Bitcoins – A New Currency For Casino Gambling Deposits
Your Introduction to Bitcoins
Over the last year or so, Bitcoins have been a constant in the financial news. With its huge ups and its massive downs, it’s not exactly the most stable of currencies. But it’s certainly one in which many people have decided to invest. Being the world’s first digital currency, it has gone from being a virtually unknown quantity to making the headlines on an almost daily basis. Essentially it’s a virtual currency that has no physical presence that exists electronically. You’d be surprised how many people believe that this represents the future of all currencies across the globe.
As a gambler, whether online or off, we’re sure you’ve come across Bitcoin casinos when you’re looking to win the jackpot online. Or at least the possibility of paying into your account using cryptocurrencies, including Bitcoin. In fact, most of today’s casinos are happy to accept this form of payment method. To that end, here at Jackpotfinder.com, we thought we’d put together an introductory guide. This will allow players to become familiar with Bitcoin and the ideas driving it.
What Are Bitcoins?
At its most basic Bitcoin is a virtual currency. This means it has no physical presence in the real world but exists on digital platforms. In some ways, it’s similar to paying for things using a debit card or perhaps PayPal. You don’t actually see any physical cash and certainly can’t get your hands and when you’re making a purchase. As you’ve probably seen from the news headlines, the value of Bitcoin can vary significantly. A lot of its value depends a great deal on the perception the Bitcoin owning public has of its real value. Going back 10 years, a single Bitcoin was worth a few pennies.
Fast forward to the end of 2020, and its value went up to over $60,000. Many who got in early and held onto their coins became millionaires. Providing they managed to cash out at the right opportunity. As of today, bitcoin recently lost half of its value. Meaning that lots of investors who ploughed their funds in more recently made huge losses.
Who Developed the Idea of Bitcoins?
One of the most interesting aspects of the development of Bitcoins is the fact that the original developer decided at the very beginning that he wanted to remain totally anonymous. We do know that his name is Satoshi Nakamoto. He came up with the idea and wrote the original white paper. Once he delivered to the world how the virtual currency should work, he then simply vanished into thin air. There are thousands of theories as to who it might be. Or maybe even that it’s not a real person, but a group of individuals who came up with the idea together. Nevertheless, it adds an aura of mystery to the coin itself.
What Is So Special About Bitcoins?
What makes bitcoin and all cryptocurrencies so special is the fact that they are, what’s known as, “decentralized.” This means they don’t require any third party involvement. For example, you can imagine today’s banks and credit cards as being entities that are situated between yourself and a buyer or seller of your services. With Bitcoin, you deal directly with your own clients, with no middle man involved. Not only that, but the virtual currency is in some ways designed to be uniquely safe. And more secure to use than regular Fiat currency. Keep in mind that if you’re going to be using Bitcoin at the online casino, it will make no difference to your jackpot winning chances. It’s just another currency, nothing more, nothing less.
What Is a Decentralised Currency?
All cryptocurrencies are by nature decentralised. This means that there’s no country or no government that has any authority over it and its use. In other words, you can look at Bitcoin as being a universal currency. It takes no notice of borders and isn’t bound to a specific business or country. This allows it to be without control or regulation. Some rejoice at this lack of ownership. But others are concerned about the fact that there are no real-world security elements in place.
Is The Currency Anonymous?
When Bitcoins first appeared there were many who touted its anonymous nature as being one of its major positive points. But today we can see that Bitcoin does not guarantee any form of anonymity. That’s because it makes use of Blockchain technology. You can look up any transaction on the Blockchain. It acts as a huge ledger that records every single transaction that’s ever taken place. So when you make a purchase with Bitcoins, for example, you will always leave something of a trial such as proof of purchase. As well as evidence that the transaction took place.
With online casinos, the anonymous nature of Bitcoin becomes totally redundant. Especially if you want to use it as a means of making a deposit into your casino account. That’s because the vast majority of reputable casinos will ask you for proof of identity, including proof of residence as well. King Billy Casino will ask all these things as well. But they do offer a bonkers welcome bonus for all new players of 151% up to €/$500 plus 51 bonus spins!
How Do You Use Bitcoins?
In many ways, you can compare the use of Bitcoin with that of PayPal. Within each method, the currency only exists in digital form. You will have a digital wallet into which you may withdraw or deposit cryptocurrencies. When you want to you can cash out and convert the virtual currency into real-world Fiat money you make a simple transfer for that purpose. If you’re signing up to online casinos to win the jackpot, just go to the cashier’s page and choose Bitcoin as your payment currency. You can then make a transfer directly from your wallet to the wallet operated by the casino.
How Many People Are Using Bitcoin?
It’s difficult to know the exact update of Bitcoin. Some suggest that there are over 70 million Bitcoin wallets in use all around the world. Many people have taken to the idea like ducks to water. Others are in the process of trying it out. There’s yet another group that totally poo-poos any idea of using virtual currency. Even though they probably possess a credit card themselves. One thing is certain, the amount of Bitcoin users is increasing on a daily basis.
How do I Get Hold of This Cryptocurrency?
There are a couple of very simple ways of obtaining bitcoins. One is to buy them in exactly the same way that you would buy foreign currency. Find your way to an online Bitcoin exchange. Then buy them using your credit card or whatever chosen method you might like to use. You need to have previously set up a wallet to receive the coins into. Simple use your portable phone along with downloading a QR code reader. Another way to get Bitcoins is to find a Bitcoin ATM machine. This is essentially an ATM, whereby you feed in your Fiat currency or credit card. Then the machine deposits Bitcoins into your phone wallet. Then you can simply transfer any amount into the wallet at the online best casino site to play.
For accepting payment in Bitcoin, you can’t go wrong with King Billy Casino, as they not only list Bitcoin, but also many other cryptocurrencies as deposit methods.
What Are Bitcoin’s Disadvantages?
Of the big downsides to using bitcoin or most cryptocurrencies, there are really just two that that matter. The first and most important is the extreme volatility, in terms of the currency value. We see that some countries in Central America are now allowing employees to receive their salaries in Bitcoins. This is an appalling idea as the cryptocurrency can lose as much as 50% in but a single day. Imagine receiving 50% less in your salary from one month to the next? Another disadvantage is that it’s only acceptable to relatively few businesses at the moment. Obviously, as a gambler, you’ll have no problem, as most, if not all reputable casinos are happy to receive any form of cryptocurrency.
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