You’ve probably heard of Bitcoin, that innovative currency that has taken the world by storm. But what do you really know about this new form of currency? What is its impact in the world, and how do people make use of it? Whilst Bitcoin can be used for a lot of purposes, it also has a major role when it comes to casino gambling online. Here are the basics on using Bitcoin in casinos and its inherent benefits.
The first cryptocurrency
Whilst the term ‘Bitcoin’ is familiar to many, the term ‘cryptocurrency’ may be completely beyond our grasp. But Bitcoin is the very first type of cryptocurrency (it is also referred to as ‘virtual currency’). According to FinCEN or the Financial Crimes Enforcement Network, which is under the US Treasury, Bitcoin is a digital symbol or representation of worth or value which has not been issued by either a public authority or any central bank. In addition, it is not attached to or related to any ‘fiat’ or standard currency, although it is accepted by individuals as a form of payment which can be stored, transferred, or traded via electronic means.
In other words, Bitcoin is virtual currency that is not governed by any central or major authority, and there is no government or organization in charge of creating or distributing it. If you invest in Bitcoin, it’s entirely yours – you will not be charged for using it (or not using it), and this makes it useful if you want to transfer currency across different borders.
The beauty of Bitcoin
So, what does all this have to do with online gambling in casinos? Well, it’s simple. By using Bitcoin for your online casino transactions, you don’t have to worry about the money getting lost – it’s all virtual. Since it’s in your computer, you can also bring it anywhere – meaning you can gamble from anywhere and at any time even if you don’t have physical currency, since Bitcoin can be easily transferred. What’s more, transfers with Bitcoin take mere minutes compared to traditional money transfers, so you don’t have too long to wait before the transfer is done.
Another interesting aspect about Bitcoin is that it’s a currency that allows you to stay anonymous. It isn’t attached to any of your personal information. Unlike a standard bank account, Bitcoin isn’t really linked to your name, address, and so on. Bitcoin acts more like a system of routing numbers which simply direct your transactions, whether they are deposits or withdrawals, to your account.
The main point we’re trying to make? With Bitcoin, you can enjoy online gambling even from countries which have strict regulations (such as the US). Rather than having your casino transactions go through a regular bank (which is illegal in most of the US, anyway), you have a cryptocurrency which allows you to remain anonymous.