When spending money at online casinos, many people are ‘scared’ that the financial information they divulge (such as credit card or bank account details) may be compromised. One solution to this ‘issue’ is the use of Bitcoin as a currency. Bitcoin is an online-only currency that acts as cash when used as payment. The real advantage of Bitcoin is that it can be used to pay for goods and services over the internet without the intervention of any financial organisations whatsoever. This means that if you play at an online casino that accepts Bitcoin, you will not need to share important financial information with your online services provider.
The idea of Bitcoin first surfaced in 2008, and the currency was released in 2009. Initially its invention was credited to a programmer named Satoshi Nakamota, but now it seems likely that ‘Satoshi Nakamota’ was a pseudonym for either a single programmer or a group of programmers.
Bitcoins are stored on a person’s computer via a computer program called a ‘Bitcoin wallet’. This is a sophisticated piece of encrypted programming that cannot be hacked, therefore Bitcoins cannot be added to or removed from a Bitcoin wallet illegally.
You can use your Bitcoin wallet to pay for goods or services at merchants that accept them, or receive Bitcoins from other Bitcoins users or Bitcoin-friendly companies.
Pros and Cons
- Keep your identify safe – no need to divulge any details
- Bitcoin is the internet equivalent of paying by cash
- Bitcoin is accepted the world over, and is its own currency
- If you lose your computer, you lose your Bitcoins
- Very few online casinos currently accept Bitcoin
As Bitcoins are virtual ‘coins’ they are the most secure method of payment. You do not have to give any financial details to the online casino when you make a deposit or withdrawal, as you are paying them directly. Your Bitcoins cannot be stolen online. The only way you can lose your Bitcoins is if somebody steals the computer or laptop they are stored upon.
Deposit and Time
As there are no financial organisations involved when you pay by Bitcoin, there are absolutely no waiting times. When you send or receive Bitcoins, the only factor is the speed of your internet connection. Payments involving Bitcoins are usually processed in only a few seconds.
Setting up your computer to send and receive Bitcoins is not a simple process. First, you will need a Bitcoin wallet. This can be on your computer, or in the cloud. Once you have set that up you will need to buy Bitcoins. You will need to sign up with a merchant who sells Bitcoins. Once that is set up you can buy Bitcoins to go into your BitCoin wallet. When you do manage to get some Bitcoins, using them is as simple as paying for a sandwich at your local shop using the loose change in your pocket.
Bitcoin has not really taken off the way that many financial experts predicted it would do. People it seems find it hard to get their heads around the Bitcoin process, and how ‘internet-based’ coins can existed physically. Perhaps Bitcoin will really take off one day, but at the moment it’s easy to see why so few merchants accept Bitcoin as a payment method.