As gambling sites become more and more popular around the world, so too does the use of Bitcoin currency. Over the past few years, many online poker sites have started to use Bitcoin as one of their main currencies, but for anyone who doesn’t know how the currency works it can be a little confusing.
What is Bitcoin?
Bitcoin is a virtual currency that is swiftly becoming an intricate part of the global finance industry. Unlike Dollars, Euros, Rupees and other traditional currencies, Bitcoin is not supported by a bank or government but it does have cash value. You can use Bitcoins to buy almost anything online and, of course, it can be used on a variety of poker sites.
Although many governments were primarily reluctant to accept Bitcoin as a legitimate currency, many are now beginning to work with it instead of against it. China is particularly supportive of Bitcoin transactions, with other countries following suit.
Why Should Poker Players Use Bitcoin?
There are various advantages to using Bitcoin, particularly if you’re partial to a little online gambling. The value of a Bitcoin fluctuates similarly to a stock or commodity and, at the time of writing this article, just one Bitcoin was worth $312.85 – meaning a gambler could potentially see a huge return on investment if they were to buy or win Bitcoins at a low price and sell it at the right time.
Poker players can also benefit by using Bitcoins on the various online sites that accept Bitcoin, such as vegascasino.io. Where more traditional currencies require a payment processor and take time to cash out, Bitcoin can be transferred extremely quickly in comparison, often taking less than 12 hours.
Bitcoin-driven sites also allow players from all over the world to enter games together where sites that only allow traditional currencies often do not.
Things to Beat In Mind
Although the novelty of Bitcoin is largely positive, there is also the undeniable fact that it is a bit volatile. Although the value of a Bitcoin can grow substantially in a short amount of time, it can also drop just as quickly. If you intend to use Bitcoin, it’s crucial that you know when to buy low and how to sell high.
In addition to this, Bitcoins are not entirely anonymous. Although extremely tricky, it is possible to track the use of a Bitcoin through a block chain and they can even be followed to an individual’s bank account.