By
Godfrey Benjamin
April 17th, 2024
It certainly seems like the Bitcoin is having a moment.
After all, in the eight years since Satoshi Nakamoto unleashed them on the world they are now at their highest value ever and back in March they became even more valuable than gold.
It certainly seems like the Bitcoin is having a moment. After all, in the eight years since Satoshi Nakamoto unleashed them on the world they are now at their highest value ever and back in March they became even more valuable than gold.
As the chart shows, however, it’s also a far more volatile investment than the more traditional gold but this is obviously no hindrance to those who are anticipating great appreciation in the value of the cryptocurrency.
The Ups and Downs of Bitcoin
But that’s not to say that the Bitcoin’s short history hasn’t been punctuated by moments of controversy too, and not just concerning its volatility. For example, many believe it’s the currency most favoured for underworld dealings and there was also the controversial collapse of the Mt Gox exchange reportedly leading to the loss of 850,000 Bitcoins and whose former head is currently facing embezzlement charges.
Despite these possible blemishes on Bitcoin’s character it is still regarded by many as the currency of the future and even many governments and their treasuries are edging ever nearer to regarding it as a legitimate currency.
The Perfect Fit for Casinos?
This has been of great interest to some of the world’s leading online casinos which is especially fitting as, when news agency Reuters, along with a computer coding consultant, examined some of the original programming data it was found that it included some functions related to online poker. There are several other reasons why online casinos are even now starting to welcome payments by Bitcoin, some of which benefit them directly and others which are more player-focused.
For the casinos the fact that there are either no or minimal transaction fees associated with Bitcoins makes them immediately attractive as does the speed with which deposits and withdrawals can be carried out. The secure blockchain technology also adds an extra level of security and protection against being the unwitting victims of fraud.
While the speed of transactions also has an obvious appeal for players another facet of Bitcoin use is an even bigger incentive – namely anonymity. Generally casinos that accept the cryptocurrency only need an email address for the player and details of their Bitcoin wallet to allow them to play with no need for bank or address information to be registered. As online gambling is something that many players would prefer to be discreet about this is obviously a very appealing feature.
Designed for Digital
The very fact that Bitcoins are a digital currency also makes them a perfect fit for online gaming sites and comes with the added benefit that players can be 100% sure that all the games are provably fair with the same odds of winning as they’d enjoy in a traditional bricks and mortar casino.
So with the rest of the world starting to take Bitcoins seriously – from the computer makers Dell who now accept the currency as payment even to some coffee shops who welcome payment over the counter – it really does look like the time is right for more and more casinos to get in on the act.
Summary
The increasing popularity of Bitcoins means that they are being increasingly seen as a legitimate currency. Online casinos are starting to accept them more and more as they offer many benefits in terms of convenience and security. They are also popular with players due to the speed of transactions and the anonymity that they provide. Therefore they are expected to become even more widely adopted in the future.