Bitcoin is the first cryptocurrency that got introduced to the world in 2009. It remains unknown to this day who created it, but the patent is related to a name of Satoshi Nakamoto. No one even knows if that is an individual or a group of people, but based on how complex the technology behind it is, we can assume that more than one person was involved.
Bitcoin uses technology called blockchain. In fact, Bitcoin is a digital currency which is decentralized (because of the peer to peer) and not regulated by neither governments nor banks. One of the most important elements of the whole transferring process is the speed, anonymity and security. Unfortunately, it is used for criminal activities, but the community is constantly battling against illegal use of this next-gen technology.
It became very popular amongst gamblers very quickly, because it helps anyone to both deposit and withdraw funds in no time and play all kinds of online slots, pokers, roulette and other casino games just like before, but the whole process is much more beneficial.
Bitcoin Gambling Benefits
These are some of the reasons why Bitcoin is being used more and more each day by gamblers all around the world:
- It is not centralized – Your Bitcoins cannot be taken away from you, nor can casinos freeze your accounts. However, in order to get them into your profile, you need to send them from your wallet to the casino’s address and once you send them, there is no going back unless the website is legal.
- No taxes nor fees – There is no one to pay as it is controlled amongst people holding the coins, and no one else.
- Security and privacy – The only information required in order to process a transaction is your public key. There is no other information held behind it so no risks of identity theft at all. Also, all of the transactions need to be confirmed by the block chain so no refunds nor scams can occur meanwhile.
- Speed – As we already mentioned above, transactions occur in no time, and it usually takes under one minute for coins to go through to the other address unless there are some known issues in the network.
- No Inflation – In terms of the amount of coins available. The price is very unstable and it fluctuates depending on other cryptocurrencies, but the circulating supply is capped at 21 million, which is a way of fighting against governments which can print as much cash as they want.
In short, it is fast, it protects your privacy and the only way you can lose your coins is to send them to a wrong address. However, the majority of people are not familiar with the technology at all, and many people who do not like it. The only bad thing is that it is used for a lot of illegal stuff in the deep web, but we hope that is going to get down to a minimum and some solutions appear on those issues.
How To Gamble Using Bitcoin
First of all you need a wallet. Just like you own a wallet for your credit/debit cards and real money, you are going to need one for Bitcoins. Here is a list of the most popular wallets, reviewed by experienced users.
The second step is to buy Bitcoin. There are tens of websites online where you can buy them, but coin base is the absolute favorite amongst US citizens, while LocalBitcoins and exchanges like Cex are friendly for users all around the world. Be aware of taxes and costs when buying with your country’s currency as it is converted to EUR or USD by their rates and then additional fees may apply in the process.
You will get both your private and public key. The private one should be written down somewhere safe, where no one else but you can find it and is used to log into the wallet. The public one represents the address which is used to receive coins to, and can be shared publicly.
The third thing you’ll need to do is find online casinos that allow Bitcoin deposits and withdrawals. Keep in mind that Bitcoin might be available as deposit methods, but not as a withdrawal sometimes, and that can cause a lot of problems if you want to use only Bitcoin in both, so double check that before registering to an online casino.
Finding the one that is licensed and reliable is extremely important as there is no going back once the coins are sent. Make sure to follow Bitcoin’s price if you are using it as it is unstable and changes very often.
For example, it was around $800.00 at the beginning of this year, but it is $4.400 currently. If you never followed crypto values before, it might sound insane to you but it makes a lot of sense actually.
Simply stay regularly updated on the price and decide whether you should gamble or not at the current price.