Virtual online currencies are not new. Yet amongst the variety of attempts to create an alternative global medium of exchange, perhaps none has quite managed to gain the traction and credibility as Bitcoin. A sort of financial version of Esperanto, it has been interesting to watch the rise of this virtual currency to a point where one can now make inter-bank transfers using the Bitcoin currency through a fully registered payment service provider.
Amongst the many benefits of using Bitcoins are:
- Much lower transaction fees
- Instant global transfers
- No central authority
- Complete anonymity
Although there have been warnings of money laundering potential with such an anonymous currency from civil servants, operators of online gambling sites have started to notice the benefits of Bitcoins and recognised a growing market for offering gaming products to players who wish to use Bitcoins.
At the moment the pickings for players to choose from are relatively slim, with only a handful of operators offering Bitcoin deposits. However, already there is the full range of games available, poker, blackjack and other table games, slots, sportsbetting and more.
It is still early days for the currency to penetrate the online gaming market, but this is certainly a medium of exchange that both providers and operators should be keeping an eye on for the future.