The cat is out of the bag. According to an April study from Cambridge University, there are up to 5.8 million people who use some form of cryptocurrency to do business. The vast majority of these people are using bitcoin. This was the pioneer of the decentralized digital currencies, released in 2009; it first popped up on exchange charts the following year at six cents US per bitcoin. At press time, a bitcoin is worth US$2,726.43.
Aside from the increase in valuation, there are many reasons why people use bitcoin to deposit online – including right here at Bodog Casino. Here are the top five reasons to use bitcoin:
1- Control
As a decentralized currency, bitcoin has no ties to any central authority – no government or government party, no banks, no federal reserves. You are in charge of your money.
2- Convenience
It’s easy to send and receive bitcoin. All you need is a digital wallet; at Bodog Casino, we recommend using the Electrum wallet if you’re using a desktop platform, Bread if you’re on an iOS mobile device, or Mycelium if you’re on an Android device. You can make more transactions more often at Bodog when you use bitcoin, with higher limits as well.
3- Security
All bitcoin transactions are recorded on a public ledger known as the blockchain. You don’t have to enter any personal information when you make one of these transactions; there’s a public key that shows your bitcoin address, and a private key that remains hidden. Those two keys together act as your digital signature.
4- Speed
With fewer intermediaries getting in the way, bitcoin transactions take almost no time to complete – within 15 minutes is the norm on deposits and withdrawals at Bodog Casino. If you want to make a withdrawal using other payment methods, you’ll have to wait 4-7 business days after approval.
5- Price
Taking out the middleman makes it much less expensive to use bitcoin online. That means you can make both Bitcoin deposits and withdrawals at Bodog Casino without having to pay any transaction fees.
Given all these advantages, it’s easy to see why bitcoin is becoming popular. Interested in making the switch? We’ve created an online bitcoin tutorial to guide you through the process, and you can also consult our bitcoin FAQ for more information. See you at the tables.