Though Bitcoin launched way back in 2009, its popularity only really smashed through the roof in 2017 where its value multiplied by 13 times across the year. Now, Bitcoin is cropping up in more and more places, including at online casinos across the internet.
Where can you use Bitcoin
Bitcoin is a digital currency (or cryptocurrency) that was invented by an unknown person, or group of people, called Satoshi Nakamoto in 2009. Bitcoin, in its early days, garnered a reputation as a currency for criminals as it was mainly used by browsers of the Dark Web to pay for illicit activities such as drugs, fake identities, and even contract killers, as it offered anonymity like no other payment system could.
But it was the security of the monetary transaction that was always the main selling point of Bitcoin – for criminals and non-criminals alike – and as the cryptocurrency grew, so did its reputation as it began to shake off that illegitimate image. As early as 2013, US companies such as OkCupid and Foodler began accepting it as payment, and it wasn’t long before multi-national conglomerates joined in with Dell and Newegg signing up in 2014.
By August 2015, an estimated 160,000 merchants accepted bitcoin as payment, including Barclays who became the first UK high street bank to accept cryptocurrency. In 2016, NetBet became the first UK licensed online casino to accept Bitcoin, leading the way for more to follow its lead.
Now, dozens of online casinos accept Bitcoin as a payment method as the withdrawal times are fast, secure, and cheap, plus the process of deposit and withdrawing is very simple. Bitcoin is great for both the casinos and the players.
One of the drawbacks of Bitcoin is that it is unregulated by the government, so, in the unlikely case of a casino shutting down and taking its bitcoin with it, there are very few avenues you can go down to get it back.
Bitcoin can also be very risky to deal with as the price of the coin is extremely volatile, and can fluctuate massively within a matter of minutes.
Bitcoin is a worldwide payment system and therefore can be used in any country on Earth.