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How Bitcoin Is Entering The World Of Gambling

· in Press Release
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

A lot has changed in the history of gambling in a very short space of time, especially in the last 20 years or so. From land casinos, traditional bookmakers and buying a lottery ticket from your local shop to being able to gamble 24 hours a day 7 days a week on pretty much any game or sport gambling has to offer. If you want to bet on a horse race in Melbourne, fancy a flutter on who is going to be elected the next president of the United States of America or even just play slot games, online gambling allows you to place that bet. Not only has the ‘’bookies’’ changed, but there has been a massive increase in the variety of currencies available to the punter! From cash to bank cards and now Cryptocurrencies.

What Is Bitcoin?

Bitcoin has recently become a household name. It was launched in 2009 as a type of digital currency, also known as Cryptocurrency.

In a sense, cash that is totally virtual. Although physical Bitcoin exists, there are very few companies that produce them. The majority of physical Bitcoin that you may have seen online or on television tend to be for novelty use. Online, this virtual currency can be used for transactions between real people. Bitcoin seems to be the most popular of all digital currencies, the top 5 appearing to be, Bitcoin, XRP (Ripple), Litecoin, Ethereum and Bitcoin Cash. Just like any other currency, Bitcoins are used to allow consumers to buy real goods and services which is a major reason why the value of Bitcoin has over the past few years risen extremely high. You, like many other people, might enjoy that Bitcoin is unregulated by a government or banks. It is possible to spend your Bitcoins anonymously in the sense that there is no link to a person’s identity.

How does Bitcoin work?

Bitcoin is a type of digital currency that does not need middleman institutions like a bank. In fact, nobody can claim being in charge of Bitcoin. You can set up your own digital wallet. These wallets contain private keys and public keys, similar to a password and username. These keys are both basically long numbers and letters. The private key, as the name suggests, should be kept completely private. This allows you to spend or transfer your Bitcoin. The public key is required if people wish to make transactions to you. The technology derived from Bitcoin is called Blockchain. This is where every transaction that takes place is recorded.

A Gamble In Itself

Even in these modern times, cash is still king. Digital currencies have become more and more prevalent in society today. Yet, they are still seen as a risky investment. Like all abstract investments, there is no guarantee of any sort of profitability. There is also the possibility you could even end up losing money. There are numerous pitfalls to avoid such as cybertheft and fraud. Also, there is a very real risk of serious financial loss and the overreliance on technology. If your digital wallet gets hacked or corrupted by a virus, you can lose your Bitcoins. Also, the amount of companies that accept Bitcoin as opposed to normal currency is still quite limited. People still discuss the development of Bitcoin, as it is still a relatively new technology. It’s hard to say what the future holds. Will it become a mainstay in the currency market or possibly disappear or become worthless. Maybe you should be a bit cautious with your money if considering getting involved in Bitcoin.

The Positives Of Playing With Bitcoin

In some countries, currencies are almost worthless. In Zimbabwe for instance, it is even possible to get your hands on a single note worth One Hundred Trillion Zimbabwe Dollars due to inflation. Most businesses are reluctant to accept these notes and often recommend you use Bitcoin. Because Bitcoin is not regulated by the banking world so it is not tied down to any specific country.

Another major advantage associated with Bitcoin appears to be the amount of anonymity it provides users online. There is no central regulating authority such as a bank, so there are no taxes.

Bitcoin offers users a high speed and low cost transactions service. Bitcoin cash tends to have very small fees in comparison to most other cryptocurrencies available in the market today.

The Negatives Of Playing With Bitcoin

All currencies are volatile, but especially Bitcoin. Users should be aware that Bitcoin can fluctuate at any time and you may find it important to keep an eye on its value.

Users are warned to take responsibility when spending their Bitcoins. If mistakes are made in transactions they cannot be changed.

Some casinos don’t accept Bitcoin. If the casino that you use the most or offers users the best odds, do not accept Bitcoin, there is nothing you can do about it.

Bitcoin And The Gambling World

It’s hard to believe that Bitcoin was only known by very few people not that long ago. Nowadays with its popularity more and more services are allowing users to pay with it. It was inevitable that the world of gambling would start to accept the Cryptocurrency. It seems each day, more and more casinos, whether it be online or traditional, allow customers and users to pay with cryptocurrencies.

For example, on Betchain.com, you can play blackjack, slots, lotteries or sports betting.

Payments by Bitcoin make it difficult to identify gamblers, leaving itself open to claims of money laundering.

How do I use Bitcoin to gamble?

The first step is to choose an electronic wallet that you would like to use. It might be worth your while doing some research on deciding which electronic wallet is the safest and to your liking. Again, the same goes for what casino you’d like to use that accepts Bitcoin. Each different casino will have a fine print available to users that you might like to read. Also, the withdrawal options might prove important. Some online casinos will only allow you to withdraw your funds in real-world currency such as US dollar or Euro instead of Bitcoin. Many casinos do not allow you to reverse n transactions.

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