The Rise of Bitcoin

Posted By: Date: 10/01/2014 at 12:00 am Leave a comment

For some, the idea of a virtual currency is laughable. After all, how could a virtual item be exchanged for something physical? Logically, it doesn’t make sense, but that’s the world we live in. The currency, which was initially ignored by gambling operators, is now becoming widely accepted.

Bitcoin requires a bit of maintenance. While the dollar’s value does fluctuate, it doesn’t fluctuate as wildly as Bitcoin’s value. In November of 2013, a single Bitcoin was worth $1,242 – higher than gold per ounce. Today, a single bitcoin equals $403. That’s not to say that it’ll always equal that much – in fact, a few months ago, the value soared to $600, only to fall a week later to $500, down to its current value of $403. Bitcoins are mathematically generated and designed to be progressively harder to mine, so as more are generated, their value will increase.

Online operators were hesitant to embrace Bitcoin, but most welcome it with open arms now. Here’s how it works: players have a “wallet” that contains all of their bitcoins, which is really just a string of letters and numbers. They transfer their coins to a valid Bitcoin address. It’s as simple as that.

Gambling operators love Bitcoin because of the security it provides. With Bitcoin, site operators don’t have to worry about the security of its users. No personal information is exchanged, so there’s nothing to be stolen. Bitcoin transactions are also one way, so they don’t have to worry about refunds, chargebacks, or anything of the sort. It’s a truly hassle-free form of payment.

There’s quite a few other reasons, too – there’s no transaction fees, no exchange rates, and it’s extremely cost effective. While there don’t appear to be any “Bitcoin only” sites yet, they’ll likely appear in the future.

Payment methods like these are desirable, especially when paired with promotions. If a site runs a no deposit promotion and pays out for the player, they don’t have to worry about any extra transaction fees. Bitcoin is decentralized, so operators don’t have to worry about any financial middlemen.

There are numerous benefits to sites accepting Bitcoin payments, and it’s set to take over the online gaming industry. Some people are even converting their actual money to Bitcoins just so they can enjoy the extra security that Bitcoins offer. For those users, they can gamble completely worry-free, and after they’re done, they don’t have to think about it again. If you haven’t educated yourself on Bitcoins, it might be time to educate yourself. There are various resources around the net dedicated to setting up your own machine and helping you understand mining and how to generate your own bitcoins. It may take a while to understand it and even longer to generate your own coins, so be patient!

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