The 21st century brought on many superb innovations but one that resonates particularly well with us is Bitcoin. The digital currency is not only busy shaping economies but the manner in which we plug in and play. You don’t have to worry about bank charges, tedious withdrawal limits and filling out mundane forms any more. The point is: Bitcoin enables you to have direct access to your cash, you can spend it the way you want and it’s perfectly safe to use.
One industry that latched onto it like a flea to a dog is the online casino business. Gone are the days where players were bogged down by excessive handling fees, low withdrawal limits, tedious cash out periods and being confined to a specific jurisdiction.
With Bitcoin the world is literally your playground. Although it doesn’t earn interest the way money in a bank does; it’s a flexible and a trusted form of payment. We live in a ‘Global Village’ thanks to ever-evolving and fast-paced technologies. Before we continue a site that covers the ‘Nuts and Bolts’ of Bitcoin well is Bitemycoin.com (http://bitemycoin.com/).
The Internet has changed the manner in which we conduct our business by revolutionizing the way we buy goods and services. Conventional online payment methods such as PayPal, Skrill and EFT’s are costly and inflexible. One of the main advantages about Bitcoin is that it cuts out the middleman (banks), it’s safe to say that the ‘Hard Cash’ for the web is finally here. Since its launch in 2008 the Bitcoin cryptocurrency received continuous attention.
Why Online Casinos Prefer Bitcoin
There’s a bunch of reasons why you should be using cryptocurrency systems. First, Bitcoin is a flexible payment solution that enables you to buy goods and services and it can be used to gamble at online casinos.
Second, it can be accessed from anywhere at any time and it cuts out third party payment systems such banks and payment platforms. Another important aspect about the digital currency is that players don’t have to be concerned about bank charges.
When it comes to security the system is secure. To record all transactions, cryptocurrency systems use Blockchain technology which has complex cryptographic protocols that ensures that your money is safe at all times. Although there are many different cryptocurrencies like Litecoins, Ethereum and Dogecoins, among these systems Bitcoin is hands down the mainstream cryptocurrency.
Using conventional payment systems can be complicated. Reason being transaction charges are steep and without any warning your online account can be frozen at any time.
The list of possible problems are endless, Bitcoin turns the conventional online payment model on its head. One of the fundamental features about Bitcoin is that nobody regulates it. It’s solely a digital currency that cannot be printed like traditional bills (Dollars, Pounds or Euros) and it’s traded electronically.
Key Characteristics About Bitcoin
- Bitcoin is a peer-to-peer payment system. When you send bitcoins to another user, it doesn’t require an intermediary, meaning that transaction fees are zero or very small.
- Peer-to-peer payment systems are not governed by a central organization which tells you how to spend your money.
- Bitcoin is not like conventional currencies because it’s not regulated by banks, it’s unregulated. Making it one of the most flexible currency systems; no one controls your bitcoins, only you.
- To make a payment on the Web or deposit at an online casino, the Bitcoin currency is the quickest and simplest. When buying a digital item that does not require shipping, Bitcoin doesn’t require your personal information.
- Credit cards and PayPal can be costly for merchants, but it also exposes them to fraudulent activities such as chargebacks and reversals. Bitcoin payments are not reversible, as a result payment cannot be cancelled fraudulently.
- The Bitcoin currency is free from bank restrictions, charges and penalties, it empowers you to use your money as you deem fit.
- Fast transactions. When you deposit a check at a bank, the bank can hold your check for several days. The same principal applies to international wire transfers such as EFTs and they normally take ages before the transaction is completed. Bitcoin transactions on the other hand are almost instantaneous, in most cases it takes 10 minutes before a transaction is completed.
- Like fiat currencies Bitcoin is not subjected to inflation. Governments print more notes if there are not enough notes to pay off national debt, the bottom line is it can drive inflation which has a negative impact on the economy.
- Online casinos can send and receive payment from players at any time from any where in the world without crossing borders.
- When players use the Bitcoin network to wager online, they’re in control of their transactions and safety is guaranteed. Merchants and other third party payment fees cannot charge extra fees without noticing the user first.
In summary. Because the online casino industry is mainly technology driven, the blockchain technology is likely to reshape it even further, and we might add for the better. Bitcoin is changing the world economy, it’s still early to predict its future it’s imperative that you embrace it.