Bitcoin is a decentralized digital currency that allows people to send instant payments to anyone, including poker sites that accept Bitcoin. Bitcoin is a peer-to-peer currency that began operating in 2009 and was established by pseudonymous developer, Satoshi Nakamoto. It has no link to government regulated currency and no organization or government has control over it. Bitcoin is extremely easy to use and is also safe and secure for online gamers. It is cheap and does not involve any transaction fees.
Just like any other currency, Bitcoin has a fixed value and no one is allowed to create new Bitcoins. However, it is possible for people to mine Bitcoins, although this has a limit and also does not come cheap. Bitcoin is a democratic currency and can be termed as a digital equivalent of something valuable that has the potential of becoming even more valuable than gold.
It is extremely easy to use Bitcoins on casinos that accept Bitcoin. The first thing that one needs to do is to download the software to their computer. There are software packages for different operating systems like Windows, Macintosh as well as Linux. Beyond that, it is just a matter of signing up at the Bitcoin site and the account will then be ready for trading on Bitcoin poker sites. Bitcoins can be purchased through currency exchange websites that specializes in Bitcoins. Websites that sell Bitcoins will most likely ask that you provide them with your bank details. They will also require you to complete some verification process and once you have been approved then you can purchase the amount of Bitcoins that you need.
While making your purchase, your Bitcoins provider will immediately debit your bank account and deliver the Bitcoins. Note that the price of Bitcoins keeps on changing over time so you may want to confirm with your provider regarding the current exchange rates before making a purchase.
Although there are not many Poker Sites that accept Bitcoin as a means of making payments, the payment medium is gaining popularity by the day. In order to operate the Bitcoin, the gaming sites have to integrate the Bitcoin software to their site. The process of integrating the use of Bitcoins on a site is quite easy and does not involve payment of excessive amounts of money.
Bitcoin is tailor made for internet gaming according to Stuart Hoegner, an international gaming lawyer who specializes in cross border transactions. The virtual payment method does not have any transaction fees, has quick deposit-to-pay ability and also lacks change-backs, making it ideal for internet transactions. Casinos that accept Bitcoins are assured that the transactions are irreversible and the risk of chargeback fraud is non-existent.
To wrap it up, here are some interesting facts about Bitcoins:
- Bitcoin is a digital currency and when properly cared for, it cannot be: Frozen or seized, lost or stolen.
- No organization, bank or government has control or influence over it.
- Bitcoins cannot be inflated, counterfeited, devalued or printed.
- There are no startup costs or usage fees.
- Transactions are irreversible.
- High privacy levels reduce chances of identity theft.
- Bitcoins can be exchanged for another currency in the open market.
Bitcoin casinos have seen tremendous growth since many customers are looking for a fraud proof and easy to use payment method. The fact that the transactions are free from bank and other financial institutions makes it a highly priced method by many gamers. It is estimated that in the next few years, there will be virtually no casino that does not allow the use of Bitcoins on its suite.