Are Bitcoins in the Future for Online Casinos?

By moreen

Bitcoin, a new currency existing only in cyberspace, could be a future payment method for online casinos.

Bitcoins are virtual coins which can be transferred from anyone to an online business such as a casino, bypassing the need for banks. Other advantages of bitcoins are extremely low fees, internation transfers, and as they are a currency, no frozen accounts.

The way to generate bitcoins is through a bitcoin miner program. Once you have bitcoins, it would then be possible to transfer this new currency directly to an online casino, with the payment processed in mere minutes, and withdrawals can be made in your choice of hard currency.

Bitcoins have traded up and down since their release in April, 2012, and have stabilized around the $10 mark. While very few online casinos have begun accepting them as a payment method, the direct transactions between customer and casinos, without banks, could make bitcoins a standard payment method at many online casinos.