Bitcoins are a new global, digital currency – although they first traded in April 2010, they are still in the experimental phase of existence.
They allow users to make secure monetary transactions over the internet without any charges, hidden or otherwise, being applied. Dubbed the first-ever ‘cryptocurrency’, these virtual coins are supposedly more secure than online banking, PayPal and even your actual bank.
But will they come into play in the world of online gambling?
So far only a very few minor gambling operations are set up to accept them, with the major organizations sticking to their tried and trusted methods of payment. The USP of the Bitcoin currency is that it is fully decentralized – there is no one point of access, and therefore no one single point of failure. If a bank goes under, it quite often takes the majority of its customers down with it. For Bitcoins to do the same, the entire internet would have to break down, making it the most secure money storage facility in the world.
Payments are anonymous, irreversible and completely free, allowing customers a level of security previously unimagined. Identity theft through Bitcoins is impossible, and there is absolutely no chance of any payments being bounced back months down the line, as there are with credit and debit card payments, PayPal or cheques.
Financial Transactions Through Bitcoin
Internet users who wish to operate their financial transactions through Bitcoin need only download the free software application – called a ‘Bitcoin miner’ – and they are ready to go. Once customers transfer Bitcoins to the retailer or online facility operator, their electronic signature is added and the transaction verified in just a few short minutes.
Money can be withdrawn in any currency worldwide, and transactions can be for as much or as little as the customer desires. Whether depositing or withdrawing one penny, one hundred euros or one million dollars, each transaction is without extra charges. However, until the leading online bitcoin games sit up and take note, this currency is largely useless if you fancy a game of blackjack or a quick spin of the roulette wheel.
Perhaps as the Bitcoin enterprise gains recognition the gaming sites will catch on to this state-of-the-art currency and players will be able to gamble to their heart’s content, knowing that their finances are being dealt with in the safest way possible.