Guide to Bitcoin
Bitcoin is rapidly becoming renowned in the online casino world. In many ways, it is quite fitting that the number one digital currency is making a name for itself at digital casinos. But what exactly is Bitcoin? How can you get hold of some for yourself, and how do you use them to play online casino games?
Over the next few pages, we’re going to be taking a closer look at this digital currency, to chart its popularity, to see how it works, and to see if it really is all it’s cracked up to be. It’s going to be an interesting journey. But first, let’s look at three of the most fundamental questions regarding Bitcoin.
What is Bitcoin?
Bitcoin is a digital currency. This is the first and most important thing that you need to know about it. Bitcoins are not developed as cold hard cash. Instead they are seen as digital information, stored on a person’s computer, and transferred over to another person’s computer when a transaction is made.
Bitcoins work on a mathematical formula, and aren’t linked to gold like other currencies. Nor are they controlled by any one central bank. They are a decentralized currency, meaning they can never be devalued. There can only be 21 million Bitcoins at any one time, and they can be broken down into several smaller denominations, of which the satoshi is the smallest, at one hundred millionth of a Bitcoin.
Since they first began, Bitcoins have been growing in popularity, and can now be used by many retailers all over the internet, not just in the online casino world.
Bitcoins not only offer you a digital equivalent when you want to purchase something, but they also afford the user anonymity. In the digital age which we live in, that is a very rare commodity to come across.
Where can you get hold of Bitcoins?
There are many ways which you can purchase Bitcoins, and we’ll look into those ways a little deeper in our respective article on the subject. For now, though, let us briefly look at the options you have open to you.
If you’re something of a technical wizard, you may decide to mine Bitcoins for yourself. Mining is a technique whereby you process the transactions of other Bitcoin users, and earn Bitcoins for yourself for doing a job. Bitcoins are stored on a network, so obviously, somebody has to maintain that network. That is the job of the miners.
The most common way to purchase Bitcoins is through an exchange. You can purchase Bitcoins easily enough from sellers on exchanges, and at fair rates. But first, you’ll need a Bitcoin wallet in order to store those Bitcoins. These can be acquired for free.
Another way in which you can purchase Bitcoins is from individual sellers. You will have to trust the person you are buying from when doing so, so it isn’t the most popular method. Finally, you could ATMs to purchase Bitcoins. These have been appearing more frequently of late, and simply involve putting your credit card into a machine and purchasing them. They will then be added to your Bitcoin wallet.
Players should also know that they can sell their Bitcoins, too. If they wish. Several options are open for them to do that, too, although exchanges are again the best place to sell.
How do I use Bitcoins at online casinos?
Several major online casinos now allow their players to deposit and withdraw using Bitcoins. There are a couple of reasons why this can be beneficial to players. One the one hand, you needn’t worry about having to verify your identity, since Bitcoins afford you a reasonable degree of anonymity.
Secondly, Bitcoins can be instantly transferred to your account, and more importantly, they can be instantly withdrawn to. Indeed, many players find that withdrawing their Bitcoins after a win is a great idea, since they can always re-deposit if they wish to play on at a later date.
No delays or transaction fees are incurred for using Bitcoins at online casinos, either. This is potentially the most alluring aspect of using Bitcoins, when playing at online gambling portals.
And finally…
Of course, there is much more to Bitcoins than what we’ve briefly mentioned here. We’ve put together an easy to read set of articles concerning all the ins and outs of Bitcoin for you. In those pages, we’ll dive a little deeper into Bitcoins, describing how they work in ways that the common reader can understand.
Bitcoins look as though they are going to be a mini-revolution for the online casino and gambling world. If there was ever a time to sit up and take note of this fast growing online payment method, then now is the time for you to do just that.
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