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Using Bitcoin Online

Using Bitcoin to Gamble Online

It seems that online gambling is always in a state of permanent evolution, adapting to new technologies and innovations accordingly. This includes milestone innovations like not having to download an entire online casino to your desktop thanks to Flash or Instant Play gaming, allowing you to simply play directly in your browser window. Other groundbreaking innovations have come in the form of convenient and super-fast payment options including various eWallets and super-safe prepaid cards. One of the latest innovations to hit the online gambling industry, which includes online casino gambling and sportsbook betting, is the option to use Bitcoin.

What is Bitcoin?

Bitcoin, or BTC as it also known as, has swept through the internet, altering the way millions of web-users interact with and purchase online. Bitcoin is what is technically termed a cryptocurrency, which basically means that it is a purely digital currency in which various or specific encryption techniques have been used to regulate the generation of currency units. An important aspect of cryptocurrency is the fact that every transaction is verified and recorded in an open ledger known as a Blockchain. Blockchains help to ensure transparency and security for cryptocurrency transactions all over the web. Another important characteristic of cryptocurrencies is that they operate independently of a central bank, making them completely decentralized and independent.

Bitcoin is the most well-known of all cryptocurrencies and is currently still the most popular option for web-based transfers, deposits and purchases. Bitcoin got the cryptocurrency ball rolling back in 2009 when a rather enigmatic person or group named Satoshi Nakamoto created and launched the currency online. As more and more internet users and web business owners began trading in and accepting Bitcoin as payment, so the currency grew in strength and legitimacy. Online casinos began to see Bitcoin as a viable payment option for online casino deposits and also saw how Bitcoin, due to its nature, could drastically reduce their online overheads. As a result, there are now online casinos and sportsbooks that run exclusively on Bitcoin and other cryptocurrencies.

Why Use Bitcoin to Gamble Instead of Regular Money?

There are a number of advantages to using Bitcoin when playing UK slots or sports betting over regular currencies. Regular currencies, or fiat currencies, including US Dollars, British Pounds, Euros and others, require normal centralized banking in order to use them. This includes credit and debit cards, eWallets, prepaid cards and bank transfers. Among the many disadvantages of using any of these options one has to consider processing times, which can vary from as little as 24 hours up to as much as a month, and various related processing fees. Processing fees can include those imposed by the casino itself as well as by your bank or relevant payment option.

In stark contrast to these limitations, Bitcoin allows for instant transacting. This is not only applicable to depositing but withdrawing winnings as well. When you deposit and play in Bitcoin, you can usually expect to see your withdrawals reflect in your Bitcoin wallet instantly. Bitcoin is also a fee-less payment option as the overheads associated with the cryptocurrency are so low, online gambling sites don’t need to charge any additional fees for transactions. Since Bitcoin is entirely web-based and completely decentralized, it provides the perfect anonymity ideal for online gambling, a feature many online gamblers appreciate above all.

It seems that online gambling is always in a state of permanent evolution, adapting to new technologies and innovations accordingly. This includes milestone innovations like not having to download an entire online casino to your desktop thanks to Flash or Instant Play gaming, allowing you to simply play directly in your browser window. Other groundbreaking innovations have come in the form of convenient and super-fast payment options including various eWallets and super-safe prepaid cards. One of the latest innovations to hit the online gambling industry, which includes online casino gambling and sportsbook betting, is the option to use Bitcoin.

What is Bitcoin?

Bitcoin, or BTC as it also known as, has swept through the internet, altering the way millions of web-users interact with and purchase online. Bitcoin is what is technically termed a cryptocurrency, which basically means that it is a purely digital currency in which various or specific encryption techniques have been used to regulate the generation of currency units. An important aspect of cryptocurrency is the fact that every transaction is verified and recorded in an open ledger known as a Blockchain. Blockchains help to ensure transparency and security for cryptocurrency transactions all over the web. Another important characteristic of cryptocurrencies is that they operate independently of a central bank, making them completely decentralized and independent.

Bitcoin is the most well-known of all cryptocurrencies and is currently still the most popular option for web-based transfers, deposits, and purchases. Bitcoin got the cryptocurrency ball rolling back in 2009 when a rather enigmatic person or group named Satoshi Nakamoto created and launched the currency online. As more and more internet users and web business owners began trading in and accepting Bitcoin as payment, so the currency grew in strength and legitimacy. Online casinos began to see Bitcoin as a viable payment option for online casino deposits and also saw how Bitcoin, due to its nature, could drastically reduce their online overheads. As a result, there are now online casinos and sportsbooks that run exclusively on Bitcoin and other cryptocurrencies.

Why Use Bitcoin to Gamble Instead of Regular Money?

There are a number of advantages to using Bitcoin when playing UK slots or sports betting over regular currencies. Regular currencies, or fiat currencies, including US Dollars, British Pounds, Euros and others, require normal centralized banking in order to use them. This includes credit and debit cards, eWallets, prepaid cards and bank transfers. Among the many disadvantages of using any of these options one has to consider processing times, which can vary from as little as 24 hours up to as much as a month, and various related processing fees. Processing fees can include those imposed by the casino itself as well as by your bank or relevant payment option.

In stark contrast to these limitations, Bitcoin allows for instant transacting. This is not only applicable to depositing, but withdrawing winnings as well. When you deposit and play in Bitcoin, you can usually expect to see your withdrawals reflect in your Bitcoin wallet instantly. Bitcoin is also a fee-less payment option as the overheads associated with the cryptocurrency are so low, online gambling sites don’t need to charge any additional fees for transactions. Since Bitcoin is entirely web-based and completely decentralized, it provides the perfect anonymity ideal for online gambling, a feature many online gamblers appreciate above all.

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