As the world of online gambling continues to grow and expand on an international level, online operators look for ways to maximise their profits. First started in 2009, bitcoin has been described as the world’s first cryptocurrency. Bitcoin has no international borders and can, in theory, be used all over the world without restrictions such as currency exchange rates. This also makes it easier for players from all around the world can play online casino games by using bitcoin. In fact, 888 have already started accepting it in their online casino which has led many to believe that bitcoin and online poker could be a marriage made in heaven.
There has been an amount of uncertainty surrounding bitcoin as a number of people worry that it could disappear overnight and lose all value. Bitcoin has been seen as a legal form of tender by the European court of Justice ever since 2015. United States District Judge Allison Nathan has taken the same view more recently across the pond. A number of businesses have been widely accepting bitcoin as currency for some time and it seems only fitting that bitcoin is officially viewed as such. This will also lead to bitcoin being regulated and subject to VAT, the same way as any other currency.
There is a convenience about using bitcoin for online games because it is so secure and doesn’t detract from other currency reserves. There are a number of people are knowledgeable enough with technology to start mining for their own bitcoins, earning themselves a tidy profit in the process. Mining bitcoin and then multiplying it by winning a few online bets is quite a clever and efficient way of making money.
As bitcoin popularity continues to grow, things are always susceptible to change, but as things stand bitcoin is decentralised. Currently it is possible to mine and spend bitcoin without anybody being able to track your locations. Furthermore, this means you can deposit bitcoin anonymously into an online casino account and play online poker accordingly.
Many banks have already started incorporating bitcoin into their operations. VISA, for example, have already started offering a Shift Card to their millions of customers that allows the holder to pay with bitcoins in more than 30 million stores that accept VISA as a payment method. Now that bitcoin is gained a more widespread acceptance among global governments and major card operators, the sky really is the limit. Bitcoin is currently the bandwagon that everybody is jumping on, and while evidence suggests that it is becoming increasingly popular among online gaming platforms, it’s not an exaggeration to presume that bitcoin could dominate the overall currency markets within the next decade.