As we’ve seen recently, one of the big potential areas for growth in Bitcoin is online casinos. The industry is finally beginning to get to grips with this new payment method, and deciding whether or not it is worth pursuing further. One important aspect to take into consideration is that of online security, which of course is paramount for the industry’s customers.
Going into 2017, Bitcoin is definitely still on an upward trajectory. At the beginning of the year, the value of one bitcoin exceeded $1000 for the first time in three years, which represented a 125% increase in value during 2016. The total value of all the bitcoins in circulation, meanwhile, exceeded $16bn. As well as proving to be a sound investment, Bitcoin can be increasingly used to make purchases with a wide range of major companies around the world, including Microsoft, Dell and the French retailer Monoprix, though there is admittedly some way to go until it becomes accepted everywhere.
One of the main advantages of Bitcoin, a cryptocurrency created and controlled by digital encryption, is the additional safety and security it offers to users when compared to other methods of online payments. The way that Bitcoin and the blockchain technology behind it work makes it by nature very secure. The fact that there is no one central repository where information or wealth is contained, coupled with the fact that all transactions that take place are encrypted in a blockchain database which is visible to all, makes it very easy to see if any fraudulent activity may be taking place.
There are other advantages of Bitcoin that are likely to appeal to those gambling online. Unlike bank transfer payments, for example there are often no extra charges or fees to pay. Transactions can also take place very quickly; instantaneously in the case of smaller sums or just a few hours for larger amounts. And then of course there is the anonymity that using Bitcoin offers.
So there is real potential for Bitcoin to be used by online gamers in the future, but in the meantime, it’s reassuring to know that big online gaming and casino sites already have state-of-the-art security measures in place, and users can play with complete peace of mind using conventional payment methods.
While they might not accept Bitcoin yet, there are often tempting sign-up bonuses available with the big players. Be sure to check out the information about claiming bonuses at NJ Online Casino, which has the most comprehensive information on available offers. Whether you use real or virtual currency, you won’t want to miss them!