Bitcoin is a digital currency; and while digital currency as a concept has been around for several years, Bitcoin only received its renown and fame relatively recently, finally becoming a mainstream means of transacting across the internet in 2011. Today, Bitcoin is widely utilized by myriads of business across the globe, this including giant retailers like Dell and Overstock.com.
Bitcoin as a currency differs greatly from traditional currencies like the Dollar and Pound Sterling because it is largely operates within a peer-to-peer market place, essentially doing away with the need for a central bank.
One of the most essential elements of Online gambling is the payment process; whether one is dealing with credit or debit cards, using bank accounts or even wallets like Skrill and PayPal, even more important is the costly nature of processing payments with online gambling, with the withdrawal fees often consuming a larger percentage of one’s winnings than most customers are willing to accept.
Of course this is only in cases where online gambling casinos choose to pass the cost of processing payments onto the customer; most online casinos actually prefe to cover this fee on behalf of clients, which has been known to impact their profits in a noteworthy manner.
It is for this reason that Bitcoin gambling is gaining so much traction; for one thing there are no deposit and withdrawal charges when utilizing Bitcoin. More importantly, though, is the unregulated manner of the Bitcoin payment structure. Because Bitcoin is so decentralized, completely free from government scrutiny, online casinos and their clients have the space to utilize their money as they wish, without having to worry about federal interference in a manner that might lead to losses. This is especially true for people operating under the auspices of illegal online gambling casinos where many an individual discovered by the authorities have had their funds frozen.
Essentially, Bitcoin gambling allows players to have full and unadulterated control over their money, and that isn’t even taking into account the opportunity for anonymity involved; after all one need only provide an email address in order to transact with online casinos using Bitcoin.
It is worth keeping in mind however that Bitcoin, for all its renown, is a relatively young currency, so much so that the number of Bitcoin-only gambling sites is almost negligible in comparison to those utilizing traditional currencies.
Those few Bitcoin-only gambling sites are further losing clients to traditional online casinos that have converted to Bitcoin, making available traditional payment formats as well as the Bitcoin option.