The rise of Bitcoin in the online gambling industry

Published on October 21, 2016 in Industry News

Bitcoin in the online gambling industryThe virtual currency Bitcoin has been a hot topic of discussion in the online gambling industry recently. Many are still a bit wary about its legitimacy, use, and long-term viability but development companies and casinos seem quite happy and eager to make use of this virtual currency. The acceptance of Bitcoin, by many online casinos and gaming platforms such as 888poker, have led many to wonder if it could become an integrated part of online gambling in the future.
 

Bitcoin in online gambling
 

“Bitcoin has been widely used in the online gambling industry since it was introduced back in 2009.”

Although the currency has been used by gamblers since the beginning, online poker platforms have only recently warmed up towards it. Using Bitcoin seems to be much easier than loading money from a debit or credit card which makes sense seeing as Bitcoin is used mainly for online gambling.
 

The legitimacy of Bitcoin

Players who have been worried about Bitcoin losing value have been reassured last week when U.S. District Judge Alison Nathan confirmed that Bitcoin is real money under federal law. Nathan stated that the currencies main use is for payment and exchange by legitimate businesses. The European Court of Justice also declared that Bitcoin is a form of legal tender and that all transactions made with the currency are subject to VAT laws and regulations.
 

Why use Bitcoin?

Bitcoin is ideal to use for gambling because it is convenient, secure, and doesn’t require you to transfer money from your other accounts. Many gamers have started to mine their own Bitcoins which allows them to cash in just by running machines – this can only be done if you are tech savvy and have access to powerful hardware. Mining Bitcoin can be quite lucrative if you manage to multiply it with a few good bets.
 

Where and how to spend Bitcoin

VISA offers a Shift Card that allows you to spend Bitcoin at more than 38 million stores. Meaning you can spend Bitcoin at any store that accepts VISA. With more and more companies and online casinos accepting Bitcoin it might just become one of the most popular forms of payment in the next couple of years.