Everything you Wanted to Know about Bitcoin Casinos
Bitcoin is a new form of currency that was created in 2008 by Satoshi Nakamoto and hit the world like a storm. Since its emergence, it has managed to become the most popular payment system in the gambling industry. Despite all the possibilities of other online payment systems, such as MasterCard, Bitcoin has successfully established itself as a real currency.
But despite the fact that more and more players are using it every day on betting sites and online casinos, some are still perplexed: what is it? So, do you want to use currency for online gambling or learn about bitcoin casinos? Then read this article, here you will learn everything you should know about online gambling.
Will it become a new market?
Due to the fact that Bitcoin is an unregulated currency, it is quite difficult to evaluate it, it is easier said than done. Nevertheless, if you believe some experts, there are about 14.6 million bitcoins in circulation, which amounts to a total market value of $3.4 million, although there is evidence of 45,000 currency being transacted daily. You have to admit, for a relatively young industry, this is pretty impressive growth!
Moreover, given the irreversible and fast method of making payments, we can assume that currency will overtake some of the more solid payment systems in the coming years. Bitcoin is essentially the same form of non-cash payment as other payment methods, but offers greater privacy, finality, and speed. In addition, transfers are irreversible, which is ideal for online casinos and betting sites.
What is bitcoin and how do I use it?
First of all, bitcoin is an online payment system that allows people to make anonymous transactions using currency. Unlike other systems such as MasterCard and PayPal, it uses no intermediaries and operates on a peer-to-peer network. In addition, bitcoin currency is not regulated by any central organization. This is one of the reasons it has gained such popularity, as people are able to conduct financial transactions on their own without the interference of any third party.
The currency is in an electronic wallet, which makes it a virtual currency or electronic money, as it exists only in the form of a complex code. You can store it on websites that specialize in hosting e-wallets or on your own computer, and use it however you want. Moreover, you can have as many currency addresses or currency wallets as you want and your data will remain anonymous.
Benefits of using bitcoin
Currency offers a long list of benefits. Simply put, it’s electronic money that solves some of the problems we usually encounter with other forms of payment.
Safe, cheap and easy
From a merchant’s perspective, the problem with conventional online transactions is that credit cards and online payment systems allow shoppers to charge back. Using escrow services is often complicated and confusing. In the case you use bitcoins, once you get the money – you get it forever, it’s yours and buyers can’t get it back. On the other hand, from a buyer’s point of view, transferring money between accounts makes using the payment infrastructure cheaper and easier, since the money is transferred in a peer-to-peer system, without intermediaries.
Low risk of bankruptcy
Conventional currencies are dependent on the government, which creates some risk of loss. This can lead to a total loss of currency through hyperinflation, where a person’s entire savings can be lost in an instant. Government regulations do not apply to bitcoins. It is a worldwide virtual currency.
Low risk of inflation
The biggest problem with currencies such as the dollar is inflation. Over time, currencies lose value by a certain percentage, mostly because governments start printing more money. But with bitcoins, you won’t run into this problem because this system is designed with finite funds in mind. You can buy no more than 21 million bitcoins. Not to mention the fact that bitcoin release is also constantly slowing down and will come to a complete halt in the coming decades.