If you’re into online gambling and gaming, you may have come across the term ‘bitcoin’ before, but you wouldn’t be alone if you didn’t quite understand what it actually meant and what it can mean for online gambling.
We’ve aimed to take some of the confusion out of this topic, and have come up with a bit of a guide to explain what it is and how best to use it to your advantage when hoping to earn some serious cash online.
So, what exactly is bitcoin?
Bitcoin is a digital crypto-currency that has become extremely popular in more recent years. It first game to serious light in around 2011. The currency is unlike traditional currencies that we’re used to, like the US Dollar, Euro, and Pound Sterling, because it has no central bank and operates solely in the peer-to-peer marketplace. Last year saw a massive boost in the world of bitcoin as tens of thousands of major worldwide retailers began accepting the currency for payment.
Why is bitcoin changing online gambling?
When you learn a bit more about bitcoin, it becomes clearer as to why it’s so important in terms of online casinos and gambling. Bitcoins can be transferred between users through what are known as ‘bitcoin addresses’; which are basically a series of numbers and letters that range from between 27–34 characters. In almost all cases, these transactions are processed at no cost.
One of the most costly aspects of running an online casino or general gambling website, is the payment processing. Every time a player adds to their deposit using a credit or debit card, bank account, or e-wallet such as PayPal, there is a fee for using their service. This payment will either be paid by the site or it will come out of your own pocket.
This is arguably the main reason as to why this leading bitcoin gaming site and others like it are thriving more and more each day. The deposits and withdrawals involved with the games they provide are free, and therefore eliminate payment processing costs as a result.
Getting started with a bitcoin gambling website
If you’re sold on this revolutionary idea or at least intrigued about it and would like to know more, you won’t have to search for long to find a whole host of different bitcoin casino sites. The most popular bitcoin online games include – but are not limited to – slots, blackjack, roulette and poker. Additionally, dice and lottery games are also extremely popular and available at a large number of sites.
There are even some sites out there today that provide what’s referred to as a ‘hybrid’ payment experience; which basically pairs bitcoin withdrawals and payments with the more traditional payment processes.