Saturday, 1 June 2013

Is Bitcoin gambling the future?

Bitcoin gambling (be it sports betting, casino or poker) is the cutting edge of the online gambling world, and more and more operators appear every day. We are dealing with an unregulated market that is using an unregulated currency (BTC). Gambling with bitcoins is a gamble itself, probably you the largest margin when using bitcoins to gamble is the choice that you do when it comes to what websites and operators to use.  

But first...

What are Bitcoins (BTC)?

Bitcoins are a digitally encrypted, electronic currency that exists entirely online. Every Bitcoin has a unique ID number and can be broken down to 0.000001 BTC. If you can find a bookmaker willing to take a 0.000001 BTC wager on a soccer match or for a casino spin, that’s no problem the technology allows it.

Every Bitcoin transaction is heavily encrypted so they’re completely untraceable. This anonymity has made Bitcoins very attractive to online gamblers who, for any number of reasons, might not want their identity associated with their activities. This also means that people living in countries were standard online gambling is forbidden can now use this method of fulfilling their entertainment needs.

Do you want to play poker online from US, or do you want to place a football bet from France at good odds, than look no further than bitcoin gambling websites.

Where to Get Bitcoins

Bitcoins exists only in a digital form and are created through a complicated process called “Bitcoin mining.” The mining process involves high-powered computer processors that go well beyond what most of us have on our desks at home.

Fortunately, everyday gamblers can simply go online and purchase Bitcoins from a web-based currency trader like Mt. Gox.

Once purchased, the coins are held in a Bitcoin wallet that’s a bit like a Paypal account. There are a number of different Bitcoin wallets that offer varying degrees of security and ease-of-use. You can send bitcoins from your wallet to operator wallet in a matter of minutes and then, when it comes to withdraws, the operator can send the money back to you in the same time interval.

So beside anonymity, Bitcoin sports betting (and gambling in general) offers incredibly fast payouts. That’s because there’s no bank acting as a middleman in the transaction. It’s the closest thing to a cash transaction the Internet has to offer.

Bitcoin wagering also allows punters to wager some very small amounts of cash. Thanks to its fractional nature, Bitcoins can be wagered in almost any amount. That makes for some very low limits on most sites.

See below some interesting resources about bitcoin in general:


  1. Bitcoin is now actually dominating the online gambling world. Online casino portal like Betcoin™ is taking advantage of the huge benefits that bitcoin can contribute for their business. It is taking a huge leap and is continuously growing.