Bitcoin was designed to be an off the grid means of exchanging money, which can be readily exchanged with so called hard currencies, the U.S. dollar, the Euro, and so on. In a real sense, it’s a currency onto itself, maintained digitally with very high levels of security and inspiring even more confidence than hard currency transactions, due to their durability. Bitcoin is great to use if you play at Casinos Accepting US players.
One of the drawbacks for instance of credit card transactions or other forms of non cash payments is that they are reversible. Cash isn’t, you hand over the cash and that’s it. With digital transactions, the party paying can request that it be reversed, and we see this a lot with charge backs with credit cards actually.
US Online gambling establishments have to bear the cost of this, so they are certainly open to transactions that function much more like cash, when it’s handed over it’s handed over, and that’s one of the benefits of bitcoin.
So what is bitcoin really?
You don’t really need to go into the technical aspect of this too much to take full advantage of it, but it’s digitally produced currency by way of networking and data mining. It uses a very sophisticated system to create and monitor Bitcoin, as well as to confirm transactions.
Bitcoin is not owned or controlled by anyone, it’s run by users like ourselves. Companies are set up to manage the holding of bitcoin much like banks, where you keep your bitcoin in a bitcoin wallet much like an internet wallet holding hard currency.
So you purchase Bitcoin from other users and you place it in your digital wallet, and then you spend it by using it directly for purchases, or sell your Bitcoin and convert it back. Bitcoin also has the advantage of being universal, meaning that there’s just one form of it, unlike the many forms we see with hard currencies.
Money wasn’t really designed for the digital world, although it has adapted pretty well to it, but bitcoin is indeed a digital phenomenon which is really set up for the highest levels of security and anonymity and is really catching on more and more.
Bitcoin and U.S. Gambling Is A Marriage Made In Heaven
One of the big features of bitcoin is that it is completely off the grid, it’s like a peer to peer currency really, where money is exchanged between individuals without the need of an intermediary such as a bank.
Banking transactions are closely monitored, and in the case of online gambling in the U.S., this monitoring is designed to make it more difficult for Americans to process online gambling transactions.
This has led to the online gambling industry, those who have chosen to remain in the U.S. market, needing to come up with ways around these challenges. The UIGEA has scared off the banks and people have to resort to other means to move money in and out of online gambling sites, and while this can be done, it often involves more difficulty and longer waiting times for access to your money.
Bitcoin is certainly a non traditional payment method, and it doesn’t rely on financial institutions in any way, and is not subject to the regulation of any government or any outside parties actually.
So while some people relish the fact that they can use a currency that is not government regulated or tracked, generally more on a matter of principle than anything, there are some real practical advantages to using Bitcoin to gamble with in the U.S. to be sure.
Many American players have struggled with financial transactions over the last few years, having to jump through hoops, pay high transaction fees, and even have to wait several months in some cases to cash in their winnings from online gambling sites.
Bitcoin completely gets rid of these problems, and brings us back to a time where there were no restrictions on moving money in and out of gambling sites. The government isn’t letting up here, but people can now take this into their own hands and use a currency that is by its very nature beyond the reach of authorities.