online gambling with bitcoins

Last Modified on 1/1/1900

What is Bitcoin?

Bitcoin, also known as cryptocurrency, cannot be fully explained in a specific definition as it is quite complicated in its nature. Simply put, this is a digital currency, created in 2009 by a software developer who used the pseudonym Satoshi Nakamoto.

Bitcoin serves like a traditional currency and its popularity is growing exponentially. Increasing number of merchants have started accepting it over the last few years. Its main advantage is that it is a decentralized currency which means that actually no financial institution or government exercises control over it. Thus transactions are conducted without middle man and with only minor fees.


How does it work?

The currency is created by hundreds of thousands of people and numerous companies around the globe who engage in an online activity called mining. The miners use specific hardware and software in order to solve complex mathematical problems in the designated network and in exchange they receive fees or actual bitcoins.

Bitcoins can be purchased from several marketplaces, named ''bitcoin exchanges''. It is fairly easy and they can be bought with credit/debit cards, wire transfers and even cash in some instances. Some of the best exchanges these days are Coinbase, Poloniex and LocalBitcoins, Blockchain. People worldwide can transfer bitcoins among them by using mobile applications or simply their computers.

It is important to remember that Bitcoins do not exist as physical coins. They are stored in digital wallets which function like virtual bank accounts and can be used for paying online, sending and receiving the currency. There are two types of wallets and namely Online wallets and Hardware wallets.


Online Gambling with Bitcoin

Online gambling with Bitcoin is becoming more and more popular nowadays due to its great convenience. Wagers with the digital currency can be laid with various bookmakers, offering online poker, slots, dice games or sports betting. People chose to make bets with bitcoins due to the many advantages it offers, but it also has some drawbacks.


Advantages

It is much cheaper and faster compared to international transfers. Deposits and withdrawals to and from your betting account can be carried out from different parts of the globe and take just a matter of seconds. Additionally, when signing up with the particular bookmaker it is completely anonymous as you don’t need to provide any personal or banking details, but solely your email address.


Disadvantages

The main drawback is that the currency is volatile. The price climbs and plummets every day and it can lose its value in very short periods of time. Moreover, the processing time for transactions in online casinos can be longer than regular Bitcoin transfers and this may result in delay when making withdrawals to your account. Finally, the currency can become a subject of hacking, no matter what type of encryption technologies it implements. This is why we need to be very careful when choosing the Bitcoin bookmaker and the preferred payment methods.


Conclusion

Gambling with bitcoins is quite convenient, but you need to remember two main things. To begin with you must make a thorough research of the Bitcoin gambling sites in order to find out those which are secure and trustworthy, or you risk being hacked and losing your money. In addition you have to keep in mind to be responsible when making wagers. Betting with bitcoins is a near instant and very simple process so it is advisable to make sure that you are setting yourself reasonable limits and not being overwhelmed with emotions which can make you stray off the right path. As a final point, before making your first wager with bitcoins, you need to ensure that you are located in an area where gambling is legally permitted.