BitCoin and Online Casinos are the Perfect Match
The virtual currency BitCoin has made its way to the headlines over the past month. With wild value swings and investments by top financial players, BitCoin is clearly ready for prime time.
Why is BitCoin the perfect currency for online casinos and gamblers? Because BitCoin isn’t centralized, governments don’t have the control over it as they do dollars and Euros. While governments can lean on Visa and large banks to limit currency flows, BitCoin has all of the good – and sometimes bad – of the internet wrapped up in one.
By offering BitCoin, online casinos can accept one currency that covers the entire world. Players from China, Europe and the US can make deposits and withdrawals in the same currency.
Online gamblers benefit from BitCoin because of the privacy involved. Many players don’t want their gambling hobby to show up on a bank statement and BitCoin solves this issue with ease.
In addition, people who play at different online casinos around the world can use one currency for all of their needs. No more losing money on devaluations and currency fluctuations – just one internet currency for the entire world.
The disadvantage of BitCoin is in its wild swings. It went from $14 to $266 to today’s roughly $107 – all in a period of a few months! BitCoin’s investors include the Winklevoss twins (who sued Mark Zuckerberg over the founding the Facebook) and dozens of Silicon Valley millionaires.
If BitCoin is good for these successful investors, perhaps it is perfect for online casinos.