitcoin as an alternative currency to their ordinary money, and with more people than ever before desperate to earn as many Bitcoins as they can.
This is probably due in part to the dominant use of Bitcoins in online casinos with dozens already set up and dozens more thinking about it. Vera and John, a UK casino, is a prime example of an online casino considering adding bitcoin to their list of payment methods. As a cryptocurrency, everything about Bitcoin is done online, from the way it’s mined to the way it’s purchased to the way it is stored. This makes it the perfect method of payment for online casinos! A huge portion of online casinos now accept Bitcoin, and there’s actually an entire subcategory of online casinos that deal in nothing but Bitcoin. It’s a faster method of payment, it means that there’s less waiting time between transactions (there’s no waiting time at all!) and there’s also no involvement from any banks or governments who might put fees and restrictions in place. There’s also an element of anonymity to the cryptocurrency, as payments can not be traced back to who made them. This makes it a very popular form of currency for gamblers.
However, the surge in Bitcoin use for online casinos has begun to influence other online retailers to accept the cryptocurrency as a method of payment. Bitcoin has been used so seamlessly by online casinos that more and more people are starting to catch on- including the likes of large companies such as Microsoft. Through the use of Bitcoin, people can purchase things with ease and more quickly too, and this is appealing to companies. Furthermore, Bitcoin sales cannot be refunded, so once you own it, you own it, and this is another trait that appeals to online stores too!
Bitcoin is still being used with caution by a lot of people, but a lot more people than before are coming to terms with the idea that it is okay to be used as a secondary currency. There are a lot of benefits to using Bitcoins instead of real cash, and as more and more online casinos lead the way in accepting Bitcoins, more and more online retailers are starting to follow suit.