For the best part of two decades it is standardised and regulated flat currencies that have enabled players to gamble online. While flat currencies aren’t going to disappear from the landscape, there is competition on the horizon in the form of a growing cryptocurrency. You may have heard of Bitcoin before, as it has certainly captivated online casino portal headlines since its launch. As it attempts to muscle its way into the industry, you are likely to be offered the chance gamble with Bitcoin in the near future. While the techies of the world may have you thinking that Bitcoin online casino gaming is a complicated affair, the reality is that it is anything but. The following looks to explain Bitcoin casino gaming in more detail, giving you all the information needed to get started.
Bitcoin is a globally used cryptocurrency that operates as virtual money, whose value is determined by any and all supply and demand related to it. It operates completely unregulated and unattached to any world nation or governing body, which means its value it solely determined by those that use it. 21 million Bitcoins are currently in use around the world and are not issued by any treasury and are instead “mined” by users. Bitcoin is available for use all across the World Wide Web and it now looks like certain online casino entities are opening the doors to the currency, allowing players to use it instead of standard flat currencies.
Deposits and Withdrawals
Should you choose to use Bitcoin you need to employ a wallet tool, this will usually take the form of an online or hardware based piece software. Running in a similar fashion to Neteller and PayPal, bitcoin wallets allow you to deposit and withdraw money easily when connected an online casino account. Before you sign-up to a Bitcoin wallet service you must be aware of the fact that most differ in both quality and features. Begin by selecting a casino online at Sverigescasinon.net that accepts the Bitcoin currency. Once you have picked out the casino you want to play at, have a look at which types of wallets they accept for deposits and withdrawals and then just go from there.
Fees and Commissions
The key reason as to why Bitcoin is seeing increased use in the world of online casino gaming is because it is free to use. What this means is that all Bitcoin transfers, online casino or otherwise, take place through a peer-to-peer link, so players aren’t left facing fees or commissions. Players can rest easy when using Bitcoin online knowing that they won’t be charged for using it.
Bitcoin has plenty going for it when it comes to use within the world of online casino gaming, but there are a few negatives that are holding the cryptocurrency back to an extent. Bitcoin is an unregulated currency, which has a very severe downside. The lack of governmental input has made it somewhat volatile as far as pricing is concerned. Furthering that it seems that major exchange events, such as the Mt Gox collapse, have the potential to rock the foundations of Bitcoin. When you choose to use Bitcoin, you must remember you do so accepting the risks involved.
Bitcoin’s influence in the world of online casino gaming is undoubtedly growing. More and more operators are now accepting the currency, giving players a true alternative to standard “flat” currencies for the first time in history. Bitcoin has the true potential to change the industry, but only time will tell if it can fully realise both its power and its potential.