In terms of alternative currencies that are not controlled by governments, the crypto-currency Bitcoin is by far the most successful and well known to date. There are many reasons for this, the biggest being that no one controls the digital currency and it can easily change hands in anonymous transactions or held safely electronically. Despite a variety of setbacks, there is still a huge amount of optimism around the crypto-currency’s use and one area where Bitcoin use is booming is in online gambling and games.
The continual growth in the use of Bitcoin within online games and gambling mirrors that of smartphones and other mobile devices which is one reason why the currency has taken hold there. However there are other factors that have contributed to this trend as we shall see below:
A User Friendly Currency
As more and more businesses moved their services online, digital payment solutions such as PayPal were created to handle the customers’ transactions on the platform. Bitcoin has risen from this normalisation of electronic money and its qualities have captured the imagination of today’s digitally savvy generation. Bitcoin is seen as user friendly due to its ease of use during transactions which are quick and simple, a big contrast to even the electronic versions of traditional payments systems.
In terms of protecting and maintaining its holder’s privacy when compared to traditional or other virtual currencies, Bitcoin’s security advantage is unprecedented. This advantage is one of the many that are the reason why mainstream online casino sites such as Red Flush Casino are looking to start expanding into the Bitcoin market. The crypto-currency is built on peer-to peer technology that means the virtual money is not controlled by any central authorities and its users can conduct their transactions in privacy.
With end to end encryption Bitcoin ensures that details of all transactions such as the sender or receiver of payment, as well as what was purchased, remain private. This an appealing feature of the currency’s popularity for users of gambling platforms when paired with its seamless integration.
Bitcoins’ privacy advantage is built upon a robust and secure system that involves the safe storage of the crypto-currency in a digital wallet. In addition to managing their wallet on their own through private computers or dedicated websites, bitcoin users can also use platforms that service the virtual currency.
With encrypted details of transactions and an unrivalled level of security that is the basis for maintaining the privacy of its users, there is little doubt as to why Bitcoins use in online gambling and gaming continues to rise. The currency remains a popular choice and is sure to see even more widespread adoption by other forms of mobile gaming and online casinos.