Bitcoin is a type of digital currency. It is both created and transacted electronically. No organization or bank controls it. Bitcoins don’t get printed, as do pounds, dollars or euros. Because the maximum number of Bitcoins that can be created is 21 million, they are in effect inflation proof. They are an incredibly easy way of exchanging money at a really low cost. Not only are more and more individuals using them, more business are now too.
The advantages Bitcoin has to offer Bitcoins offer users total freedom. There is no waiting for banks to open, and no complicated or time consuming forms to fill-out in order to open an account. You can create an address for your Bitcoin account (an account is called a wallet) in only seconds, with no awkward questions asked and no silly fees payable.
Another key advantage with Bitcoin is that it is fast and dependable. You can send you Bitcoin payment electronically anywhere in the world, in only minutes. Once you have initiated a payment – that is it. It cannot be interfered with in any way.
What is the future of Bitcoin?
Bitcoin is accepted as a form of payment by many online stores and traders. Back in December 2014, Microsoft announced that they were now accepting Bitcoin payments for much of its digital content sold across its various online platforms. They advised that their customers based in the US could add Bitcoin deposits to their existing accounts for use in purchasing apps, games, etc.
But it’s not only ecommerce sites that have become Bitcoin savvy. Many conventional “bricks and mortar” stores have now decided to accept Bitcoin as a form of payment too, and the number is growing all the time.
According to Forbes, the acceptance of Bitcoin by many schools, colleges and companies in the US is helping to fuel its journey, to one day soon becoming a mainstream currency. In the meantime, we already know for certain that Bitcoin has a broad appeal to tech-savvy people; that too, is sure to work in its favour.
One of the online industries where Bitcoin is readily accepted is the online gambling industry, where forward looking casino sites like Mr Green and Unibet have already announced that hey accept Bitcoin.
Will Bitcoin take over from cash on online casino sites?
Such is the growing popularity of this new electronic currency, one question that begs an answer is will Bitcoin ever replace real money on casino sites like Mr Green? Given the advantages (especially in terms of lower house edges) that Bitcoin presents, it may well indeed become the preferred currency. These advantages include:
● Lower house edges – 1 to 2% than traditional cash only online casinos
● Faster transactions times than standard banking methods
● The ability to deposit funds in Bitcoin, withdrawal, and play, all in complete anonymity
This all makes for a really good deal, and given the propensity for online gamers to snap-up good deals, the likelihood of mainstream Bitcoin transactions, rather than conventional cash transaction taking over, has got to be a very real possibility.