Online casinos are constantly searching for new and secure ways of transferring funds to and from customers’ gaming accounts. Convenient methods of depositing and withdrawing funds are one of the essential factors in the whole process of attracting and keeping active players; especially when looking at the business from a global perspective. Bitcoin and the increasing general acceptance of this type of currency by both the general public and business world, has motivated businesses in competitive environments, to embrace and incorporate this latest type of currency.
What Is Bitcoin?
Bitcoin is simply defined as just another type of currency to be used; and is more commonly known as cryptocurrency. It was developed by Satoshi Nakamoto in 2008, and has been more and more exchanged for goods and services, similar to all other currencies; except for the fact that, bitcoin’s digital characteristics enables it to be utilised more efficiently and deems it perfectly suited to online transactions.
In practice, Bitcoin works through a software wallet. So in order to use Bitcoin, you must first install this wallet on your computer; the best and more popular wallets include encryption technology to protect personal details and the contents of the wallet. You then need to buy Bitcoin, which is usually an easy task facilitated via the wallet.
Once the wallet is loaded with Bitcoin, the owner is able to conduct transactions, in other words, make payments for buying goods and services online. Nowadays, you can also use your Bitcoin wallet to load up you online casino player account; and can also act as a home to any winnings that you may have and want to withdraw for the player account.
Advantages Of Using Bitcoin
One of the main advantages of using Bitcoin to deposit and withdraw from your online casino player account is that there are NO fees associated with any of these transfers. On the other hand, nearly all other methods of deposits and withdrawals carry some sort of fee or administrative charge.
Also, the speed at which a transaction is completed is phenomenal, especially when it comes to withdrawing; usually, other banking options can have delays which can be up to 10 working days, and these delays are usually the norm for withdrawals. This quick turnaround in terms of transaction times, is mainly due to the fact that Bitcoin is a digital currency and not physical cash. There are no ‘middle men’, third parties or companies required to get involved in the actual transaction.
Bitcoin transactions are 100% secure and the highest levels of security are always present for all transfers. Anyone conducting business with Bitcoin has no need to share personal or financial details to process the transaction. There is no risk of anyone’s data being disclosed, hacked, lost or copied, significantly reducing online fraud. Furthermore, Bitcoin completely eliminates chargeback claims; which can be a huge issue for some gaming entities.
The Future Of Bitcoin
The future of Bitcoin and its growing acceptance and use in all aspects of our banking and retail activities can only be a good thing.
Some would even argue that in time, we will see the collapse of the fiat currency (i.e. currencies that are not backed by gold or any other solid, physical asset); and this will finally bring to the fore, the only viable alternative, bitcoins.
However, we should all definitely accept the fact that Bitcoin here to stay; and has substantial benefits when compared to other currencies. Therefore, you can expect more and more online gaming and casino operators accepting bitcoin, and players enjoying the benefits of the cryptocurrency.