Bitcoin: what the hell is that?

Invented by Satoshi Nakamoto in 2008, Bitcoin, the new Internet currency, has taken the world by storm. Since its introduction, Bitcoin has become a popular payment system for the gambling industry. Even against established payment methods such as MasterCard, Bitcoin has been successful. Meanwhile, there are even some Bitcoin casinos.

But although it is being used by more and more players and online casinos, Bitcoin is still unknown to many people. Have you ever considered using Bitcoin for online gambling? In this article you will learn everything there is to know about Bitcoin gambling.

Put simply, Bitcoin is an online payment system that allows people to make anonymous transactions. Unlike other payment systems, such as MasterCard or Paypal, this system does not require middlemen and works directly from user to user. Thus, Bitcoin is not subject to a central authority and is difficult to regulate and monitor. This may be one of the many reasons why Bitcoin is so popular, as it gives you the opportunity to make financial transactions without having to fear the interference of others.

The currency is canceled in a so-called e-wallet. It therefore only exists as complex code and is a fully virtual and digital currency. Bitcoins can be kept on a special website or on your own computer. You can have as many different Bitcoin e-wallets as you want.

Free money
Bitcoin is not a regulated currency, which is why it is very difficult to give an accurate assessment of the market. According to some experts, there are currently 14.6 million Bitcoins in circulation, which, depending on the conversion rate, have a market value of $ 3.4 billion. Every day, an estimated 45,000 bitcoins are moved between accounts. For such a young technology are quite impressive numbers. Part of it should also flow in Bitcoin casinos.

The numbers are impressive. Bitcoin has come to stay.
The numbers are impressive. Bitcoin has come to stay.

In addition, due to the speed and security of payments, bitcoins is a strong competitor to established payment services. Paying with Bitcoins is safe, private and fast. Besides, it is irreversible. Once made, a payment can not be withdrawn, which protects against fraudsters and is therefore valued among others by Bitcoin casinos and betting sites.

The Bitcoin currency has some undeniable advantages. In fact, it seems to be the solution to some problems that plague other currencies.

Conventional currency depends on governments and carries the risk of a collapse of the country and thus of the currency. One of the possible consequences is hyperinflation, which can erase the savings of a lifetime in an instant.

Bitcoin, however, is a virtual and, above all, global currency that does not depend on a single government or economy. The risk of a collapse of the cryptocurrency is therefore minimal.

One of the biggest problems with traditional currencies is inflation. Many countries are constantly printing new money, which means that the currency is constantly losing value. This can not happen with bitcoins, since the maximum number of bitcoins is already fixed. The system allows a maximum of 21 million bitcoins, which have to be ‘mined’ with increasingly complex mathematical methods. As a result, the risk of inflation of the Bitcoin currency is minimal.

The problem with many traditional online transaction methods from the vendor’s point of view is that many payment systems and credit cards allow the buyer to simply demand the money back. This is not possible with bitcoins. Once the transaction has been made, it can not be easily undone. As a seller, this protects you better against fraudsters.

As a buyer, however, you have the advantage that transactions with bitcoins are unbeatable. A transaction is done in a moment and costs only a fraction of a cent!

The basic non-traceability of Bitcoin currency is both a big plus and a big risk. For one thing, you do not have to worry about governments or organizations being the river of yours

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