Bitcoin is coming to all SkillOnNet online casinosTuesday, Jan 9, 2018 15:28
Leading software provider SkillOnNet is the engine that powers many of Europe’s hottest online casino brands including PlayOJO, DrueckGlueck, Mega, LuckyNiki, and the extremely popular online casino SlotsMagic. The company recently announced plans to add the cryptocurrency bitcoin as a payment option for players to deposit and withdraw their money with.
A Little Bit About Bitcoin
Bitcoin is all the rage these days as media outlets all across the world continue to report on its meteoric rise, especially in the last few months as its value continues to soar and shows no signs of slowing just yet. But what exactly is bitcoin? In layman’s terms, it’s a cryptocurrency that was released in 2009 as open-source software and it is the first ever decentralised digital currency. It is used worldwide as a payment system and incredibly it works without a central bank or single administrator. Bitcoin is run on a peer-to-peer network and transactions take place directly between users without the need for an intermediary source. Transactions on the network are verified by nodes through the use of complex cryptography and saved in a public distributed ledger that is known as a blockchain. An interesting fact about this currency is that no one really knows who really invented it except that they go by the name of Satoshi Nakamoto.
Mining Is Key!
Bitcoins are created as a reward for mining which is a record-keeping service that relies solely on the use of computer processing power. Mining keeps the blockchain up to date, consistent and newly formed transactions are added to a new group of transactions called a block. Each block contains a cryptographic hash of the last block which links it to the previous block and this is how the name blockchain came about.
Bitcoins can be exchanged for other currencies, goods, and services. As it grows in popularity, more and more people are beginning to use bitcoin as a payment method and this why companies all over the world are starting to offer it as a payment option. It’s estimated that are over 6 million unique users now using a cryptocurrency wallet with the vast majority of them using bitcoin.
Bitcoin And SkillOnNet
The Bitcoin gateway is powered by Cubits on the state-of-art SkillOnNet platform and adds even more variety to the vast range of payment methods that the company currently offers including Visa, MasterCard, Skrill, Neteller, Trustly, and Paypal to name just a few. While bitcoin is the only cryptocurrency only available from SkillOnNet, the company intends to expand on this in the near future with other cryptocurrencies to be added in the near future.
Marketing Director Michael Golombo, from SkillOnNet said this about the decision to add bitcoin as a payment option: ““We believe that bitcoin and other cryptocurrencies will become hugely popular payment methods for online casino players in the coming months and years, so we wanted to offer it now. We are already seeing an impressive number of players deposit and withdraw via bitcoin, and if this continues we will look to add more cryptocurrencies to meet demand. It is the way the payments industry is going, and we want to be ahead of the game.”
Will more online casinos and software providers follow suit and add this extremely popular cryptocurrency as a payment option? Only time will tell of course.