A change is just around the corner and the world of online gambling will never be the same as we know it. The revolution has already begun and in this article we will discuss how the digital money or cryptocurrency is gaining a stronghold on the online casino industry and how bitcoins will affect the way you make bets in the future.
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Since it first began, online casinos are no strangers to change. With the continuous advances being made in the fields of technology and computers, the only thing that has remained constant about online casinos is change itself.
And now, bitcoins are here and they are going to make conventional money in online gambling a spent force very soon. We suggest to all online casino players out there to consider mining in some bitcoins because it is going to be an investment of time and money which will pay off big time in the future.
The bitcoin has humble roots and was only introduced as open source code to the world in 2009 by an inventor who went by the name Satoshi Nakamoto (true identity unknown) and fro get go, the bitcoin’s popularity has gone super viral.
The bitcoin is basically a form of digital currency which is created and accounted for only electronically (no physical or tangible notes or coins). The bitcoin also, unlike conventional currency is not minted, it is mined. Probably the biggest difference between the bitcoin and other conventional forms of currency is that the bitcoin is not issued by a central government or a bank, but instead but millions of people running computer systems on a network across the entire globe. Since its introduction, the bitcoin has proved that digital currency is actually a viable alternative and in fact, the value of one single bitcoin actually became more than the value of an ounce of gold in November of 2013.
The waters have already been tested and the potential is nearly unfathomable. Bitcoin casino websites are literally still in their infancy and have already started generating money in the accords of $1.3 m in just ninety days.
The reasons why bitcoins will work terrifically well for the purpose of online casinos gambling is as follows – Savings – bitcoin transactions, since they are peer to peer, do not require processing or external regulation from a third party such as a bank and hence these transactions are free or processing fees and transaction fees which are otherwise levied on transactions made in conventional forms of currency.
Anonymous – online casino players would rather not give away their true identity for many reasons, and bitcoin transactions serves this purpose perfectly since they cannot be traced back to the payee.
Restrictive jurisdiction – many banks in many parts of world will simply decline online transactions even if you have sufficient funding based on the fact that it is to do with online gambling, however, with bitcoins, banks are not even involved and so you can gamble from anywhere you wish to without any problems.