More on Bitcoin Casinos
The Bitcoin (BTC) cryptocurrency is new and modern form of digital currency which was developed as an attempt to create a decentralised currency which does not rely on a single point of control such as central banks or the government. Bitcoin is mostly unregulated however still completely legal in the vast majority of countries around the world.
Bitcoin started the cryptocurrency phenomenon back in 2009 and since then gave gained a massive amount of momentum and support by many businesses and individuals alike. Businesses may like them because there are no inherent fees, many others just buy bitcoins as an investment, hoping that they’ll go up in value (which has been the case so far).
In order to bank via Bitcoin at online casinos, you will first need to have a Bitcoin wallet which allows you to send and receive funds in the form of Bitcoin, very similar to how other eWallets such as Neteller or Skrill function. Setting up a Bitcoin wallet is extremely easy and straightforward to do, we recommend using any one of the most trusted Bitcoin wallet services available online: coinbase.com, kraken.com or bitstamp.net.
Are Bitcoins safe?
In short, yes they are. The blockchain system upon which Bitcoin is built is in fact one of the most secure ways to perform transactions (such as sending or receiving funds) since each transaction is both anonymous and fully tamper proof. These intrinsic properties of the block chain are what give Bitcoin (and other cryptos) the level of security they have, so much so that research is already underway by a number of companies in order to use blockchain technology to perform other forms of transactions such as legally binding contracts between companies and/or individuals, proofs of sale, etc…
Here are a few advantages Bitcoins have:
- Bitcoin is de-centralised
Therefore no one can control your Bitcoin account except yourself, unlike banks for example no one can confiscate or freeze your account since there is no central regulating authority in the blockchain system.
- Bitcoin is secure
Bitcoin transactions do not require any personal data such as your name or passport number, thus protecting you from identity theft. The system is believed to be 100% hacker and tamper proof.
Bitcoin is private
Since none of your information is linked to your Bitcoin wallet, others cannot know what you purchased.
- Bitcoin is not taxed
Since as we discussed there is no central body governing or regulate Bitcoin there is no body to do the taxing.
- Bitcoin is fast
When using Bitcoin or other forms of cryptocurrencies, transfers becomes close to instantaneous, irrelevant of where you are and where you are sending funds to or receiving them from.
- Low transaction fees
There are no middlemen in Bitcoin blockchain so there is no one to charge you transaction fees. Having said this fees for faster processing or conversion of bitcoins into other forms currency are present. Either way, the relative cost is much much lower compared to more 'standard' forms of banking.
- Bitcoin = no inflation
Without getting into too many details, the number of Bitcoins that can ever exist is hard-capped at 21 million and volume growth is predictable. More bitcoins cannot be produced or created at a faster rate then they are meaning the supply of this currency cannot be increased so much that it de-evaluates it.