Since the initial Bitcoins had been introduced in 2010, the trade in virtual currency has turn out to be increasingly more typical, with one of the biggest locations of development being the online gambling marketplace. While component from the attraction appears to be the anonymity and lack of centralised regulation, Bitcoins are quick becoming a more usually accepted type of payment, with greater legitimacy coming from bodies like the Isle of Man Gambling Supervision Commission adding them to their list of authorized techniques of funding online wagers.
Whilst some on-line sites just like the aptly-named Bitcasino trade exclusively in Bitcoins, other mainstream operators, like Bovada Online Casino offer Bitcoin payments alongside much more conventional credit cards and e-wallets.
Online gambling operators are growing finding that their area of company fits in with the Bitcoin model perfectly nicely. Players can deposit with ease and an increasing number of games are now being produced accessible in Bitcoin-friendly versions, with major developers like Betsoft now providing much of their range denominated within the currency.
Players can either purchase Bitcoins from on-line wallets, or ‘mine’ them by participating in the verification procedure for other transactions, making it feasible to fund on-line wagers without using any standard currency at all.
Bitcoin gambling is so convenient, and so successful, that at 1 point it was estimated that 50% of all transactions within the currency were to and from online casinos, sportsbooks and Poker websites.
The lately tabled Gambling Regulation Package 2016 would see Bitcoins officially sanctioned as a payment method in online casinos licensed and regulated within the Isle of Man. Bitcoins would be regarded as property rather than currency, with players depositing their home using the on-line gambling website, whilst a requirement for the operators virtual currency exchange to become regulated by a recognised financial authority will ensure that proper controls stay in location.
The new regulations will get around the issue of players who live in countries exactly where online gambling is not allowed from accessing the games by requiring new accounts to be opened with credit or debit cards, or other more established techniques.
Despite predictions that Bitcoins are just a fad, they appear like becoming an established type of payment and with an growing quantity of websites n welcoming them, the future is looking rosy for this payment method.