Bitcoin has been around for nearly a decade now, but it only really reached the mainstream’s focus. Since its explosion into the common market, Bitcoin is accepted now accepted at countless places, including the sportsbooks of the internet.
Bitcoin is a little bit different to the other payment methods out there as it’s actually a digital currency (or cryptocurrency) which means it’s literally its own currency, not an electronic wallet like PayPal or Skrill.
Invented by an unknown person, or group of people, called Satoshi Nakamoto in 2009, Bitcoin used to be known as the currency of the fraudsters and the criminals due to its widespread use on the Dark Web where people were known to buy anything from drugs to hitmen. But the anonymity and the security that it gave its users would eventually lead to it becoming very useful for criminals and non-criminals alike.
Today, Bitcoin has pretty much shaken off its illegitimate image, and as far back as 2013 companies such as OkCupid and Foodler were accepting it as payment. Multi-national conglomerates Dell and Newegg soon signed up a year later. By the summer of 2015, over 150,000 companies around the world were accepting Bitcoin.
2016 was when the first UK licensed gambling operator began accepting Bitcoin, NetBet and soon many began to follow their lead due to the fact withdrawal times are fast, secure, and cheap while the process of depositing and withdrawing is pretty straightforward.
Bitcoin is also worldwide payment system and therefore can be used in any country on the planet.