Poker and other casino games has become an increasingly common phenomenon in recent years, and the vast majority has tried playing online at least once. The industry is constantly evolving with new games, casinos and payment systems – and since players want to be able to use the games regardless of where in the world they are, the development must be made to fit everywhere. The latest addition to the market is payment by Bitcoin. Online casino is simply an industry that is in a constant expansion phase, forcing the actors behind it to constantly come up with new and improved solutions for their players. But despite the constant development, there are still a few issues that the casino companies haven’t found a way around. One of the main concerns is that there are very few casino sites that can offer free deposits and withdrawals. The fees are quite small, but if you play often the sum can grow quickly. This can of course be discouraging to potential players – because you want to spend your money on playing and not on fees. The solution? Bitcoin!
Bitcoin could be the solution
Today, there is a digital currency called Bitcoin available. Bitcoin can be used online worldwide and is designed to solve problem such as the one the casino sites are faced with. Its users have access to free deposits and withdrawals on all gaming sites that support digital currencies. Bitcoin was launched globally in 2011, and its popularity has grown steadily ever since. The basic concept is to avoid paying fees, central banks, inflation and other problems that comes with the traditional currency that we are used to.
The concept is based on five different advantages compared to traditional currency. These include freedom of payment, low fees, fewer risks to traders, security and transparency. It’s possible to send and receive any amount of money, to anywhere in the world, using Bitcoin. There are also no restrictions in term of bank holidays, national borders and such. The payments are processed with either completely free or very low fee transactions – which compared to common bank fees are virtually non-existent.
In addition, the transactions are also secure, irreversible, and contain no personal or sensitive information about the person making the transaction. Bitcoin users have full control over their transactions. It is impossible for a merchant to withdraw money from you without your consent, unlike with other payment methods. Since payments can be made completely without any personal information being linked to transaction – which means a high identity protection. All Bitcoin information is available on the so-called blockchain, for anyone to verify and use in real time. The protocol is cryptographically secure, which means that no individual or organization can manipulate the currency. The core of Bitcoin as a digital currency can thus be trusted to be completely neutral and transparent.
Currency of the future
Bitcoin is considered to be the currency of the future, although it’s still quite unknown among the public. Bitcoin is an entirely internet-based currency, which makes it quite unique. It has quickly become a payment method to count on, and its popularity is constantly increasing.
This has also led more and more online casinos to offer Bitcoin as a payment method. These sites are regularly referred to as ‘Bitcoin casinos’ and work just like regular online casinos. The only difference is that you can choose to make deposits and withdrawals using Bitcoin.
The players are the winners
Online casinos that offer Bitcoin as a payment method won’t have to charge a fee for transactions. Bitcoin means lower costs for the companies – and in extension also for the players. As a result, Bitcoin casinos can also offer better repayment rates as well as better bonuses. The return of Bitcoin casinos can be as high as 99% – which can sound too good to be true.
Bitcoin is both created and stored digitally, which means that there are no physical Bitcoins at all. The strongest characteristic for the currency is that there is no central institution like normal currencies usually have. This means that there is no organization in control over the currency – which in return means that no one can cause a crash or take money from people. The reason behind this is to avoid situations like the one that happened in Cyprus back in 2013, when the Central European Bank did just that.
Bitcoin casinos does not differ in any significant way from regular online casinos. The essential difference is how you make deposits. When a casino offer Bitcoin as currency, it comes with quite a few benefits. For one, transactions are cheaper both for you and for the casino. This leads to the possibility of higher reimbursement for the players.
Today, there are two different kinds of Bitcoin casinos available on the market. Either they only accept Bitcoin as currency, or they offer Bitcoin as one of multiple payment methods. Those who accept multiple currencies work just like regular casinos. But a casino that only allow transactions with Bitcoins are a little bit different. They don’t need to work with banks in order to transfer money, which means that they won’t have to charge any transaction fees.
Several types of currencies
At some Bitcoin casinos, you can use multiple currencies, and for example the Euro is regularly used. Sometimes you can even withdraw money in a different currency than you did your deposit with. This is what makes gambling with Bitcoin very flexible. You can make a Bitcoin deposit, but then choose to withdraw it in the form of traditional currency.
Online wallets are slowly becoming more popular, and even eWallets allow several types of currency. In a digital wallet you can also combine different currency types. You can use your e-wallet on several platforms. For example, there is a digital wallet called MultiBit that works on both Mac, Windows and Linux computers. In addition, there is an extra feature in MultiBit, which will store your Bitcoins, so they are always safe. With this feature you can also see and confirm your transactions again to make it as secure as possible.
Unlike standard, government-issued currency, Bitcoin can never suffer from inflation. Traditional currencies, which has been used for centuries, has in theory meant that if you go to the bank with a piece of gold you get a few dollars back. Bitcoin, on the other hand, is not based on gold – but on mathematics. A cryptocurrency. It really is no more than small pieces on someone’s computer – but still has a value. The value is mainly determined by demand, but supply does not have the same effect on the value as with many other things. The reason for this is that Bitcoin is manufactured according to a mathematical formula which means that it will never be possible to produce more than 21 million of them. Therefore, the demand decides the value – the more people want to buy, the more the price rises.
The media also has an influence on the Bitcoin value. Since digital currency has not grown into a global phenomenon yet, Bitcoin currency varies along with how much attention it gets in the media. Media attention makes more people aware of its existence, which increases demand and value. To put it simply, the value simply depends on what those who use the currency think it is worth. Today, demand is relatively high – and the value is usually around $ 1000, from not having even cost $ 1 when launched in 2011.
Pros and cons
The fact that the whole process behind Bitcoin is transparent is one of the major advantages of the digital currency. Every completed transaction is stored in the so-called ”block chain”. This means that all registered accounts, and all transfers made between, them are visible. However, the accounts are not linked to any personal information, so it is impossible to see who a specific account belongs to. All Bitcoins ever created can be seen in the system, they can never be hidden or stored anywhere else than in the open forum.
When it comes to transactions, there is a lot that goes for it, too. You can send money anywhere in the world, instantly. The transaction needs to be processed by the network first, and then the money arrives in the new account. They don’t have to pass through a central institution that charges high transaction fees.
However, there is one major disadvantage to Bitcoin – at least for the moment. The limit of usage. Today, far from all companies and stores that accept Bitcoin or other digital currencies for payments. This is of course a major disadvantage with Bitcoins, but this may change quickly. Given that Bitcoin currency also benefits large companies, it will probably become an accepted payment method in many places soon. There are many fantastic and revolutionary benefits of the digital currency, and there is much to suggest that Bitcoin will become the currency of the future!
How to make a transaction
Performing a transaction is very easy. What you need to do is basically to send an email. You send it from your address to the recipient and then you can execute transactions. You can also download an application in order to manage your transactions. It is also available to the computer if you would rather carry out the transactions there. In the program your wallet is available, where can find your information and your assets. When you are about to complete a transaction, simply enter the amount that you wish to send and then the address of the recipient.
Your transaction will then be turned into a code of 27 to 34 characters. Other users will then approve your transaction by confirming your code. They will see your code in the so-called “open source”, and can confirm it by using a mathematical formula. This means quick and secure transactions to and from your Bitcoin account.
Bitcoin has been called the currency of the future and some have predicted that this phenomenon will outperform credit card companies in the future. As we mentioned, the benefits of using Bitcoin online are many – and more and more companies are starting to use it. The idea behind Bitcoin is a currency that is completely free and decentralized.
No one owns it, no one can regulate it and it is free to use around the world. Bitcoin is controlled by computers and by users. Since no state owns or controls the currency, it will also be able to continue to exist even if a state goes bankrupt. Bitcoin online will exist as long as users and the internet exist.
When no more Bitcoins are produced, the currency will instead build on interest and fees. The transactions have and will always consist of mathematical calculations, so they will never change. The transactions will always be unique, as there are personal codes and addresses between the sender and the recipient. The currency is used with open source, which means the code is available for everyone. This may sound a little scary but really it just makes the currency even more safe. The idea is that the more people who can control transactions, the less errors will occur. In an open source code, you can also go back and check on transactions if something looks wrong, which increases the sense of security.
Bitcoin is usually called the “freest” currency available. This is because it is not owned by any state or bank. Therefore, there will never be any profit tax or unnecessary controls of your money. With Bitcoin, your money is stored in many ways. Therefore, your assets will never be frozen, and you will always remain anonymous when making transactions.
No personal data and no accounts are required. All you need is a username, password and email address.
Food for thought
One thing that you need to keep in mind is that a Bitcoin transaction can never be undone. Unlike with a bank that you can call and ask to take back a transaction if things go wrong, there is no one to call. You must be absolutely sure when you are about to make a transaction, as there is no room for error. However, the advantage is that it is open source and that users can look up your transaction in the code if something would go wrong. But don’t forget to keep track of all the information before you make a transaction!