Bitcoin has been hot in the news lately, with stories of its incredible high worth, and the quickly following disappointing low, but how many truly know what Bitcoin is and just what it can be used for? While it may be a given that this currency can be used for digital and retail purchases, how many know that you can even play in an online casino with Bitcoin bets? For those whom are new to the world of Bitcoin gambling, we’ve pulled together this simple guide to help you out, so read on!
What Is Bitcoin?
A good place to start when it comes to gambling with Bitcoin is to truly understand what Bitcoin is and how it works. Bitcoin, created in 2009 by an anonymous person or persons that go by the name Satoshi Nakamoto, is a digital currency that allows peer-to-peer transactions on the internet. It operates separate from any central banks or authorities due to the cryptography that ensures security and fair spending regardless of this lack of control. Bitcoins aren’t a physical entity, and are instead stored in digital wallets, which you can read more about below!
Wallets
To be able to gamble with Bitcoins, you must first have a wallet in which to store them, and these can come in three different forms:
Online Wallets
Designed for new bitcoin users or those that may not have much technological knowledge, online wallets are remarkably easy to use. Web-based wallets are usually backed up by a third party on a cloud-based server, but this can also increase security risks. If the cloud database is compromised, you could lose the entire contents of your wallet.
Software Wallets
These wallets are stored on your computer or mobile device and so this is recommended for those with a little more knowledge of technology and Bitcoin as a whole. They are generally more secure than online wallets, but you will need to back up your wallet manually and failure to do so could mean losing your Bitcoins in the case of a breakdown or loss.
Hardware Wallets
This is the most secure kind of wallet for advances users that are storing and spending large amounts of bitcoins. This works by storing your wallet on a hard drive or other storage device, and so only the person with the device can access the coins.
Benefits Of Gambling With Bitcoin?
There are a range of benefits that come with gambling with Bitcoins, and we’ve listed just a few for you to consider here:
Privacy
Bitcoin is anonymous despite its transparency, and the lack of ability to trace payments to you mean that casual gamers are protected and much more secure in their gambling.
Security
When stored correctly and used sensibly, Bitcoins are entirely secure and are one of the safest payment methods available today. Using the likes of PayPal or Neteller could even mean that you don’t need to enter any details so your coins, and your identity, are completely protected.
Speed
Bitcoin payments are some of the fastest around, with confirmation often coming in in just minutes. You can deposit and play much faster with Bitcoins, almost instantaneously, in fact!
Cost-Effective
Not only are transactions fast, they’re also no, or low cost! There are usually no fees associated with using Bitcoins, or when there are fees they are generally much lower than that of bank or credit card payments.
Hopefully this has given you a starting point in your Bitcoin gambling journey. By following our guide, you can get to playing your favourite casino games in a much more secure, private and cost-effective manner, so what are you waiting for?