Bitcoins: The Future Online Casino CurrencyBy: Joe Valentino, Friday June 3rd 2016
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The use of Bitcoins at online casinos is increasing rapidly. It no longer is an option that can be ignored without consideration. This article provides a brief introduction to Bitcoins: its origin and use at online casinos.
Bitcoin is known by various terms such as digital currency, virtual currency and cryptocurrency. Unlike other currencies it does not exist in physical form. There is no central repository for bitcoins like the Bank of England is a repository for British pounds. The bitcoin payment system was invented by Satoshi Nakamoto in 2008, who released it as open-source software in 2009. The transactions take place between users directly, without any intermediary.
Bitcoins were originally created as a reward for payment processing work involving large number crunching in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining. Though it is still possible to do this today, most people simply buy bitcoins using other currencies. 1 bitcoin is valued at about 470 euros. You can also earn bitcoins by selling goods and services. BitPay is the leading bitcoin payment processor and it has reported having more than 10,000 merchants. A year ago it had only 1,000 merchants. This is indicative of the acceptance and growth of bitcoins.
Bitcoins have to necessarily be stored in electronic wallets, like Neteller is used for regular currencies. Before you acquire bitcoins you must open an account in a bitcoin wallet and take your funds in that. Then you can use it to buy goods and services from merchants that accept bitcoins, including online casinos. There are bitcoin wallets called vaults that store bitcoins offline for security.
Some online casinos accept deposit in bitcoins but convert it to a regular currency immediately at the prevailing exchange rate. True bitcoin casinos keep your funds in bitcoins, allow you to wager in bitcoins and remit your winnings in bitcoins. For transacting in bitcoins you must choose bitcoins as the currency. In order to make deposits you follow the clear menu driven instructions at the cashier of the online casino.
There are several advantages of wagering in bitcoins. It offers complete anonymity at all stages and no one can link the online gambling transactions to you. Since bitcoin transactions are not regulated by any national agency, they are more convenient and hassle free. Some online casinos like Bovada Casino are offering promotions for switching to bitcoins. At the same time bitcoin transactions are absolutely secure and transparent.
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