Online Casinos

Is Bitcoin the Future of Online Betting?

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It might sound like an odd connection to make. However, it’s becoming more and more commonplace to use bitcoin to play your favorite online pokies. Most people assume this is not a simple process and/or you need to be fabulously wealthy from cryptocurrencies for that to be something you do and play Online Casinos. 

However, bitcoin and other cryptocurrencies are cost-effective and convenient payment methods for online casinos. You can deposit or withdraw your funds with bitcoin at many of the most well-known betting sites. Since BTC are available for purchase in most regions across the world, whether face to face or through online trading platforms.

What Is Bitcoin?

Let’s start with what exactly Bitcoin is before we get into how to use it in your favorite casinos. Basically, every bitcoin is a computer file that you store in your digital wallet online and on your phone. Users can send entire or portions of bitcoin to their digital wallet, which they can use the same way as other payment methods. 

As a cryptocurrency, bitcoin is digital money. Meaning there’s no actual coin or bill involved. All transactions are strictly digital.

Using Cryptocurrency in Online Casinos

Bitcoin is a very simple and quick payment method to use online. Especially if you’re using a mobile app on your phone or tablet. First, you’ll need to get your hands on some cryptocurrency

Here’s how:

  1. Register an account for a Bitcoin wallet, from all of the available options.
  2. Buy currency from traders or directly. You will find tons of information on how and where to do that online.
  3. Now you’re all set to join a bitcoin casino and use this as a valid payment option.

Pros and Cons

Before you go the extra mile to use Bitcoin as your payment to gamble online. There are a few pros and cons you must be aware of. 

Here are the pros of using cryptocurrency:

  • Within a few minutes, your transaction will be completed. Unlike some payment methods which can take up to a few days.
  • It’s possible to achieve full anonymity when using cryptocurrency as opposed to other forms of payments. 
  • Ability to perform transactions on the go since there’s no physical card or currency involved.
  • Very high level of security when using a Bitcoin wallet. 
  • No transaction fees, which regular users will benefit greatly from.

There are very few cons attached to using Bitcoin.

For example:

  • The concept of Bitcoin and how to put it into use can be confusing for people who are unfamiliar with how to use them. 
  • The value of bitcoin fluctuates more quickly than other types of currency
  • It is still somewhat new and in a somewhat experimental phase of use as payment in casinos for most players.

Conclusion

Most people and even banks and financial institutions are starting to realize the true value of Bitcoin. And not just as an investment, but as an actual currency that you can apply to your daily life. One thing that is for sure, is that you can expect to see Bitcoin as a fixture for payments in online casinos and other innovative industries.

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