The internet really is the driving force behind innovation. If one looks at the technological advances in the last 15-years with the technological advances of the 15-years prior, the differences are stark.
It has ended dictatorships, brought us Netflix and helped curb the behemoth that was the music industry. Bitcoins, developed in 2009, are just one of the latest advances that the internet has bestowed on us.
For those unfamiliar with a bitcoin, it is a decentralised virtual currency. Rather than transactions being processed via a bank they go straight from buyer-to-seller. As a result of bypassing the centralised banks, costs incurred are usually less ? bitcoin transactions usually cost 2-3 per cent less than a credit card transaction.
It is of little surprise that this cheaper form of commerce is starting to envelope differing sectors of the economy, the betting industry is no different. From a gambling standpoint, bitcoins can be very advantageous.
Sites such as Betcoin, as the name would suggest, work solely in bitcoins. There are numerous reasons for this but none more prevalent than speed. Those who have used online betting sites will know the annoyance of having to wait for your money to be transferred from your betting account to your bank account ? waiting up to three days for your money is an inconvenience. Betcoin, and other bitcoin related sites, can offer almost instant payouts.
For any would be punter speed of payment is hugely important ? the quicker it pays the quicker that money is in your pocket and with that money being in your pocket you are less likely to have time to bet again, which could save you from losses.
Like ?normal? currency sites, bitcoin casinos offer attractive bonuses. Betcoin match deposits, which considering a single bitcoin is valued at $608.99, is very generous, as well as offering a competitive 9.88 per cent cashback feature. So, like centralised currency forums, bitcoin betting is packed with numerous incentives and welcome features to entice even the most ardent of gamblers.
Now safety should be high on everybody?s agenda and thus far bitcoin betting has proven to be safe. You can encrypt and back up your wallet (personal bank) whilst with bitcoins being the currency of the internet, hackers, as of yet, have no interest in exploiting it as they don?t want to destroy something they helped build.
If the currency as a whole stabilises then bitcoins really could prove revolutionary. The cheaper transaction costs make them hugely appealing whilst the speed of commerce is very much the feather in their cap. Expect to see more betting servers open themselves up to bitcoins as they are very much a step in the right direction.