Bitcoin is one of the latest depositing currencies in circulation at the minute. It’s essentially a digital currency in which people purchase to use for online gambling. It’s been designed to help people deposit on sites as an alternative to more traditional banking methods such as debit or credit cards.
Unlike an e-wallet, Bitcoin currency will actually fluctuate, just like the GBP or USD would. The rates have soared over the last twelve months or so with people investing early making a tidy profit.
What is Bitcoin and how does it work with online gambling?
As you now know, Bitcoin is essentially a virtual currency, which means you can purchase this currency using your native currency. Once you have bought it, you can then start to make financial transactions with numerous gambling sites and even other merchants such as Amazon, for example.
The first step is to make your Bitcoin purchase. You’ll need to open up a wallet from companies such as Web Wallets or Software Wallets. This will allow you to fund your Bitcoin account and essentially use it in the same way that an e-wallet works. The only part that you will need to link to your bank account will be that of the wallet, not the gambling site itself.
Once you’ve funded the wallet with Bitcoin you then will need to send them to your gambling site. This is an easy transaction and you will be asked to open a ticket and then enter your wallet details. The amount you can move about is entirely up to you, although some sites will have a cap on how much you can deposit and withdraw in one transaction. These transactions will likely have varying transaction times, but most will be completed within just a few minutes.
Benefits to using Bitcoin
Bitcoin is renowned for being a very easy process to use and also having minimal fees associated with each transaction. In fact, some companies don’t charge at all for Bitcoin transactions, where others may take a percent of any withdrawals. Usually deposits are free to complete.
As Bitcoin is essentially a currency, the rates at which you first deposit and then withdraw may be different. As with anything, it can work out in your favor but can also hinder you. A favorable rate increase can mean that depositing or withdrawing the same funds just a week later will allow you to make money without actually doing anything. But the flip side to this is that for each transaction the rate may decrease meaning you lose out. These days, the rates are pretty stable so unless you are moving seriously large amounts of money, you shouldn’t find too much of a change.
Again, as with most e-wallets, anonymity is the highlight to their features. There is no need for the gambling company to ever have personal information or banking details surrounding your account. In most cases the ticket that is opened for transactions will be personal to you and once that transaction is completed, there is no way for it to be tracked. That being said, if you ever do need to track these transactions, then you can do directly from the wallet that you initially registered for.