Bitcoin

All About Bitcoin

Bitcoin was first introduced in 2009, and made waves around the online world as the first virtual currency that was worth large sums of real money, and is still widely used today. Although no one is sure who truly created Bitcoin, it quickly became an economic phenomenon, and changed the way currency and finance worked in many parts of the world. Bitcoin is completely electronic, meaning it is created and stored online, and there is no physical representation of the currency, making it truly unique.

Bitcoin and Online Betting

While most traditional methods of banking are far more widely used than Bitcoin, many do not truly realised the value of the online currency, and how much they can benefit from using it in betting. There are many governments around the world that are trying to put a halt to the online betting industry, especially Western countries, making it difficult for many to bank through betting sites without the worry of being prosecuted. Bitcoin is the only currency available that bypasses most the security and checks regulatory agencies have in place, thanks to the speed and anonymity of the currency and makes it perfect for use for deposits at rugby betting sites.

Bitcoin is not controlled or regulated by any banks or governments, and cannot be frozen or taken away from bettors. The popularity of Bitcoin is gaining traction every day, but there are many that are still wary of making use of the virtual currency.

Bitcoin Anonymity

One advantage of making use of Bitcoin is the anonymity it provides. While most other types of banking require a fair amount of personal information, Bitcoin usually only needs a simple account, and can even be done without an email address depending on the site. No telephone numbers, banking details, names or addresses are needed, making Bitcoin much safer to use in regards to online, personal crime.

Bitcoin Fees and Costs

Perhaps one the greatest advantages of using Bitcoin is the freedom to move the currency around without the need to stop and pay huge amounts of transference fees to both the betting site and the banks. Bitcoin is almost completely free to deposit and withdraw from different online accounts, and fees attached to the currency are almost unheard of, but still do occur, depending on the site being used.

Betting with Bitcoin is a slightly different story. Most bets using Bitcoin will cost a few cents per bet, with betting fees being set by the site that offers a Bitcoin method of banking. These fees are often minimal, however, and much cheaper than what it would cost to use more conventional forms of banking.

Bitcoin Efficiency

Using Bitcoin is often the fastest way of banking, and large sums of the currency can be transferred instantly. Most other methods of banking have a process time of around two weeks, while Bitcoin very rarely takes more than 24 hours. This is thanks to the online nature of the currency, and the fact that Bitcoin does not have to processed by any banks or financial institutions, making Bitcoin the fastest method around consistently.