«Bitcoins in Online Gambling
Bitcoins appeared in 2010 and since then its popularity has been steadily growing. At the moment we are all used to trade in bitcoins and other types of digital currency. Many spheres of our everyday life become connected with bitcoins and online gambling is no exception. One of the main secrets of bitcoin’s popularity is the total lack of any centralized regulation, and this anonymity doesn’t prevent gambling authorities from accepting and supporting this digital currency. For example, Gambling Supervision Commission of the Isle of Man has added this currency to its list of allowed methods and payment and funding.
A great part of contemporary online casinos have included bitcoins into their list of payment methods while keeping all the other existing methods, including e-wallets and traditional credit cards. Such casinos as VegasCasino belong to this category. Some online casinos have decided to support bitcoins exclusively, so they have refused from other payment methods. BitCasino is a good example of the latter category.
Online casinos are greatly satisfied with supporting bitcoins, because many bitcoin owners have become their customers. A number of games, available for bitcoin owners, is constantly growing and many respectable games providers, for example, Betsoft company, offer many first-class products for this type of payment.
There are two different ways of getting bitcoins for casino games. Firstly, gamblers can buy bitcoins from their own online wallets. Secondly, they can “mine” their bitcoins by taking part in verification processes. The second way makes it possible to fund various online wagers without any traditional currency!
Bitcoin gambling is so successful and convenient that now about 50% of all the bitcoins transactions are connected with poker, online casinos and sportsbooks.
Approval from Isle of Man
The recent Package of Regulations in Gambling sphere officially approved bitcoins as a legalized payment method for online casinos, operating in the Isle of Man. Bitcoins are regarded not as currency, but some type of property, so it means that gamblers would deposit their own property at an online casino. But certain requirements for virtual currency exchange still guarantee the proper control over these transactions.
Despite a tremendous popularity of bitcoins some people still think that this type of digital currency is nothing but a fad. We personally support bitcoins usage at online casinos and see quite the rosy future for this method of payment.