What Is Bitcoin?

As the first decentralized digital currency, Bitcoin stands tall as being the original cryptocurrency. This means that it doesn’t have the need for a central bank or single administrator. And with all the problems that banks have been going through in recent years, isn’t this totally appealing!?

Of course, anything that strays away from the norm will make us hesitant to become a part. We’re only human, after all! Such worries have led many to question the safety of both purchasing and using Bitcoin online. After all, without a bank or centralized foundation, where do you turn if things go wrong? Plus, how is the volatility of the Bitcoin cryptocurrency managed?

Needless to say, Bitcoin is still the number-one cryptocurrency, and if you manage to get your hands on some, you can use it for a number of different activities. And even though there have been several negative press stories over the years since its arrival, the fact remains that Bitcoin is still a lot more secure than many other financial systems.

With over ten thousand computers keeping track of the Bitcoin ledger and validating the cryptocurrency transactions on the network, it’s hugely different from the standard storage of data relating to traditional finance. Hackers? With more than ten thousand nodes keeping things running, hacking into Bitcoin’s decentralized system is akin to stealing the Crown Jewels – pretty much impossible!

One other feature that keeps things nice and safe with Bitcoin is that it works anonymously. Therefore, you as the user do not need to attach any of your personal details to a Bitcoin transaction. Your private details won’t be linked with your Bitcoin wallet, meaning that it’s also virtually impossibly for you to suffer from identity theft. So, don’t expect to find someone masquerading as you if they manage to get a hold of your Bitcoin wallet key!

Top Bitcoin Sites

Bitcoin has made its mark in several online areas, including online gambling sites. Yet with so many that are available online, it’s important to find a good one. Nobody wants to be spending their Bitcoin at bad gambling sites, which is why we have brought together a collection of the very best ones for you, right here. So, without further ado, read on to discover some of the best that the internet has to offer.

With the introduction of Bitcoin payments to online sportsbooks, sports betting on the whole has become a lot more intriguing and exciting. Using the cryptocurrency to fund your account and place sports wagers is an easy way of indulging in your favorite pastime. There’s a nice group of online sites that now allow you to do this, providing your account with a balance in Bitcoin format. There really isn’t any difference when it comes to betting with Bitcoin on sports events, though. So, you’ll be offered the same odds and the same range of sports to bet on. Therefore, regardless of whether you’re a football fanatic, a golf genius, or a soccer supporter, Bitcoin gives you the ability to place wagers on all these different sports.

The same can be said about online casinos, so if you’re more of a fan of spinning slot machines or being dealt blackjack cards, then Bitcoin can still cater to you. A good range of online casinos now accept deposits and gameplay in the cryptocurrency, meaning that you can put your Bitcoins to use on your favorite games. Software developers have started to create games so that you can now place bets on them with Bitcoin (as well as other cryptocurrencies), while others have upgraded the software of current games to incorporate the same possibilities. So, having a Bitcoin balance at an online casino provides you with just as much entertainment as if you were playing with standard fiat currency. As with sports betting, there really isn’t a lot that you can’t gamble on when it comes to online casinos and Bitcoin. So, you’ll have the chance to enjoy slot games, experience the thrill of roulette, find yourself intrigued with every new hand of blackjack – and all of this with Bitcoin as your currency.

Another area of online gambling that has a huge following is poker. And even though many people have the image in their heads of dollar bills and poker chips being exchanged, for online purposes, Bitcoin makes for a great currency to play poker with. While the range of online poker rooms that allow players to utilize Bitcoin may not be as vast as online casinos accepting the same currency, there are still platforms out there for it. With this being the case, should you find yourself as an adept hand at Texas Hold’em or more cunning with Omaha poker, there are options where you can use your Bitcoin balance to play such games.

How to Get Bitcoin

So, how does one attain something that is, by its own admission, a virtual cryptocurrency? With traditional finance, you’re actually able to physically see your money in coins and notes. Bitcoin isn’t printed or minted, so what do you have to do in order to obtain your crypto-coins?

A process known as mining is one of the primary ways to get Bitcoin. Don’t worry – this doesn’t involve you grabbing your pick axe and hard helmet to chisel away at walls! Bitcoin mining is all done through the utilization of computer processing power. And what may sound like a superhero trait is not actually as hugely riveting as you harnessing the built-in power of a computer for your own superhero needs.

Back when Bitcoin first became available, mining was actually the only way to generate the currency, and back then, it only required a home PC to be able to do it. Of course, today, with the huge growth that it has gone through, Bitcoin mining is a bit of a different scene. Generally speaking, you can participate in personal mining or cloud mining. Doing it through the latter of these means that you will rent out mining hardware and put someone else at the forefront of mining for you. As far as personal mining is concerned, this is quite a rarity today due to the high cost of mining Bitcoin.

What a lot of people do today – for ease and swiftness – is purchase Bitcoin from an exchange. This is basically like going out on a shopping spree, but instead of buying a new video game or a set of DVDs, you’re purchasing Bitcoin instead. In this respect, you’re exchanging one item of monetary value for Bitcoin cryptocurrency. Purchasing Bitcoin from exchanges can be done by using various payment methods, including credit and debit cards, wire transfers, e-wallets, and even other cryptocurrencies.

This works in the same way as any kind of currency exchange. If you go on vacation to a location that doesn’t use the same currency you already own, then your task is to visit an exchange and swap some of your own currency for another. The same process takes place when purchasing Bitcoin – and like standard exchanges, online exchanges come with different rates.

Coinbase currently operates as the world’s largest Bitcoin broker, providing the possibility for residents of the majority of Europe, the UK, the US, Canada, and Singapore with the chance to purchase Bitcoin. This site accepts transactions made via credit and debit cards, SEPA transfer, iDEAL, and several more, depending upon your location.

For a more US-focused option, the Gemini exchange operates within 42 of the 50 states. Many other countries can also utilize this exchange, giving users the opportunity to buy and sell Bitcoin as they like. There are certain features of the Gemini exchange that make it a bit more appealing, especially for advanced buyers. This includes the instant deposit for ACH transfers, specifically for US users.

If you’re a more European-based buyer, then Kraken may be the best choice for you to use. While it does have a global standing, European countries are able to get the most out of it. Kraken provides users with strong liquidity, meaning that if you’re intending to purchase huge amounts of Bitcoin, this exchange will work well for you.

Other exchanges that you may want to familiarize yourself with include Bitstamp, which has been around since 2011; Bitfinex, offering a strong amount of liquidity for USD trading volume; and Zebpay, giving you the opportunity to download a specific application for the exchange of Bitcoin.

Understanding Bitcoin Deposits and Withdrawals

If you’re familiar with online gambling, then you’ll know that when you sign up to a platform, you need to deposit money into it. After all, casinos and sportsbooks don’t just hand free money out for you to play with! With standard fiat currencies, you’re often able to use a myriad of payment methods to transfer your funds, ranging from credit cards and prepaid cards through to bank transfers and e-wallets. However, things are somewhat different when it comes to depositing with Bitcoin.

Of course, you’ll need to have mined or purchased some Bitcoin first and have the cryptocurrency stored in a wallet. With this wallet, you make all your online transactions using Bitcoin. This keeps things simple and also ensures that the deposit is done instantly. With your Bitcoin wallet, you’ll also have something known as its address. Accessing the cashier at your chosen Bitcoin gambling site and selecting the Bitcoin method will provide you with an address of the platform’s own wallet. This is visible in either a QR code or a long line of text.

Naturally, with a QR code, this is scanned with a mobile device’s camera. In this instance, you need to go to “send” in your Bitcoin wallet and input the address of the gambling platform. Then scan the code and indicate the amount of Bitcoin currency you would like to send there. Alternatively, you can copy and paste the long text line into your Bitcoin wallet instead, which works in the same way and is usable for devices without a camera to scan the QR code. Once you hit the “send” button, the funds are usually transferred within 10 minutes. You can then start using it for betting on the games, sports, poker, or whatever you decide to play.

Bitcoin withdrawals are just as easy to do as making a deposit. Again, you’ll need to visit the cashier and select the withdraw option. Input the amount of Bitcoin you would like to take out, and then click the “Proceed” button. You’ll then simply select the wallet that you wish for the cryptocurrency to be sent to, which is usually the same wallet that you used to make a deposit from. Your public Bitcoin wallet address will need to be entered once again, and that’s it. The withdrawal will then process through within a matter of minutes, and you’ll have your gambling platform funds in your Bitcoin wallet. Simple!

Understanding the Cryptocurrency Market

While Bitcoin was the first cryptocurrency to ever exist, since its arrival, multiple more have been created and now exist online. This being the case, you’ve got a plethora of cryptocurrencies to choose from, and many online gaming sites accept these alternatives, which are often given the name “Altcoins.” One of the biggest and most well-known alternatives to Bitcoin includes Ethereum, which was launched in July of 2015 with around 12 million pre-mined coins on hand.

Another alternative is Ripple, which is backed by a company of the same name and has been adopted quite widely by various companies. Litecoin came into operation in 2011, being modeled on the Bitcoin framework and processing a block every 2.5 minutes, giving it faster transaction times. Some of the other big cryptocurrencies are VeChain, Dash, Zcash, and IOTA.

If you decide to involve yourself in Bitcoin or other cryptocurrencies, then be prepared for a thrilling – possibly bumpy – ride. Because cryptocurrencies are decentralized, they’re prone to price fluctuations, which can occur very swiftly. This makes cryptocurrencies, and Bitcoin especially, very volatile. Several factors contribute towards the value variation of it, including bad press, perception of value, and news about security breaches (whether true or not). It’s important to be aware of the volatility of Bitcoin before you decide to invest in it as well. This way, you know what you’re getting involved with and how your cryptocurrency will be affected.

PLEASE NOTE

With any kind of investment, you will also need to understand what the future looks like for it. This doesn’t just pertain to Bitcoin, but to all cryptocurrencies, stocks, currencies, commodities, and more. The future of Bitcoin depends largely on its continued growth, which has, for the most part, been on the up and up since its arrival. Many expect Bitcoin to become the main currency in use in the future, taking over fiat currencies. So, when it comes to purchasing it, you’ll need to have an idea in mind of what the future holds for the Bitcoin that you possess.

We can’t possibly tell you that Bitcoin is the greatest thing since sliced bread. Like anything, it has its pros and cons. It’s also important that you inform yourself on these advantages and disadvantages before involving yourself with the cryptocurrency. Certain pros are great for online gamblers, including the vast amount of protection that you get against payment fraud and identity theft. Yet it also has numerous other advantages, such as direct transfers for instant settlements and the ability for feeless transactions.

Of course, some of its cons are also on the heavy side, including the potential for the funding of illegal and immoral activities being easier and the high risk of loss, thanks to the volatility level of the cryptocurrency.

Bitcoin Glossary

Bitcoin mining

This is the act of creating official and valid Bitcoin blocks, which requires you to demonstrate proof of work. Miners, on the other hand, are the devices that do the mining or the people who own such devices. You’ll need to be fully aware of how mining works if you intend to partake in it, which is why we have our own guide for you to read and inform yourself on the topic.

Bitcoin exchanging

This is the act of purchasing the Bitcoin cryptocurrency via an exchange, of which there are many. This is a popular way of obtaining Bitcoins, which requires you to utilize other cryptocurrencies or fiat currencies in exchange for the Bitcoin cryptocurrency. It’s a simple process to involve yourself in and will get you one step closer to being a Bitcoin user!

Bitcoin wallet

The Bitcoin wallet definition is basically software that stores private keys and monitors the blockchain, thereby allowing users to spend and receive Bitcoin and all of its denominations. This comes with its own public address to allow you to partake in sending and receiving the cryptocurrency, providing you with ease of use. Using this may be easy once you utilize it a few times – but for beginners, we have a guide for you to follow relating to this.

Bitcoin History

Even though the Bitcoin cryptocurrency has only been around for the last decade or so, prior to this time, there were a number of digital cash technologies available. However, it wasn’t until the domain name of bitcoin.org was registered in 2008 that something big was set to take off. Bitcoin creator Satoshi Nakamoto then released a paper describing his cryptocurrency. This featured details of how Bitcoin would work on a peer-to-peer network. Early on in January of 2009, the Bitcoin network began operating.

By 2011, Bitcoin had begun to grow considerably. Through the proceeding years, the cryptocurrency would experience numerous ups and downs, even seeing its value deteriorate fairly drastically earlier on in 2018. One thing that remains true is that Bitcoin has stayed the course as a cryptocurrency at the forefront of everyone’s minds. However, for a more concise history of Bitcoin, we’ve got all of the details that you need here.

Where Can You Spend Bitcoin?

With the growth of Bitcoin over the years since its inception, the locations and items that you can spend the cryptocurrency on have also increased. Various online websites now accept it for a multitude of different things. So, while getting your kicks from playing online casino games or placing sports bets is one thing that Bitcoin provides, it’s usable for so much more. Primarily, it’s usable for online purchasing for a whole myriad of products. This can range from buying items from websites like Amazon through to gift sites.

The best way of finding out whether you can use Bitcoin to buy certain items is by seeking out the Bitcoin logo on the e-commerce website that you’re accessing. It doesn’t only have to be used for buying physical items, either. As mentioned, you can utilize Bitcoin for online gambling, online gaming, video games, and other such possibilities.

Further to this, Bitcoin has become usable offline as well. Some locations allow you to download an app to be able to purchase food in restaurants, from your local coffee shop, and even from supermarkets. In fact, a few locations will only accept payments in the Bitcoin cryptocurrency, proving that its growth has extended beyond the internet to a massive degree already. You can even book a vacation through the Bitcoin option. Possibilities with this remain almost endless.

Conclusion

So, as you can see, Bitcoin can definitely be considered as a very diverse cryptocurrency, allowing you to use it for various experiences. Regardless of how you choose to attain it and which wallet you opt to store it in, you can spend it on a number of options, both online and offline. Fortunately, online casinos and sportsbooks also make up a part of this, with there being more platforms than ever before accepting deposits, gameplay, and withdrawals in the cryptocurrency. That’s exactly what this section of our site is all about – the possibilities of gambling and more with Bitcoin.