Deposit methods and account funding options for online casinos and poker rooms increasingly come under the scrutiny of national regulators around the world. In an effort to ensure that their citizens are playing in a totally fair atmosphere, many nations only allow particular types of banking methods for funding online casino accounts. While this is definitely done with the best interests of online gamers in mind, it severely hampers one’s ability to quickly open an online account at a casino, poker room or sportsbook with one’s favorite deposit method. Hoping to provide an answer for both online gambling watchdogs and the people who play for money online, Bitcoins might possibly be able to appease financial regulators, while also allowing a smooth and simple online currency for online gamers.
Definitely the newest online currency method, the Bitcoin model has recently surfaced as a new deposit method in the online gambling community, but are not really widely accepted as of yet. Bitcoins are a virtual currency offered as an alternative to traditional account funding methods which continue to run afoul of banking and judicial legislators in many countries. They also serve to give the online gamer peace of mind, as they are not putting their personal and financial information from their credit card or bank account out over the virtual airwaves every time they make a deposit or withdrawal. In short, the Bitcoin currency model was created for consumers who want independence from the traditional banking system.
How does it work? Bitcoin uses a complex computer-driven algorithm and has no actual currency backing. We expect this savvy new online payment method to catch on quickly with the online gambling industry. The Bitcoin sign-up and registration also appears to take less time than more traditional methods, and customers prefer it because there is no need for the release of in-depth personal and financial information required with traditional banking methods.
Bitcoin is one of the first occurrences of crypto-currency, which is built around the idea that money is “any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.” And when you think about it, what are the traditional cash or coins in your pocket except something that many people have agreed to exchange in order to purchase goods and services?
And the fact that cryptography lies at its foundation instead of a central monetary authority, the Bitcoin method sails smoothly past most regulations which hamper traditional deposit methods for online gamers. This account funding option will certainly not overtake traditional options like credit cards and money transfer services anytime soon, but it is on the rise in the online gaming community, and more casinos will start offering this virtual currency option in an effort to please both their prospective customers and online regulatory entities.
Until such time as BitCoin emerges as a more popular option, find out more about the current viable and secure online deposit methods available to you.
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