Bitcoins and Online Bingo



Most people have never heard of bitcoins but they are gaining popularity in the online world. A few years ago Bitcoins got a bad rap because of their association with the drug selling website Silk Road. Bitcoins are designed for anonymous transactions and have fluctuating exchange rates just like real world currencies. Unlike other currencies bitcoin has no central issuer and a peer to peer network regulates bitcoin balances. For some people bitcoin may sound silly but some online gaming operators are taking a second look at bitcoins.


Once players find a bitcoin trader the coins have real value. Bitcoins can be converted into most major currencies like the British Pound or the United States dollar. Bitcoins are gaining popularity among some online poker operators and it is only a matter of time before some online bingo operators’ start accepting bitcoins. About a year ago one popular poker site gave players the option to start using bitcoins on the site. The move was so well received that the site is launching a bitcoins only section. Bitcoins have attracted a growing group of devotees that prefer using the e-currency.


Online gaming sites are not the only businesses accepting bitcoins. The WordPress online publishing service announced that it will start accepting bitcoins to pay for various upgrades. WordPress spokesman Andy Skelton stated “PayPal alone blocks access from over 60 countries and many credit card companies have similar restrictions … “Players using bitcoins face no restrictions since the currency is not controlled by any governments. Some people believe that bitcoins are safer because they are not connected to the gold standard. There are some pessimists that think bitcoins are destined to fail as a currency. One online poker operator uses bitcoins as a method for players in the United States to get paid. At the present time online gambling, including online bingo, is illegal in the US.


Infiniti Poker founder Michael Hajduk stated “In the worst case scenario, if [the US Department of Justice] seize our domain name your Bitcoins will be safe because there’s no central authority controlling the currency.”  For many the cyber currency is a perfect form of exchange for the online gaming industry. Some believe that the bitcoin could easily become the poker chip of the future. The bitcoin peer to peer network is made up of millions of computers and servers located throughout the world. One government was inspired by the bitcoin to create its own virtual currency. The Royal Canadian Mint’s Research & Development department created the MintChip which is a completely digital method of payment. For many players in Europe the bitcoin is preferable to the troubled Euro. It looks like virtual currencies are here to stay.


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