If you’re interested in finance and the changing landscape of online currencies, then you have probably heard of Bitcoin. Bitcoin is an entirely digital currency that can be used to pay for things online and transfer money between bitcoin users. When you create a bitcoin account, you are given a bitcoin wallet where your bitcoins are stored. To be able to transfer money to another account, you just need the address of that bitcoin account or you can scan the QR code which will locate the account directly.
How to get Bitcoins
The popularity of Bitcoin means that more and more companies are starting to accept Bitcoin as payment for their services or products. There are a few different ways that you can go about actually obtaining Bitcoins. Bitcoin mining is one of the ways in which people are adding to their Bitcoin wallet. This involves agreeing to run a particular software which will run very complicated mathematical equations. By participating in this Bitcoin mining, you will be rewarded with a small amount of Bitcoin to use online. Another way of getting Bitcoins is by simply exchanging your money for bitcoin or in an exchange of products or services peer to peer.
Where to use Bitcoins
If you’ve managed to get yourself some Bitcoins for your wallet, you might be wondering where you can use them. Well, the good news is that more and more merchants are allowing for payment though Bitcoin. Big companies like Microsoft and Expedia now accept Bitcoin online and it is clear that it is really taking off. Using Bitcoins in stores may take a bit longer however because of it being entirely digital.
Bitcoins for Online Gaming
Bitcoin is not just being used for purchasing goods and services, the online gambling industry is starting to recognise Bitcoin as a currency for payment. This means that if you own Bitcoins, you can deposit into your online casino account without having to use your real cash. This is an interesting development and one which we are going to explore more.
It is important to note that Bitcoin casinos are growing more and more popular over Europe. It is likely that as time goes on, more online casinos like https://de.quasargaming.com/ will start to accept cryptocurrency as a payment method. However, certain countries like Germany are unlikely to do so, because of their already strict regulations surrounding online gambling and hosting these types of websites. The good news is that German citizens can still access these websites without facing legal action.
We are now going to look at the Pros and Cons of Bitcoins being used in the online gaming world.
Advantages of using Bitcoin in online gaming
One of the best things about Bitcoin has to be the speed of the transactions. Because there is no credit or debit card provider to go through, transactions tend to get completed at a very high speed. This is great when it comes to online gambling as it means that you can sign up and deposit quicker than how you would with your bank account. It also means that withdrawals will come into your account quicker and you can use the Bitcoins for other purchases.
Another advantage of using Bitcoin in online gambling is the security of the currency. When you are transferring money to merchants or depositing money into your gambling account, you can be assured that your personal details will not be shared. This means that you are less to be victim to any fraudulent behaviour.
When using Bitcoin, it is also important to know that because there are no banks involved, you don’t need to worry about bank holidays or anything which might affect your Bitcoin going in or out of your account. You fully control your money and you are free to exchange your bitcoins at any time without any worries. This is great for online gambling because often with bank transfers, players may need to wait until the bank is open again until they can receive their withdrawal back into their account.
Disadvantages of using Bitcoin in online gaming
Using Bitcoin for online gaming also has its disadvantages. One of these is the lack of public acceptance of Bitcoin as a real currency. Although many merchants are starting to become more aware of Bitcoin and accepting of it, there are still a lot of people who are unsure of its purpose and legitimacy and so tend to stay away from it. The idea of an entirely digital currency can be intimidating for someone who does not understand technology very well and so it might take some time for cryptocurrencies like Bitcoin to become more widely accepted. Sadly, this means that online gaming websites might take longer to allow Bitcoin users to deposit using their online wallet.
The market value of Bitcoin is also something that needs to be considered when trying to understand its use in online gaming. If you buy a lot of Bitcoins and then their market value decreases, you could lose money in your investment. This can also be problematic in terms of online gambling as you may win a jackpot but when the market value decreases, you Bitcoins may be worth less than you had originally thought. These are all important things to consider when thinking about buying Bitcoins and using them for online gambling websites.
Summary
Overall, we think that Bitcoin has the potential to become really popular in the online gaming industry. It is likely that one casino websites will try to incorporate Bitcoin as a payment method for players to deposit funds into their account. Despite the risks involved, there are many good things to be said about Bitcoin and it is likely to be used more often.
