BitCoin attracting more Online Casinos

Lillie Mcguire
Posted on May 07, 2013 at 12:05pm

BitcoinBitCoin, the digital currency, has been growing in popularity with online casinos and even more so since a recent big name operator reported a profit of $596,000 (£376,400) because of the denomination. Since late 2012, there has been a dramatic rise in the number of BitCoin users, especially on gaming websites.

They have realised the potential this digital currency has to offer as they can reward their players with a currency that does not have to go through politicians or banks. BitCoin is a digital currency that was first described in a paper in 2008 by pseudonymous developer Satoshi Nakamoto, who wanted to create a peer-to-peer, electronic cash system.

The creation and transfer of Bitcoins is based on an open source protocol and is not managed by any central authorities. As they report to no authority and BitCoins can be transferred through a computer or smartphone without an intermediate financial institution, they have become very popular with online merchants, in particular online casinos.

Industry insider Larry Taad explains the allure of this payment method, saying that “users don’t have to trust us with their funds any longer than necessary,” meaning there is more control over funds and more scope to make profit, as was showcased by the huge profit by a recent online operator. Industry predictions are that online casinos will continue to use BitCoin as a form of currency.. Feel free to check this page and find some bitcoin casinos to play!

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