It is hard to believe that the virtual currency Bitcoin is already five years old. It seems like just yesterday we were hearing about this unique and cryptic alternative to traditional banking methods, which has become a favorite of some online gambling websites. With countries like the United States increasingly making banking regulations difficult for financial institutions regarding Internet gambling, many of the banks and financial centers which issue credit, debit and charge cards will not honor those currencies when used for an online gambling deposit. This has made the allure and rise of non-bank regulated virtual currencies like Bitcoin inevitable.
Here is how it works. The Bitcoin cryptocurrency has no central authority. It works as a peer to peer transfer of virtual currency. And basically, just like with other global currencies, the more that people desire owning Bitcoins, the higher their value. And since there are no regulating houses or centers which could dump a large amount of Bitcoins on the market, the value is a true indicator of supply and demand. For online gambling websites, this provides speed and reliability, and for Internet gamblers looking for alternative banking and deposit methods, the Bitcoin currently falls outside the scope of any federal banking regulations.
Very simply, once a user installs a Bitcoin wallet on their computer or mobile phone, they receive a special and unique “address”. You can give this address to your friends so you can transfer Bitcoins back and forth, and you can use that address just like a virtual wallet with online gambling sites and other Internet retailers. Bitcoin mining confirms waiting transactions, and develops a chronological order in the entire Bitcoin system, so your balance is always correct. And since Bitcoins have no regulating authority and are directly tied value-wise to simple supply and demand, the value of your mobile Bitcoin account can go up or down without you doing a thing. It is now becoming a viable option for funding online gambling accounts and is now being embraced as a sportsbook deposit method by several prominent sports betting sites as well as a reliable casino deposit method.
From April to November of 2013, the single Bitcoin increased nearly sevenfold, to $380 US. This is a fluid virtual currency, and value may go up or down all the time, however, if you and I each own 1 Bitcoin, we have the same financial value. And while it is currently the favored financial method used at online gambling sites like SatoshiDice, some industry players in respected and globally recognized brick-and-mortar gambling mecca Las Vegas are actually looking into adding Bitcoin processing for its physical casinos. Ardon Lukasiewicz is the brother of Coinsetter CEO Jaron Lukasiewicz, and he believes firmly in a successful and eventual relationship between Bitcoin and brick-and-mortar casinos. In the meantime, you can learn more about bitcoin sports betting and bitcoin blackjack for information on using this currency for securely and easily funding your online gambling accounts.
He stated recently that he would like to “pursue Las Vegas as the Bitcoin mega-destination.” He believes in the new virtual currency so much that he helped develop Bitmarkers, a company which has plans to deliver frictionless movement for gambling money via the use of Bitcoins. As the CEO of that company, he stressed that his firm is well aware of the oversight by particular regulatory commissions generally given to real-world casinos, which is unlike the unregulated virtual world of online gambling. And on the Internet, the Bitcoin model continues to grow. One gambler on the above-mentioned SatoshiDice website scored $1.3 million dollars worth of Bitcoins recently, and that company was sold for $11.5 million worth of Bitcoins. So the belief in this virtual currency as a viable online gambling deposit method obviously still has its diehard backers.
