Is Bitcoin the Future of Online Casinos?

In January 2009 the world woke up to a new type of currency – Bitcoin. This was an online cryptocurrency that did not belong to any country and was not controlled by any government. The Bitcoins only exists on computers or smart phones without any real money notes or real money coins.

Where does Bitcoin meet the online casino industry? Apparently Bitcoin was recently used to purchase the gambling site SatoshiDice at the value of $11.5 million paid in BTC (the international mark for Bitcoin).

Some industry experts estimate that Bitcoin will quickly become a popular payment and withdrawal method in online casinos. It will enable players from all over the world to play with the same currency as Bitcoin will essentially be used as casino chips, and also allow greater transparency with regards to transactions, and might even enable some online casinos to operate in unregulated markets as they will no longer be depended on credit and banking transactions which today hinders their operation in such markets.

When Bitcoin was first released, many have dismissed it as a phase and doubted its ability to be a traded currency that can rival big currencies such as the Dollar, Euro or Yen. However’ the value of Bitcoin is constantly on the rise, and while the value of competing currencies is completely dependent on their economies, Bitcoin suffers no such effects and can be used securely even in times of turmoil.