Special Report: Bitcoins and Online Gambling

Credit cards, e-wallets, bitcoins: the first of these caused a revolution in the way we make payments, and the second has revolutionized the online payments sphere. The third is yet to completely take off, but it certainly has the potential to change the way we pay for online gambling and other Internet goods and services.

Bitcoins: What Are They?

Bitcoins, for those who are not familiar, are built from a consensus network and open-source software platform that enables completely digitalized money. From a user perspective, Bitcoins are basically like cash for the Internet. They have no central authority or middlemen, and fluctuating exchange rates.

There are two different ways to earn Bitcoins on the net. The first is to mine for them, by participating in the process of verifying Bitcoin transactions in exchange for a small dividend. The other, easier way, is to purchase them from ewallet sites according to the latest exchange rate (which depends which currency you are buying from).

When using Bitcoins, be aware that they are not yet accepted at major online gambling operators: for example, you won't find them under the payment options at the online sportsbooks, poker rooms and casinos that are owned and operated by big names like William Hill, bet365 and Winner.

Bitcoin's Future in Online Gaming

The rise of Bitcoins might be just around the corner. They are already the main payment method at a growing number of Internet gaming operators. For example, Bitoomba is an online casino offering roulette, blackjack, lottery and sports betting that only accepts Bitcoins and their close equivalent Litecoins. Their main goal is to create a fair, fun and anonymous way to enjoy online casino games, thus providing the ultimate player experience.

As this internet payment method is still in very much its infant stages, it is worth doing some research on the online gambling sites that accept them. After all, when we use credit cards, e-wallets or wire transfers we always look to make sure that our operator offers 100% secure and private deposit and withdrawal transfer methods. So why should it be any different for Bitcoin? The name of the game should always be safety and security.

In summary, if you are adventurous and looking to try out a new payment method that doesn't require any of the hassle of sharing your personal financial details or filling out complicated forms, then bitcoin may be one alternative for you to consider. Just make sure to follow all the conventional wisdom of online or mobile gambling, and to pick an operator and system that suits you and guarantees security.