The online gambling industry has accepted Bitcoin as currency since 2013.
When it comes to betting on Bitcoin, let’s be honest – some folks enter into that transaction with a great deal of trepidation in their hearts, and perhaps even with a heaping helping of hesitation deep in their gut.
Investing in cryptocurrency can be both enthralling and uncertain but that’s the same effect you’re likely to be experiencing with any volatile stock a person might opt to sink some money into in the hopes of turning a tidy profit.
The fact of the matter is that for the most part, running this gamut of emotions is also unwarranted. While all investments can fluctuate in terms of value over a short period of time, the numbers show that those who took stock in Bitcoin for the long haul are smiling today.
Evеrу investment hаѕ wealth-creating capacity, obligation, responsibility аnd function. Thіѕ іѕ аn inalienable feature оf аn investment. Anу possession, belonging оr property thаt саnnоt generate income fоr thе owner, оr аt lеаѕt help thе owner іn generating income, іѕ nоt, аnd саnnоt bе, аn investment, irrespective оf hоw valuable оr precious іt mау bе. In addition, аnу belonging thаt саnnоt play аnу оf thеѕе financial roles іѕ nоt аn investment, irrespective оf hоw expensive оr costly іt mау bе. You can navigate to this website for more detail about the Touchstone Investments.
From the time when this cryptocurrency was born a little over a decade ago to today, the value of Bitcoin has more than doubled. One Bitcoin is currently worth $9,290.60 US dollars.
There’s the anecdotal story of Norwegian Kristoffer Koch. In 2009, he decided to buy 5,000 bitcoins for 150 Norwegian kroner, the equivalent of $26.60 in US dollars. Today, Koch’s 5,000 bitcoins are valued at almost $980,000.
Buying Into Bitcoin
An industry that was an early backer of Bitcoin was the online gambling business. Some online iGambling sites were accepting Bitcoin as a method of payment to player accounts as early as 2013.
This is a factor that should immediately provide backers of and believers in Bitcoin a reason to rejoice. Operators of online sportsbooks, casinos and poker rooms make their living by assessing the odds. They don’t just live to set the odds. It is their life’s work.
When people whose career is based solidly within the principles of the law of variable proportions were among the first major industries to see Bitcoin as a viable currency option, it can only speak well to the future of cryptocurrency. You could say that the online gaming industry got into Bitcoin on the ground floor.
Casinos and sportsbooks, whether built from brick and mortar, or existing in the online world of the internet, don’t keep opening because they are bad investments. For the most part, they are licenses to print money.
The earnings generated from the global online gambling market was estimated at USD $53.7 billion US in 2019. It is expected to reach $59.6 billion US in 2020. That’s an awful lot of coin. And the operators of these betting houses displayed confidence at an early stage of the game that Bitcoin and other cryptocurrencies fit nicely into their empire.
Advantages Of Betting With Bitcoin
Signing up with an online gambling service is quite easily done. When funding an online gambling account, though, you might run into some roadblocks. Certain credit card companies may block or disallow transactions involving any form of gambling.
There are other options. For instance, eWallets such as PayPal and Skrill will do the funds transfer. But these can take as many as 3-5 days to process and usually require payment of some form of service fee.
Bank wire transfers and e-transfers are other available options, as is the old standby of sending a check but again, in each case there are going to be delays in the transfer of funds.
There are none of these worries when utilizing Bitcoin to fund your online gambling account. The transaction is complete almost immediately, and it all takes place without the requirement of a fee payment.
Perhaps the best aspect of working with Bitcoin to fund your account is that it is equally adaptive when it comes time to withdraw funds from your online gambling account, say after a big score from a wager on a football game.
Traditionally, withdrawing funds from an online gambling count is seldom a pain-free experience. There are fees to be paid, and many of the funding devices you can use to add money to your account aren’t accepted when the transaction destination is going in the other direction.
With Bitcoin, this is never an issue. And as is the case with deposits, the transaction takes place quickly and seamlessly, absent of fees. As well, it’s a relatively anonymous process. No need to expose your personal information online and set yourself up to be the victim of fraud or identity theft.
You’ll Need a Bitcoin Wallet
Before any of this can happen, you’ll first need to get your hands on some Bitcoin. And you’ll require a place to store that Bitcoin, so the first step is to establish a Bitcoin wallet.
When you purchase bitcoins through a cryptocurrency exchange such as Coinbase, you then transfer them to your wallet. They remain safely stored in that Bitcoin wallet until you decide to spend your bitcoins on something, like funding your online gambling account.
To use Bitcoin to fund your online gambling account, first you’ll need to get a Bitcoin (BTC) transfer address from the gambling site. Next, go to the withdraw/transfer function of your Bitcoin wallet. Paste that BTC transfer address into the appropriate spot. Click and confirm and within 1-2 hours, the funds will be in your account.
To withdraw money, the process is similar. In this instance, you get the BTC transfer address from your Bitcoin wallet.
Show Comments (0)