Bitcoin, initially viewed with uncertainty and wariness, has now become an accepted form of online currency and a standard way to make payments on the internet, especially at online casinos. Online casinos need to provide a safe and secure method of payment to their players - and Bitcoin offers just that.
What is Bitcoin?
Bitcoin was invented in 2008 by Satoshi Nakamoto, and is described as "a consensus network that enables a new payment system and a completely digital money." In other words, Bitcoin is powered by its users and there is no central controller. Virtual coins are traded, creating a new payment system of “cryptocurrency,” which uses cryptography to control its transactions, as opposed to banks or financial institutions.
Bitcoin and Online Casinos
Online casinos are based on safe and secure deposit and withdrawal methods - without that as a basis, the whole concept doesn’t work. Bitcoin is a natural choice for a deposit method, since it is easy-to-use, safe, secure, and hassle-free. What’s more, Bitcoin does not require players to input any of their personal banking information into the online casino site.
Some casinos have added Bitcoin as one of their options of payment methods. Others, such as BitCasino and VegasCasino, are known as “Bitcoin casinos” and were created with Bitcoin in mind. These casinos only accept Bitcoin as a method of payment, and Aussie players love them.
Popularity of Bitcoin
As of 2015, the number of merchants who accept Bitcoin exceeded 100,000, and millions of bitcoins are in circulation every day. While there is an ongoing debate about whether the world’s most popular cryptocurrency will hold up, for now, it seems to be doing quite well, and online casino players don't show any signs of giving it up.