One of the most exciting digital currency options in human history, the bitcoin has absolutely exploded in popularity in just the last few years – and also exploded in value!
Originally introduced to the public in 2009 as an alternative to traditional currencies, bitcoin is 100% digital, 100% decentralized, and 100% simple and straightforward – not to mention anonymous – to transfer between parties.
If you’ve been looking to do a bit of online gambling these days but haven’t been able to because of the goals, regulations, or laws that are established in your country preventing you from doing so, you want to take a closer look at it and how it will allow you to skirt those rules without breaking any laws.
Check out this quick primer below!
What exactly is bitcoin?
As mentioned above, bitcoin is a 100% digital currency that is completely and totally decentralized.
Known as a cryptocurrency in “geek speak”, it’s essentially a network-based currency that is supported by the market that uses it (not unlike traditional currencies, though there is no government to prop up its value).
There is only a finite amount of bitcoin available, and to get more bitcoin you either have to purchase it directly, “mine it” by using powerful algorithms and hardware, or have someone else send you bitcoin as compensation.
And while a considerable amount of people believed in it to be nothing more than another Internet fad that was eventually going to disappear, nothing could be further from the truth.
Today, major businesses (like PayPal) are accepting this money as a currency as part of their service, and there are billions and billions of dollars’ worth of this currency out there on the planet today.
Why you’d want to use bitcoin when gambling online
There are a bunch of different reasons as to why you would want to use bitcoin when you are doing a bit of gambling online, but the three biggest advantages include:
- Incredible safety and security, allowing you to gamble in complete and total anonymity while protecting you from fraud and giving you control over your winnings almost immediately
- The ability to pay (or withdraw) in bitcoin on any online gambling casino that accepts it, even if you aren’t allowed to use traditional currencies on the platform
- You can transfer tremendous amounts of bitcoin across the globe without having to worry about fees, taxes, and other “hidden expenses” tied into the transaction
This money (and other digital currencies) seem to be perfectly made for online gambling, and that’s why so many of the major online casinos – including those in Canada – are starting to accept it as a payment form.
It’s probably a good idea for you to look into bitcoin if you’re serious about doing any online gambling whatsoever, even if you have absolutely no intention whatsoever of using this anonymous digital currency to skirt any rules or regulations.
That coin is a powerful tool in giving you complete and total control over your money and your winnings, and just might make all the difference in the world for you when it comes to how easy it is for you to get up and running with an online casino.