In 2009, an electronic currency named Bitcoin was created to make online transactions that much safer and smoother. After years of expansion and support for the idea, there are now Bitcoin ATM machines in areas of Canada and major retailers accept Bitcoin as an acceptable method of payment.
The influx of support over its introduction to the world five years ago has been staggering and whilst the currency has had both its downside and it’s upsides over the years, it certainly appears to be here to stay – despite the fact you can’t yet hold the currency in your hands.
You see, that’s the magic of the system and for some retailers, it is the perfect system. Overstock for one seem to believe so and Ebay and Paypal have since strongly courted the idea of following suit, likely because of the ease of access and the relative currency values.
Online casinos have also taken notice of the relatively new electronic currency, with many casinos opening their doors – and sometimes exclusively – to Bitcoin wallets and payments. One casino in particular, known as Betcoin, offers an experience no different if not better than that of a regular casino, despite the fact they only deal in Bitcoin currency.
But, in truth, it appears that the safety of the transactions and the wallets are the real reason online casinos are beginning to accept the currency. With the use of Bitcoin, each and every single transaction across the world is logged in what is known as the company’s ‘public ledger’, in the aim of monitoring what payments go where and in order to keep track of whether people have enough Bitcoins to make the transactions they want to make. Any average online gambler will know just how important it is to have a safe online wallet in order to keep their accounts protected and secure – and it seems they have finally got their wish due to this system.
Not only this though, but it seems that the currency is in fact here for the long haul – or has at least laid the groundwork for it to be. This is because the electronic nature of the currency makes it that much easier to pay and complete transactions, whether that be in a real world market, or a casino one. Not that the current method was broken, it just simply makes the process easier and smoother.
Another appealing factor is that most if not all transactions made with Bitcoin – especially in casinos – are legal. It is possible to send and receive any amount of Bitcoin currency to anywhere in the world, at any time – which is yet another testament to its electronic nature. So, even if a retailer doesn’t accept them, it doesn’t stop you paying another individual who does, who can in turn buy the products in an acceptable currently.
Despite this it seems inevitable that with the current amount of users of the electronic currency Bitcoin, the amount of vendors, retailors and major sales brands will eventually succumb to the power of money and begin accepting payments of this method.