Bitcoin is an innovative new cryptocurrency, designed and ideally suited for the modern digital era. It has brought improved security to all online transactions, including those made in the online gaming community.
Bitcoin is unlike any currency that you may have used before. Unlike conventional money that is issued by governments, it is totally decentralized. Whereas conventional money is based on gold, Bitcoin is based on Mathematics. All over the world, people get access to a unique, open source, mathematical formula that creates Bitcoins.
Where the concept of Bitcoin originated
The Bitcoin concept was developed by a software developer called Satoshi Nakamoto who wanted to produce an independent currency that could be traded electronically whereby transaction fees were kept to an absolute minimum.
Bitcoin currency only exists digitally. There is a finite number of Bitcoins that can ever exist, and this is pegged at 21 million. However, Bitcoins can be broken down into smaller denominations. Here’s another reference to what Bitcoin is and how it works.
A pure digital only currency
Bitcoins are not printed or minted in any way. They are “mined” by the Bitcoin community. If you are only interested in using Bitcoin as a digital currency, you don’t need to know anything about Bitcoin “mining.” Suffice it to say that any transactions you make, whether you are buying or selling, are part of the “mining” process.
In terms of buying and storing Bitcoins, the Bitcoin website provides anyone who applies with a convenient online/mobile wallet. Once you’ve got your wallet (it is supplied free of charge from the Bitcoin website) you can then purchase a quantity of Bitcoins from one of the many Bitcoin exchanges worldwide.
Use Bitcoin in worldwide transaction
Once you have your Bitcoins and your Bitcoin wallet, you can pay or get paid as much as you agree with anyone, anywhere on the planet that has Bitcoins and access to the internet. There are no restrictions and no transaction charges.
Bitcoin received a huge “leg-up” when in 2014 computer-world giants Microsoft announced they would be accepting the digital currency for its products.
The number of institutions accepting Bitcoin is growing all the time, and it’s not just businesses in the virtual world. Conventional businesses like Subway on the High Street, now accept the digital currency too. For a list of some of the organisations taking payment by Bitcoin, please click here.
As another marker of this digital currency’s relevance, some employers will now even pay your salary in Bitcoin.
If you’d like to find out more about this new cryptocurrency, please visit the Coindesk website.
Bitcoin in the online gaming community
Not all online gaming operators have yet woken up to the convenience and security of taking Bitcoin payments. However, leading pioneers of the online casino and sports betting industry like MrGreen and BET365 are right there at the cutting edge, and they are leading the way. However, it’s only a matter of time before other online casinos follow, where they lead.
One of the key advantages of using Bitcoin is that there are no transaction fees. Also, when you buy them, there is no necessity to give your name, so this also increases the security of your transaction.
The online gaming community leads the way
When it was originally launched, it is not clear whether it was intended for online gaming; but with many online casinos using state of the art connectivity, the gaming industry has become one Bitcoin’s biggest advocates. The reasons that online gamblers are becoming more and more interested in using Bitcoin as a payment method include:
- Gaming with Bitcoin offers excellent odds
- All Bitcoin transactions are anonymous
- There is no government interference
- It is a universally accepted currency
- Should Lady Luck smile on you, it will improve your ROI
In many instances, the casinos that accept Bitcoin can offer gamblers more lucrative odds. It is because transaction costs are so low. Deposits and withdrawals all free, and this paves the way, not only for better odds, but for larger payouts, more promotions, and bigger bonuses. Does your online casino accept Bitcoin?
