It has been a lengthy period of ups and downs for Bitcoin in recent years. When it first hit the market over 10 years ago the price of a single coin was next to nothing. This was an extremely profitable investment for people who took the plunge back then. Since then however Bitcoin saw an incredible rise in the value of its stock and with that saw an emergence of many other cryptocurrencies, each competing for a spot on the digital currency list.
In recent years Bitcoin has become a viable currency in the world of online gaming and is set to take over even more of the market. Give NetBet a squiz to see how easy they have made it to use Bitcoin.
As of right now it seems Americans are getting the most joy out using Bitcoin but it looks like the rest of the world is not far behind.
How to use Bitcoin when gambling online;
First of all, you will need go and buy Bitcoins if you don’t already have, remember you are not limited to Bitcoin alone. There are a variety of other cryptocurrencies such as Etherium, Litecoin or Dash which are all usable in the online community.
Next you will have to decide on a wallet. This is basically a digital wallet where you will be able to store your purchased coins safely and securely. It is necessary to insure you have a 2 step authentication security factor as this will make it harder for a crook to get to your hard earned coins.
You will then need to link your account with a coinbase which enables you to use your currency, which can be purchased via debit or credit card. Now you’re ready to have some fun.
Online gambling has grown exponentially and so has Bitcoin. It has become so prominent that more and more stores, sites and businesses are accepting the cryptocurrency. It is no different online with the use of the digital coins increasing rapidly on many online casino sites. This is the case not just in America, but on a global scale.
There are many advantages to using cryptocurrency for online gaming, here are a few reasons.
Anonymity –
This I believe is vital in the online world. The reason being that the player will never have to input sensitive data and details on any of the sites you may want to use. This in turn alleviates security concerns for most online casinos.
Low fees/Safety –
Bitcoin transactions need to be approved by both parties before updates to the blockchain are made. This ensures fairness by eliminating the middleman which usually leads to either no transaction fees or extremely low ones.
Increasing Value –
Only a limited number of bitcoin units will ever be produced, by doing this the creators of the currency are ensuring the preservation of value which in turn allows the imminent increase in the value of each unit and making it almost impermeable to currency collapses. There is only one way for the use of Bitcoin to go and that is up. There are still many kinks to work out but Bitcoin is certainly here to stay.
