Bitcoin (BTC) is a digital currency developed in 2009 by a person, or several people, under the pseudonym Satoshi Nakamoto. It’s the first cryptocurrency, one that gave rise to thousands of others (Ethereum, Litecoin, Dogecoin, and others) now used all over the planet for a wide range of things, including bitcoin gambling.
Even though it’s technically a currency, it’s not physical like fiat currency, but only digital. It’s possible thanks to peer-to-peer technology that lets it be created, distributed, stored, and traded — something called a blockchain.
How Bitcoin Works — What Is Blockchain Technology?
Bitcoin is also the first cryptocurrency to use blockchain technology. It’s essentially a decentralized ledger that ensures the safety and operability of BTC.
Blockchain is a collection of data blocks, where each block contains information on the BTC transactions on the network. All of these blocks are connected like a chain.
This is important as it lets Bitcoin stay decentralized and independent of any central authority. It’s also what enables the technology to be almost foolproof. It’s impossible to hack into the system when the whole system depends on everyone in it.
You see, with the chains and blocks in place, once a transaction is written into the system, it cannot be changed. If someone were to come and change it and create BTC out of thin air, the entire system would see it and refuse the change.
This is possible as every BTC user downloads the entire blockchain to their computer, and those mining the coin have to enable transactions. For any real change to occur to this system, most users on it need to agree. In other words, blockchain technology makes Bitcoin a proper democratic system.
Bitcoin and Online Gambling
It didn’t take long after the creation of Bitcoin for people in the gambling industry to see its potential. The adoption was slow, but now many online casinos and sportsbooks use Bitcoin. Some even go as far as to ditch the use of traditional payment systems.
Bitcoin is perfect for online casinos as it lets them operate with less oversight. Even though that might seem counterproductive for the player, it isn’t — as long as the casino uses provably fair games and bitcoin casino games from notable providers. Provably fair is a technology that ensures events in games are entirely random.
Outside of that, Bitcoin is the perfect payment method for several reasons:
- It’s much faster than traditional methods.
- It’s more secure.
- It doesn’t come with a whole host of fees.
- Casinos can offer better bonuses as BTC is less expensive for them.
- No central authority governs BTC, enabling you to play anywhere.
- It features near-complete anonymity.
How to Buy Bitcoin and Start Gambling
Now that you have the answer to the question of “what is Bitcoin?” you probably want to know how to buy it. The process is simple, and the good news is that you can buy any amount of BTC, even for as little as $10 or $50. Here’s what you need to do:
- Find a good crypto exchange.
- Register and verify your account.
- Make a deposit using an available payment method.
- Buy the amount of BTC you want.
- Find a good cryptocurrency wallet (Exodus or Mycelium, for example).
- Set up an account with the wallet service.
- Transfer your BTC to the wallet.
- Find and register at a good Bitcoin online casino.
- Deposit your BTC, claim btc casino bonuses and start playing games.
Yes, of course. You can exchange it for fiat currency at the same crypto exchange where you’ve bought it.
It depends. If you’re looking for short-term profit, it probably is if you know what you’re doing. If you want to keep it for the long run, you need to understand that this currency is incredibly volatile, and there’s no telling where the price will go in the future.
Completely. It’s one of the safest currencies on the planet, but you still have to worry about your storage method. Ensure you follow all known safety measures for the world of crypto.