Are Bitcoins Worth the Gamble?

The digital currency known as Bitcoin is a peer-to-peer payment system that was created by Satoshi Nakamoto. Poker sites that accept Bitcoin are becoming more and more popular even though the value could actually decrease at any moment and it is not legal in some states. A major benefit of using peer-to-peer payment systems in this manner is that players do not have to use American banks to handle transactions. You can learn all about this option as well as whether or not it is worth your time, effort and cash below.

It's important to stay up-to-date on electronic funds like this as it could become considerably popular worldwide. However, it is currently considered a decentralized form of payment, and is under constant scrutiny by the FBI as some people use it for illegal activities.

Before virtual peer-to-peer payment systems, Americans would transfer funds to poker sites via credit, debit and gift cards, as well as transfer services such as Western Union or MoneyGram. Withdrawals may be also be made via checks and transfer services such as Western Union or MoneyGram. It's fast to transfer cash to a player's account via credit cards, and this is especially true of VISA. However, withdrawals via check can take weeks or even months to process. Keep in mind, if players participated in illegal gambling sites, they will not be able to cash checks at the bank.

Once a person creates an account in order to deposit with Bitcoin, it is incredibly easy for people to set up bank accounts that link up with that option. Withdrawals and deposits with this provider are nearly instant. One negative to peer-to-peer payment systems is the exchange rate, of which people should remain duly aware. For example, the virtual option lost more than 25% of its value in US dollars at one point in time.

Some players may enjoy the peace of mind that comes with spending real cash and using real banking methods rather than their electronic counterparts. Establishments are slowly accepting the trend in order to cater to a larger demographic. Currently, the small numbers of poker sites that accept Bitcoin do not see as much traffic as the more popular competitors do with money deposited via credit cards and money transfers. While some poker sites that accept Bitcoin are safe and secure, the real issue with using this option is that it could lose its value at any point in time. If a player wants to avoid such uncertainty they may choose to play at established and secure venues where they can deposit real dollars via VISA, MasterCard or other methods safely.

Right now, not enough is known to guarantee the safe use of electronic money. While the idea may sound like a quick and convenient way for users to deposit and withdraw money at online casinos, the risk of the virtual currency losing its value overnight, as well as legal issues, are gambles no person should take. Plus, most online casinos offer safe and secure deposit and withdrawal methods already.