Gambling takes on many forms, from playing the lottery or buying scratch cards, to visiting opulent casinos or placing bets on sporting events. It is a very popular industry despite its notorious reputation and links to addiction, as it is one of the only ways to make a little extra money in this economic climate. There are new developments emerging in the field all the time, for example we have recently seen the birth of online casinos, and now we’re even seeing Bitcoin being accepted as a currency. So, what is Bitcoin and how can we gamble with it?
What Is Cryptocurrency?
Cryptocurrency is an inevitable advancement; a completely digital currency which is being used more and more. It faces some skepticism as currently it is still decentralized and therefore is only controlled by the individuals who created it rather than any government body. However, despite this, it has grown in popularity hugely and those who invested in it originally have made millions.
It is organized via a blockchain which works as a public transaction database, and there are lots of different types of cryptocurrency. For example, Bitcoin is the most popular closely followed by Litecoin and Ethereum. Once you’re used to using bitcoin online you could try out some others.
How Can It Be Used to Gamble?
Bitcoin specifically is now being accepted by a number of online gambling companies as a legitimate form of currency. You can only use your winnings to trade with other companies who accept it, but this is becoming less of a problem as more and more do.
The first step if you want to try your hand at trading in Bitcoin is to get an online wallet, and but some Bitcoin for it. The online will usually have an obvious option to choose Bitcoin as the currency you wish to play with and transfer it from your wallet to your casino credit.
What Are the Benefits of Using Bitcoin for Gambling?
One of the main benefits of cryptocurrency is that transactions you make with it can’t be traced, so for something like gambling it is ideal. Many people prefer to hide the fact that they gamble as it still has a negative reputation.
Furthermore, because it is not yet regulated and does not go through the banking system, it can be used in regions which do not allow gambling, as it is not technically gambling with money. There are also no transaction costs when you use cryptocurrency, which is always an advantage.
The merging of cryptocurrency and gambling is the latest development in both fields. Cryptocurrency can be an intimidating concept to those who have no experience in it, but in reality, it is straightforward to set up your own depository and trade using this exciting new method. It is perfectly suited to the gambling industry thanks to its anonymous and unregulated nature so what are you waiting for? Give it a go! If you’re looking for more gambling news and tips, you can check out this article here about staying debt free when gambling online.