Bitcoin has been around for quite some time, but it is only recently that the e-currency has maintained a spot in the public eye. As Bitcoin gets more and more press, we are seeing it used in a number of unique ways – including in the online gambling world.
What is Bitcoin?
Bitcoin is a digital currency that was introduced in 2009. It does not exist as tangible money, and it is mined for in the online world.
Commercial usage of the currency is quite low, and Bitcoin was originally denounced for its ties to illegal activity, such as the Silk Road drug distribution channel.
Bitcoin Gambling
At the moment, there are no major online casino developers that accept bitcoin as payment – but there are several gambling services that operate on bitcoin transactions.
Sportsbetting seems to be the most popular use for bitcoins in the online gambling market, as operators like Bitbook and Predictious allow players to wager on sports with the currency.
There are several bitcoin-powered casinos as well, such as BetCoin, Bit777 and BitZino. These sites offer a wide range of HTML-powered casino games which allow players to wager their bitcoins on roulette, blackjack, poker and baccarat. Non-traditional casino games are also quite popular, including prize wheels and dice games.
Bitcoin Slots
If you’ve ever visited a Bitcoin Casino, you will notice that the games leave a lot up to the imagination. They are quite basic slot machines with traditional themes. So, you won’t see games with 3D graphics or innovative themes. However, the concept itself is very innovative, as there are few bitcoin-powered slots available.
How Can You Use Your Winnings?
There isn’t a huge market for bitcoins at the moment, but you can find some pretty obscure purchases. In Lithuania, you can rent apartments using bitcoins. In the United Kingdom, some dentists accept bitcoins.
For more mainstream items, there are bitcoin shops online that sell items like mobile phones, kitchen appliances, laptops, watches and jewellery. In come years, it is likely that the market will diversify, and it could be possible to buy items in-store with mobile payment systems.
Do Major Online Casinos Accept Bitcoins?
Currently, online casinos that are powered by major operators like Microgaming and Playtech do not accept bitcoins. The currency needs more time to become widely accepted in the commercial market and more regulations will need to be introduced before that can happen.
Hopefully, within the next two years, online casinos will start accept bitcoin as currency.
