There are many different payment methods that people use in order to make deposits and withdrawals online, Bitcoin being one of them. And all of them have their own benefits and drawbacks. This may make it an issue for you to select your preferred payment method as you will need to first get educated on the strong suits of particular payment methods first. But this can be a hard thing given the fact that there are a number of them.
But if there is one method that’s hyped nowadays and that millions of people migrate to, it would have to be Bitcoins. It is one of the latest payment methods and it took the world by storm when it came out. But what is Bitcoin all about? Why has it become so popular?
The first classification of the Bitcoin is that it’s a cryptocurrency. According to the online encyclopedia Wikipedia, a cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography. To secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
It was originally created in 2008 by a person known as Satoshi Nakamoto. This is a person or a group of people that have originally conceived the idea of cryptocurrencies and that created the Bitcoins.
There was a huge surge of interest recently in the cryptocurrencies and especially in this one. With its value continuing to skyrocket to the moment when a single Bitcoin was worth in excess of $20.000. Nowadays the value of this currency has fallen drastically. But it still packs a powerful punch as a valuable payment method that millions of people from all around the world use regularly.
Using Bitcoin in online casinos
The fact that this payment method came up into public consciousness only recently means that you will not see it in all online casinos. But you’d be surprised to learn how big the number is of casinos that support the use of Bitcoin.
So, if you’re playing in some of the more popular new online casinos, then chances are that you will find that you can use Bitcoins whenever you want, to fund your account.
Benefits of using Bitcoin
The main benefit of using Bitcoin is that you will be in full control of the money that you own. As things stand, Bitcoin is not controlled by any kind of central authority figure. And this very much unlike the case with the money that you have deposited in banks.
Moreover, there’s always the issue of anonymity when making payments. Well, the use of Bitcoins can guarantee for nearly 100% that you will remain anonymous in all of your transactions. This is in big part due to the fact that there is no central governing authority over the transactions that you will make, as we mentioned in the previous paragraph. So, if privacy is an issue of yours and you want your online transactions to remain fully anonymous, then we advise you to begin using Bitcoin.
The fees that you will need to pay when using this cryptocurrency are incredibly small. Even, in some cases, even non-existent. This is very much unlike the conventional payment methods in which case you may have to pay a high-percentage fee of the total value of the transactions that you will make. Nobody likes to pay these fees and if you use Bitcoin you too won’t have to do this as well.
Potential drawbacks of Bitcoin
The fact of the matter is that this payment method is not without its drawbacks. The main drawback comes from the fact that people aren’t very well educated in the field of cryptocurrencies. And because they aren’t educated – it means that they won’t give their best to begin using it. The fact is that while the number of companies that support the use of Bitcoin increases. Their number is still very small when you compare it to the number of companies that support the traditional payment methods.
Also, Bitcoin is at a very early stage in development. This means that the Bitcoins network could use a lot of additional work in terms of development and creation of new tools that will help the users get the best of their experience of using Bitcoin.
Finally, the world of cryptocurrencies and of Bitcoin, in particular, is highly volatile. The fact is that there is a limited supply of coins. But also that the interest of people for it increases on a daily basis. However, this shouldn’t concern you over the long run due to the fact that the interest in Bitcoins is expected to stabilize. And, with it, the price of Bitcoin will also stabilize.
Bitcoin and technical support
The technical support field is in great want when it comes to the payment method of Bitcoin. As we’ve mentioned in some of the previous paragraphs, there is currently no single governing body when it comes to Bitcoins. So, who do you turn to if you need some answers to technical questions that you may have about Bitcoin?
Well, the internet is your best friend in this case. There are millions of articles written on the subject of Bitcoin. And there are just as many educational videos made on that subject as well. So, if you have any burning question or issue with using Bitcoins, you should turn to the internet. Use the powerful search engines and look for the answer to your questions. If you’re persistent enough you will be able to find all the answers that you will need.
Bitcoin Casinos – In conclusion
Bitcoin is not one of the most widely used payment methods when it comes to online gambling. But it’s getting there. More and more casinos support the use of Bitcoin and their number is only expected to grow larger.
So, if you want to retain your full anonymity in your online gambling habits, then you can try out using Bitcoin. You will find that it’s exceptionally easy to make payments with this payment method. And also that it’s a viable alternative to the conventional payment methods.