Tonybet customers can now deposit and withdraw from their accounts using the digital currency Bitcoin after it partnered with the SpectroCoin e-wallet.
SpectroCoin is an all-in-one solution for Bitcoin allowing for a range of Bitcoin solutions. One such solution is enabling the deposit and withdrawal to and from gambling and gaming sites using Bitcoin.
Any Tonybet player wishing to use BitCoin to fund their account can now do so with ease, but unlike many sites that allow digital currency, Tonybet converts the Bitcoins to regular currencies while in-play.
Since introducing Bitcoin as a banking method, Tonybet has seen an influx of new customers, one that is larger than anticipated, particularly from new customers hailing from Asian countries where depositing and withdrawing from online gambling sites has proven to be problematic.
Warren Lush, spokesman for Tonybet, said: “We’re always keeping up with the latest digital innovations in order to adapt them to our online gaming platform. With the introduction of Bitcoin deposits we saw a dramatic increase in recreational punters and poker players especially from the Asian countries who have been struggling to transfer their funds before.”
Continuing, Lush told of some advantage of using Bitcoin for online gaming,
“Another advantage of using Bitcoin for online gaming is that users can also speculate the exchange rates and earn extra. The fast and easy deposit and withdrawal process makes this an even more attractive feature. What’s more is that partnering up with SpectroCoin we not only opened our online sportsbook, casino and poker site to those who wanted to use their digital currency for online gambling, but also encouraged customers to exploit the advantages of using Bitcoin.”
What is Bitcoin?
Bitcoin is a digital asset and payment system introduced by Satoshi Nakamoto in October 2008. Often called the first cryptocurrency, which isn’t entirely accurate as other systems exited prior to Bitcoin, Bitcoin is the first decentralized digital currency, and the largest of its kind in terms of total market value.
There are a finite number of Bitcoins in existence. 12.5 Bitcoins are created per block (approximately every 10-minutes) and will continue to do so until mid-2020, then 6.25 Bitcoins per block for the next four years. This halving continues until the years 2110-40 when a total of 21 million Bitcoins will have been issued.
The value of Bitcoin has fluctuated greatly since its creation, with its value peaking in December 2013 and January 2014 when it swing between $600 and $1,000 per Bitcoin before dropping to a range of $200 to $300 in March 2015.
Currently, one bitcoin is worth approximately $575.
Lead image courtesy of bitcoinist.net