Bitcoin and Online Gambling: Natural PartnersPublished June 27, 2016 by Elana K
Since the inception of Bitcoin in 2008, more and more online casinos have quickly been realizing the advantages of using it as a deposit method on their sites.
Since it was invented in 2008, Bitcoin has simply taken off as an open-source digital payment system (also known as cryptocurrency), with companies from every sector in the world standing up and taking notice.
Specifically, companies in the online gambling sector have followed Bitcoin’s progress, and as they have seen it become more and more popular, many have started using it as a method of payment in their own online casinos.
Why Bitcoin is A Natural Choice For Online Casinos
As of 2014, internet gambling made up approximately 8% of gambling revenue around the world, and that number is predicted to grow each year. One of the selling-points of online casinos is the quick, easy, and secure way that players can deposit money. Bitcoin fits this module perfectly - it offers simple, easy payments and does not require players to actually input any of their financial information.
Of course, using Bitcoin does require some technical knowledge - which also makes it an ideal payment method for online gamblers, who tend to be more familiar with internet technology than those who prefer traditional casinos.
Another reason why Bitcoin is a natural choice for online casinos is because using Bitcoin eliminates the needs for banks and other financial institutions to get involved. This makes life a lot easier for people who want to create and run online casinos, as they don’t need to line up financial institutions to be on board with their sites but they can still offer safety and security to their players.
While some casinos offer Bitcoin as an additional payment option, other casinos have sprung up that only accept Bitcoin - casinos such as BitCasino, Omni Slots Casino and VegasCasino, all of which are known as bitcoin casinos.
Popularity of Bitcoin
There are currently over 15 million bitcoins in circulation right now; that number has grown dramatically since Bitcoin was first launched, and it is expected to continue to grow as more and more people become comfortable with it.
The number of bitcoins in circulation at any given moment is recorded in a shared public ledger called the block chain. The block chain also records every purchase and transaction made with bitcoins, and the integrity of it is enforced by cryptology (hence the term cryptocurrency).
What Gives Value to Bitcoins?
Bitcoins have value because of the millions of people around the world who give value to them. There is no bank or financial institution backing Bitcoin, making it an extraordinarily unique way to make safe online payments.