Bitcoin is everywhere! Bitcoin continues to take the world by storm. The mainstream media simply does not understand.
Now, Bitcoin is threatening to take over the online gambling business. It is not a surprise, more industries are accepting Bitcoins every week or so. Here is what you need to know about Bitcoin in the gambling business.
When you want to play Blackjack, Poker or Bingo, you put your money down on the table. With online gambling, you deposit your digital funds with the casino. Bitcoin gambling does the very same thing.
Bitcoin is a cryptocurrency. What is that? It is a long word, but all it means is that Bitcoin is a digital currency. Bitcoin is money.
Bitcoin is Money
Money is basically anything, which is exchanged for goods and services and fulfills the primary characteristics of money. Some of these features are Store of Value, Medium of Exchange and Fungibility. Bitcoin is money because it has each of these attributes.
Thus, when you want to gamble and need some money, you can use Bitcoin. If you made some Bitcoins, when you painted a fence, then use them to gamble. Everyone needs to vent, from time to time.
Bitcoin is also an amazing store of value. Did you hear that the value of Bitcoin just surpassed gold? Bitcoin is rising in value. How many other forms of money can say the same thing?
Key Bitcoin Advantages
You can choose any number of ways to pay for your gambling opportunity – credit cards, online payment systems or Bitcoin. Bitcoin has some key advantages because it is an electronic currency. In many ways, Bitcoin mirrors the versatility, speed and beauty of the World Wide Web.
Bitcoin is open. It is created by a community of Web developers who “mine” the Bitcoins. It has a very relaxed control structure. No nation has a monopoly over Bitcoin.
Bitcoin is rather new. It is a baby of the Internet. As such, it has only been around since 2008. Right now, it is still primarily being promoted by the “first adopters.” In fact, Bitcoins are still being mined.
Bitcoin is unencumbered. Do you know how many credit card laws, there are? The reason why credit cards take so long to process is because there are so many regulations and companies involved. You don’t have that with Bitcoin.
Do you want to gamble quickly? Of course you do. Can you gamble quickly with Bitcoin? Yes.
You can generally deposit and withdraw your funds, faster with Bitcoin. You don’t need to wait for the banks to check up on all your financial records. This is a cryptocurrency, meaning that its Blockchain is encrypted to keep you secure.
Where Can I Get Bitcoins?
You can get Bitcoins from your friends, miners or any of the following firms: “Kraken.com,” “BTC-E.com” or “Localbitcoins.com.” Once you own Bitcoins, a whole new world, opens up for you.
How Do I Know a Bitcoin Casino is Fair?
Finally, you want to make sure that you find an authentic Bitcoin Casino. You know that there are a vast range of types of websites online. The legitimate Bitcoin Gambling website offers “Provably Fair Gambling.” What is that?
“Provably Fair Gambling” is a way to verify the website’s authenticity using cryptographic hash functions. This is how the Bitcoin Gambling community is establishing its credibility. So, if you love online gambling, now you can have more fun, by using the efficient electronic currency: Bitcoin.