The Acceptance of Bitcoin

Posted By: Date: 05/22/2014 at 12:00 am Leave a comment

As mentioned in my previous article, some users are having trouble using their credit cards on online gaming sites. Keep in mind that these users are trying to use their money on gaming sites from New Jersey, Nevada, and Delaware, so it’s completely legal. They’re turning to other methods of payment, one of which is Bitcoin. What is Bitcoin?

Bitcoin is a form of cryptocurrency. The value changes every day based on demand, but as of this writing, the value of one bitcoin is worth $448.60. Just a few short months ago, the value was $200 more than that, so make sure to check the value each day before you spend any bitcoins.

There are a few ways to actually get a bitcoin. You can buy them outright, or you can mine them. The software is free to use. Some software, such as GUIMiner, launches and mines on its own. Think of mining as a locked box. To open that box, you’re going to need a key. You can try it yourself, sure, but it’s best to work in a group. It takes users an average of 1,789,546,951.05 attempts to find the correct key and unlock the box, which generates 25 bitcoins. The faster and more powerful your PC is, the faster you’ll generate coins. An ideal mining PC will run about $12,000.

A staggering 50 to 60 percent of all Bitcoin transactions involve gambling. It’s a secure payment method. Some sites will offer no despot bonus codes to get users in the door, then win them over by accepting bitcoins as a form of payment.

It’s convenient for both users and websites alike. For websites, there’s really no downside to accepting bitcoin. The transaction costs are low, and it eliminates the risk of charge-back fraud. For the users, it provides a secure, semi-anonymous way to indulge in the hobby that they love. Even better, they receive their winnings right away. There’s no bank transfers or any sort of waiting. It’s instantaneous, almost as if you’re actually sitting at the table.

There’s still a ways to go, though. All eyes are on New Jersey, Delaware, and Nevada, as it remains to be seen exactly how much money online gambling brings in to the state. Other states are hesitant about legalizing online gaming, so if it proves to be profitable to those states, you can expect other states to legalize it.

As lawmakers struggle to come to agreements with financial institutions about accepting their money on online gaming sites, users are getting around this by making use of bitcoin. For now, Bitcoin remains unregulated, but if it remains as popular as it is, you can expect some form of regulation in the future.

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