Bitcoin is a form of digital currency that has been circling the internet for several years now. Some are wary of Bitcoin as it has been used on the black market in the past, but this is simply because the currency is an effective way to make payments on the web in a clandestine manner. Bitcoin itself is legal, secure, and widely accepted as a legitimate form of currency. It is becoming more and more popular on a daily basis and has been adopted into online betting circles, with thousands of online merchants now permitting payments via Bitcoin including gambling sites.
Here we’ll explore Bitcoin in a bit more detail, including where the currency came from and how you can use it. Plus a list of UK licensed bitcoin betting sites.
There is a bit of uncertainty with regards to who actually invented Bitcoin. Nonetheless, it has steadily emerged as the leader in the world of digital currency (or cryptocurrency as it is otherwise known). Indeed, whilst the true identity of the Bitcoin founder is unclear, the success of the system has been astonishing. There are millions of Bitcoin wallets out there, with the currency being used all across the world for all kinds of different transactions on a daily basis – online betting included.
Bitcoin isn’t like ordinary currency and is limited to 21 Million Bitcoins. This means inflation won’t damage the currency and it can retain its value even in the most testing kind of market conditions. Bitcoins also remain completely legitimate and legal in all circumstances as the currency cannot be copied for counterfeit purposes. This is what makes Bitcoin so appealing for many people. It’s a steadier way to pay, and there are a lot of security advantages of using it too, which we’ll get to a little later.
To use Bitcoin, you’ll need to set up your very own Bitcoin wallet (there are millions of these out there on the web right now, so you’ll be joining a very big community if you open one). This is easy to do, and you can also access your Bitcoin wallet on your mobile as well as your PC, desktop or laptop.
There are a number of different wallets to choose from, with each of them boasting their very own set of unique benefits. The current wallets listed online at Bitcoin right now are:
You may not want your bank account being directly linked to your betting spending. That’s where Bitcoins come in handy. With Bitcoin, you will maintain complete privacy and anonymity – with the currency disassociated from your personal information.
Once you’ve opened your Bitcoin wallet, it’s remarkably easy to use Bitcoins for online betting site funds. Your mobile app allows you to make transfers on the go, and the currency’s strength and stability means you’ll never have to worry about inflation or tax. There are no limits on what you can send or receive in terms of Bitcoin payments either.
There are fees involved when it comes to Bitcoins, but thankfully, these tend to be very low.
Bitcoin transfers are extremely fast, meaning you can make deposits, withdrawals, and transfers quickly and easily.
Using Bitcoins is a very secure way of paying. As mentioned previously, there is absolutely no link to any of your personal information whenever you spend your Bitcoins or make any kind of transaction. This minimises the risk of identity theft and renders the currency one of the safest ways to pay online.