Written By: Sara Hoffman
August 27, 2013

Betting through Bitcoins? It’s Possible!

Source: Wikipedia

How do you wager or bet in a casino? If you’re playing in a land-based casino, the process goes like this: you head to the cashier where your money is converted into chips. The chips then become the main “currency” when you’re on the floor. It’s almost the same thing if you’re betting through online casinos. However, since it’s possible to pay for other currencies, the money may have to be converted first before you can buy credits or chips. For instance, if the accepted amount is only pounds and your money is in dollars, the latter has to be converted to the former first before you can officially play.

The problem with the conversion is it can be greatly affected by the ever-fluctuating conversion rates, so it’s probable to get less out of your initial money. Moreover, it’s easier for online casinos not to accept certain players because of the kind of currency they’re using.

However, there seems to be a growing solution to all these problems. It’s called Bitcoins. Unlike the regular currency, this is considered universal. In other words, there’s no need for any conversion. Instead you buy the coins and use them for a lot of things online. That saves you the hassle, isn’t it? If you’re good at mining, it’s also possible to get the Bitcoins for free.

Not all casinos accept Bitcoins, but a good number already are. Another reason for its acceptance is the fact that it’s cheap, especially for the players. Because they don’t have to deal with middlepersons such as banks, there’s hardly any extra fee to pay with Bitcoins. In other words, players can get more from their investments.

Today there are more than 11 million bitcoins in the market, and many predict it will double in the coming years.

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