What is bitcoin?

We live in an age of pronounced technological advancement, in which innovation is continuing to change the way in which we live our everyday lives.

It is also altering the landscape of numerous markets and industries, with the virtual gambling sector providing a relevant case in point. This market is increasingly driven by cryptocurrencies such as Bitcoin, for example, as gamblers looks to capitalise on the numerous benefits associated with digital funds.

For those who are new to this term, however, what exactly are cryptocurrencies and how has Bitcoin impacted on the global markets?

What is bitcoin?

In many ways, bitcoin is the poster child for cryptocurrencies, and something that has blazed a trail in a new and exciting marketplace. Underpinned by blockchain technology, which provides a linear and transparent backlog of every bitcoin transaction that has ever been executed, this digital currency can be transferred instantly and in a variety of units.

It is also encrypted to provide additional security to users, while it is also freely accessible as it operates independently of a central bank or lender.

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These are just a couple of the benefits of bitcoin and cryptocurrency which have revolutionised the global financial markets and the gambling sector. After all, this type of currency has also afforded players added security and privacy, and transactions can be completed anonymously without any prior connection to an existing bank or credit account.

This has helped online casino and bingo operators to enhance their overall appeal, by reaching out to those who have concerns over privacy and their perception among others.

The impact of cryptocurrency in the marketplace

Even with these benefits in mind, however, there remains a sense that bitcoin has only scratched the surface in terms of its potential in the world of virtual gambling. We are now seeing the emergence of bitcoin casinos, where cryptocurrency is the prominent funding method and one that allows for fluid and instant interchange of funds.

This followed on from the integration of bitcoin payment methods at a number of offline casinos last year, as brands continue to appeal to alternative player demographics.

The last 18 months have seen considerable growth in terms of demand for bitcoin and its potential applications, thanks primarily to increased regulatory measures and the establishment of transaction limits.

This has limited the appeal of the cryptocurrency among black market operators and the criminal element, enhancing its reputation among users and making it more accessible in the marketplace. This trend is likely to continue, making cryptocurrencies a prominent and increasingly dominant feature of the virtual gambling landscape.

Online bingo players and those who frequent virtual casinos can review a list of new bingo sites and casinos that accept bitcoin and similar digital currencies, and begin to see first-hand why this type of electronic fund is revolutionising the online realm.

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