Now whilst many of have probably heard of Bitcoin you may not be fully aware as to what its purpose or indeed its value is to the owner. Bitcoin is the world’s first digitally-based currency which allows users to be able to securely and successfully make various online and other virtual-related financial transactions. This currency is traded virtually, much like any other, yet it doesn’t exist in any printed or minted form such as the dollar, pound or euro.
The Bitcoin itself is a decentralised currency which is not controlled by any single banking system, company or any other form of institution which is one such major factor that appeals to so many users. So how is it generated? Well Bitcoins themselves are actually created through a process known as ‘mining’. This is achieved by utilising computing power over a distributed network. And it’s this network that enables Bitcoin to work as its own payment network by processing any transactions made in this currency.
By using Bitcoin exchanges you are now able to actually exchange your virtual currency for real money, and of course you can even spend this currency online.
It’s this increasingly popularity, coupled with its promise of privacy that is driving its growth and it will not be long before we start seeing Bitcoin more widely accepted on the high street and for online sites where large volumes of currency are moved each day.
For example some online casino and gambling sites have started to accept Bitcoin in their games and it will not be long before more established brands such as Euro Palace also pick up on the demand for Bitcoin accepting games.
But what are the benefits of using this as a choice currency when playing at online casinos? Well firstly all a players transactions are anonymous therefore no account charges or details will show up on your banking or credit card statements. Also many online casinos are looking into being able to provide their players with the opportunity of earning Bitcoins via their existing loyalty programs which can then be exchanged for real-money funds to play all your favourite casino-based games with.
With so many of us now turning to mobile and online-based gaming experiences that allow quick bite-sized transactions to process in order to purchase special in-game enhancements or upgrades it seems fitting that a quick, secure and convenient way in which to pay should also be in a virtual form. If such influential markets can adopt such an innovative digital currency we could be seeing massive changes in the industry which will no doubt shift swiftly to other similar vertical markets in the future.