Bitcoin is a term that has become quite popular in the last couple of years. People are talking about Bitcoin all the time, but many of them are not familiar with the definition of this term and what Bitcoin represents.
Bitcoin is not a fiat currency. It’s also not an actual coin. According to many experts, Bitcoin is defined as a cryptocurrency. It represents a digital form of payment that is created in a unique way. This currency is not issued by a centralized authority controlled by a government. On the contrary, it’s created by individual users. Literally, anyone can start “mining” Bitcoin if they have the right equipment. With the help of Bitcoin, people can get conduct peer-to-peer transactions right away around the globe without any costs or at a very low cost.
This popular cryptocurrency was introduced back in 2009 and we still don’t know who actually invented Bitcoin because the creator used a pseudonym. In the last two years, we have witnessed a radical increase in the value of this cryptocurrency and that’s how it became that popular.
Today, people can use Bitcoin for purchasing many different things. Namely, there are many online stores that are accepting this currency. In addition, there are some freelancing platforms that accept Bitcoin too. But, what’s interesting is that Bitcoin has become a real hit in the online gambling industry.
It didn’t take much time before the first online casinos have started accepting Bitcoin as a legit payment method. After a few years, the first exclusive Bitcoin casinos have emerged. These casinos are not accepting any other payment method except Bitcoin. But, why do people want to get involved in Bitcoin gambling?
First and foremost, this is a convenient type of gambling. Placing deposits and requesting withdrawals with Bitcoin is very simple. Typically, Bitcoin gambling sites are not requiring any commissions and fees for these transfers.
That’s a huge advantage compared to traditional banking methods which have huge fees sometimes up to 10% of your winnings. In addition, the processing time is fast and it usually doesn’t take more than a few minutes for these transfers to be completed. Even if there’s a waiting time, this waiting time will not exceed 24 hours. There are no reasons for the gambling site to keep you waiting because this is a simple transfer from your wallet to their wallet and vice versa.
Of course, while we are talking about convenience we should mention that there is no third-party involvement in this process. Namely, you don’t need a bank account to use Bitcoin.
This also leads to another great advantage – anonymity. It’s very difficult to trace these transactions and if you are worried about government involvement this is the option for you. Some people use this option to avoid taxes, but many experts are warning users that this is a bad idea. Namely, the government still has access to your casino account in case they are suspecting something.
This is a globally-renowned cryptocurrency that is accepted in almost every country. So, it doesn’t really matter where the website is hosted, you should be able to use Bitcoin for gambling as long as this cryptocurrency is listed as a valid payment method on the website.
The only downside of using Bitcoin for this purpose is the fact that this is a volatile currency. But, this volatility can be turned into an advantage. You never know when Bitcoin’s value will go up and down, so this could be viewed as some sort of gambling on its own. By following the latest trends and predictions, you may be able to get the most from your stash of Bitcoin.
There are dozens of Bitcoin casinos out there and some of them were able to build a strong reputation thanks to their offer. As we said before, there are many online casinos that have started accepting Bitcoin. Some of the most notable examples are Bovada, SlotoCash, Jackpot Capital, Royal Ace, and Miami Club Casino.
They also accept other payment methods. In any case, users of these casinos can play any casino game they want regardless of the payment method they’ve selected including Bitcoin.
On the other hand, there are a few online casinos which are accepting only Bitcoin. Some examples of Bitcoin casinos include mBit Casino, Mars Casino, BitStarz, CryptoGames, and BetChain.
The popularity of Bitcoin has encouraged those involved in the gambling industry to look for other casino products that Bitcoin users may need. This is the reason why we have a few Bitcoin poker sites too. From 1xBit and Betcoin Poker to CloudBet and Intertops Poker – poker enthusiasts can invest their Bitcoin to play different types of online poker games. The best part is that most of these poker sites are offering great bonuses to new and existing players.
Even lottery websites have started accepting Bitcoin as a payment method. These websites include FortuneJack, Bitplay Club, Lottoland (part of Lottoland Affiliates), and Bitcoin Penguin. It’s not unusual for bettors to use Bitcoin when placing bets. CloudBet, 1xbit, Betcoin, and BitStarz are some of the websites when you can do that. Finally, even betting exchange websites are now welcoming this cryptocurrency. BetBTC, Fairlay and BookiePro.fun are good examples of websites and apps like this.
There’s no doubt that Bitcoin gambling is a great form of gambling. It comes with many advantages and this is the main reason why it’s on the rise. But, if you want to maximize the effects of this type of gambling, you should take a few things into account. First of all, you should pick a reliable website where you can gamble with Bitcoin.
In addition, you should read the terms and conditions – pay special attention to the deposit and withdrawal conditions. Before you register, you should also check the bonus offers and promotions and analyze the wagering requirements. We hope that this article will help you understand the basics of Bitcoin gambling.
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