What is Bitcoin?
Bitcoin is a fairly new virtual currency that exists in a so-called P2P (peer-to-peer) network of computers. It is symbolized by the ₿ sign and is recognized as BTC on the Bitcoin exchanges. What makes Bitcoin unique is that there is no governing body that controls it, that is, Bitcoin is completely decentralized. When you buy and sell Bitcoin, you do not have to go through an authorized representative or middleman that you would otherwise have to do when trading other currencies. Bitcoin exists only in digital form and can be used to pay for goods and services worldwide just like regular money.
There are many other cryptocurrencies that have evolved in the wake of Bitcoin, including Ethereum, Ripple, Tether and Litecoin. Bitcoin was the first cryptocurrency and is also the most highly valued of them all. Although Bitcoin is completely digital, only a limited amount of Bitcoins can ever exist, just like gold and diamonds. That is part of why the currency is so desirable. All ownership of Bitcoin is registered through thousands of computers in the Block Chain network and thus the ownership of Bitcoins cannot be manipulated by unauthorized third parties. Bitcoin has high security and is likely the currency best fit for our digital future. Not least when it comes to online casino deposits!
What is a Bitcoin worth right now?
The value of a Bitcoin has sky rocketed since the currency was created back in 2009. Like other limited resources such as gold, Bitcoins have enticed investors from all around the world. There is no minimum amount that you have to invest to be able to buy Bitcoin. You do not even need to buy a whole Bitcoin to be able to own the currency, you can buy a fraction of a Bitcoin if you want. Most people cannot afford a whole Bitcoin anyways, as the currency is currently worth tens of thousands of Euros.
Just like Euros have cents, Bitcoin has fractions called Satoshis. The marketplace in which you trade Bitcoin determines the minimum amount you can buy for. For example, Coinbase only allows purchases for at least $2. Below you see what a Bitcoin is worth today in Euros:
How it works
In practice, Bitcoin works like a regular currency that you put in your e-wallet. As an owner of Bitcoins you only need an app on your mobile phone or one your computer. Just like PayPal, for example, you use a digital wallet for your Bitcoins, called a Bitcoin Wallet, in which you store your Bitcoins. These can be obtained through any of the major exchanges and it does not take long to get started in trading Bitcoins. Like other digital wallets, you can deposit and withdraw money from your Bitcoin Wallet by selling or buying.
However, you do not have to be a computer scientist to be able to trade Bitcoins thanks to the fact that the Bitcoin market can be easily accessed using nothing but your smartphone. Even if you are a beginner, you can become a Bitcoin owner. To really understand how Bitcoin works at its core, however, one needs to have quite a deep knowledge of how computer networks operate. And even with just a surface level understanding of the behind-the-scenes of Bitcoin, you will understand how secure the technology behind Bitcoin is compared to other traditional currencies. Thanks to so-called Block Chain technology, all transactions of Bitcoins worldwide are registered in a shared register so that there is never any doubt as to whether a transaction is legitimate or not. The sender of Bitcoins uses their digital Bitcoin address as verification in every transaction.
As networks of computers come together to solve advanced calculations for Bitcoin transactions, the computers in the network are rewarded with Bitcoins of their own. This is called Bitcoin mining and is how new Bitcoins are created. Bitcoin miners ensure the security of the currency and verify each transaction. Bitcoin Miners protect the currency from hacker attacks, manipulation or fraud attempts. When miners come together to protect the currency, it becomes very difficult to corrupt the Bitcoin network, if not impossible. Bitcoin Mining is both time-consuming and requires lots of computing power to be worth it, so it is usually done by massive server farms.
Cryptocurrency such as Bitcoin is still a relatively new phenomenon and far from every chapter of its history has been written yet. No one knows exactly how much cryptography will change the world economy in the future, but in just a few years it has already revolutionized online payments at its core. In 1998, the Chinese computer engineer Wei Dai gave rise to the idea of shifting power from banks to cryptography, making it a new decentralized arbiter of web-based transactions. The Internet was still young and not yet ready for this revolutionary idea. But roughly 10 years later, the world’s first cryptocurrency Bitcoin was launched by an (allegedly) Japanese individual named Satoshi Nakamoto. However, there is much doubt as to who this person really is as Nakamoto still to this day has an aura of mystery around him.
Perhaps this was a conscious choice by Nakamoto, because the whole idea of Bitcoin revolves around no one being in charge of the currency, everything is to be decentralized and without manipulation by governments and other authorities. Just like the operating system Linux, Bitcoin’s software is open-source, which gives anyone the opportunity to build on Bitcoin and improve the system by developing alternative variants. This way, no individual programmer, company or bank will ever have power over Bitcoin but instead everyone owns the system together cooperatively. Some critics see this level of anonymity as a shortcoming, but others see it as the future of secure and fair online transactions.
Play casino with Bitcoin
Although the technology behind Bitcoin is incredibly advanced, it is very easy to pay with Bitcoin at online casinos today. Bitcoin has already become widely available among new online casinos and it is likely that cryptocurrency will soon become a standard payment method available at all online casinos. Once you have Bitcoins in your digital wallet, all your casino payments will be simple, no more complicated than paying with your PayPal account or through e-wallets such as ecoPayz and Stripe.
All you need to do is create an account with a Bitcon casino and choose Bitcoin as your desired payment method at checkout. Since casinos with Bitcoin own that currency too, you can both deposit with Bitcoin and make Bitcoin withdrawals of your winnings at Bitcoin casinos. We will likely see a surge in casinos with Ethereum and other new cryptocurrencies in the future in addition to the Bitcoin casinos that have already emerged. Today, there are not many casinos with Bitcoin payments available compared to those without it. But we expect that number to rise significantly in the months and years to come.
Some Bitcoin casinos have offered players special bonuses if you make a deposit with Bitcoin at the casino. Getting paid in such currency is beneficial for the casino as it has the value has increased significantly over the years compared to other currencies. Sometimes an online casino bitcoin bonus can be really generous for that very reason. To make your first deposit at a Bitcoin casino you only need to have a Bitcoin Wallet with funds in it. Everything else works the same way as when you pay with regular e-wallets.
Bitcoin casino – pros and cons
With new technology come many exciting features and benefits that have not been possible before. This is especially noticeable now that Bitcoin has entered the casino market. But even when it comes to Bitcoin, there are two sides to the coin (no pun intended). Although the casinos with Bitcoin have unique advantages, there are also some disadvantages that are worth mentioning. Whether you are looking for a Bitcoin casino no deposit bonus 2021 or just want to know how safe these casinos are, you should know these facts before you play casino with crypto such as Bitcoin.
Whether you listen to the critics of Bitcoins or its supporters, one thing is certain – Bitcoin casinos differ from regular casinos with standard payment methods in many ways! With greater freedom comes more personal responsibility, which for you as a casino player can mean both good and bad things. As long as you know what you are getting into when trading cryptocurrency, it will serve you well. But if you are unsure, it is best to learn the basics first. We will now take a closer look at the pros and cons of Bitcoin casinos that exist today. In short, they are the following:
Benefits of a Bitcoin casino
When you make a transaction at casinos with Bitcoins the payments are usually processed within a couple of minutes, much like when you play at a casino without account using Pay N Play or other similar methods. This currency clearly paves the way for even faster payments at online casinos in the near future.
No transaction fees
When you make a Bitcoin deposit or Bitcoin withdrawal at a casino there is no fee added unlike with credit card payments at casinos. This is a big advantage of Bitcoin being decentralized and it means that you won’t have to lose any money no matter how many transactions you make!
Anonymous and untraceable transactions
When you pay at a Bitcoin casino you are anonymous and it is not possible to track transactions to any individual. This feature also has similarities to casinos without account because you do not have to enter credit card details or otherwise waste time on complicated registrations and signup forms. You can simply start playing as soon as the transaction is complete.
Increased security with reliable payments
Because every transaction of Bitcoins is verified through rigorous checks, you and your Bitcoin casino should always feel condifent that the money ends up where it should.
Easy to use
You can very easily get your own Bitcoin wallet and buy into the currency. No advanced knowledge is required and everything can be managed through your smartphone if you so wish.
Can be used all over the world
Unlike other currencies such as the US Dollar or Euro, Bitcoin is a global currency that is not tied to any specific country. Regardless of which country a Bitcoin casino is based in, Bitcoin has the same value when you make deposits and withdrawals.
Limitations of a Bitcoin casino
High volatility, value can drop quickly
A disadvantage of Bitcoin and other cryptocurrencies is that their value is not guaranteed, unlike regular currencies that are maintained by banks and other large authorities. If a large number of investors sell their Bitcoins at the same time, Bitcoin can potentially quickly drop in value. In addition, Bitcoins that you have deposited in a casino may decrease in value before you make the next withdrawal. This means that Bitcoin has very high volatility.
You cannot undo Bitcoin transactions and they are not refundable
Undoing a Bitcoin transaction is more or less impossible. Ordinary payment methods at casinos give you significantly higher security when it comes to undoing purchases as the money can always be refunded and the transactions traced by the credit card company. This is not the case with Bitcoin as no higher authority regulates the currency.
Relatively few Bitcoin casinos available
Like other new trends in the online casinos world such as VR casinos
, there are still relatively few casinos that accept Bitcoin today. Although there are a number of Bitcoin casinos to choose from, it has not yet become a standard payment method in the casino market.
Risk of losing your Bitcoins
Although the actual transactions of Bitcoins are much more secure than many other payment methods and currencies, you should be aware of the risk that Bitcoins may be lost. If you lose your login to the Bitcoin wallet or the computer that stores your Bitcoins is destroyed or stolen, you cannot be reimbursed for your Bitcoins. Those Bitcoins are effectively gone. It’s just as if you had lost a gold bar that you kept in a safe in your house. While it is a reliable currency, it’s your responsibility to keep it safely stored.