In recent times, casinos from all over the world whether online or land based, looked to implement Bitcoin payments as part of their banking options. Today we can see many casino operators featuring Bitcoin with some brands solely featuring this method as their primary currency. This on its own speaks volumes about this crypto-currency in terms of use and popularity. Let’s read on to discover how casinos and Bitcoin works in a nutshell.
Brief History
Bitcoin is a form of crypto-currency used as a medium of exchange to make online and offline payments. This method is not regulated by any central authority, which means transactions remain anonymous at all times. Bitcoin was founded by Satoshi Nakamoto, who later handed managements rights over to Gavin Andersen. A company known as Wikileaks is thought to be one of the earliest ventures to popularise this currency by accepting Bitcoin donations as early as 2011. Over the years, Bitcoin gained considerable support and is now accepted in many sectors including the gaming industry. With that said, the focus between bitcoin and casinos started around the 2014 mark when a few online casinos rolled out new banking methods as a means to meet player demands. This move proved to be highly successful and today we can see tons of both existing and new casinos that accept Bitcoin.
The Relationship Between Bitcoin and Casinos
The relationship between Bitcoin and casinos all started within the legal realm. As most casinos are licensed in jurisdictions in which they operate, regulatory bodies looked at the legality of Bitcoin from a geographical perspective. To this day, Bitcoin remains as a grey area in regards to legality, and only a handful of countries such as Canada, UK and the US, recognise this method as a currency.
Bitcoin, just like any other currency, is completely flexible in terms of conversion. Many online casinos automatically convert the crypto-currency into US dollars, Euro, Pounds or any other currency for that matter. These exchange rates are subject to market fluctuations and due to its high demand, Bitcoin (BTC) is continually rising in value. Further to this, Bitcoin casinos also makes it possible for players to break up coin values into smaller amounts for ease of use and to accommodate various budgets. In terms of value, one BTC as of June 2017 ranged between US$2,000 and $3,000 each.
How to Earn Bitcoin
Bitcoins can be obtained through a number of methods. For one, BTC can be purchased from an exchange and there are multiple platforms where you can do so. When using this method, you have to register a Bitcoin wallet to conduct your transactions. On the other hand, you can also use the ‘mining’ method to acquire a some coins, although this is largely dependent on the power of your computer server to mine the Bitcoins. Using this method will require you to download a software application that enables you to gain coins after specific time intervals. Since this proves to be a tough act to operate, many Bitcoin prospects look to other means to earn the crypto-currency. With that said, we can easily speculate the reasons as to why many users are opting to play at Bitcoin casinos as an alternative means to easily rake in some BTC.
As a result, Bitcoin casinos have risen in popularity mainly because of anonymity and as a platform to earn more. Bitcoin with its use of a unique ID and its unregulated nature, makes it a perfect choice to play casino games without the threat of identity theft. A plus to this is that Bitcoin payments are faster, whether depositing or cashing out, as all transactions reflect instantly. In the same breath for casinos, the absence of a central regulatory authority is welcomed as it ensures no risk of operations revealed to an external party.
