Bitcoin is the first incarnation of what is known as a ‘crypto currency’, created by Satoshi Nakamoto in 2009. It’s operates over a consensus network and is a true digital currency system. It was the first of its kind, a decentralized payment network that operates on the peer to peer model with no central bank or outside involvement and as such there are no ‘owners’ of the network itself. It’s an open source project which has many contributors and users worldwide.
This is where the structure of Bitcoin is interesting because without total consensus among users and developers the system would literally halt and they go a long way to fiercely preserve this mentality. As such there is no formal hierarchy and they are not governed by the same financial regulators as normal currency markets. As a result, Bitcoin has grown as a payment option for goods and services and is becoming accepted now as a form of payment for online casinos.
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Bitcoin Casino – The most popular form of digital currency is now a payment method at select online casinos
The rise of the Bitcoin casino has seen a slow but steady increase in popularity from when Bitcoin was first introduced as a secure payment option a few years back. At a dedicated Bitcoin casino, you tend to only deal in Bitcoins for both deposits and withdrawals but there are some brands of Bitcoin casino that offer the digital currency alongside more traditional payment options. You’re also still able to get bonuses at a Bitcoin Casino; free spins and welcome packages are common types you will find. Similarly, at a Bitcoin Casino, no deposit bonus offers are not hard to find either.
How does Bitcoin work? Is a Bitcoin casino legal? How can I buy Bitcoins for depositing at an online casino?
From the perspective of an end user, Bitcoin is nothing more than a collection of apps designed to facilitate payments with the digital currency itself. You receive an e-Wallet where your Bitcoins are stored and from the application you are able to send and receive payments in Bitcoins. If we look a little bit behind the scenes, however it’s a complex network that shares a very large public ‘ledger’. This ledger contains every transaction ever processed which allows the user to validate each transaction they make. A transaction to a Bitcoin casino is every bit as legal as all other Bitcoin transactions you can make to and from licensed online websites and stores. The use of specialized Bitcoin casino software is standard at any online casino that offers Bitcoin and transactions operate under the same rules and processes.
You acquire Bitcoins in several ways. You can purchase them from a Bitcoin exchange or broker, exchange them with people around you using mobile phone technology and earn them through what is known as Bitcoin mining. Making payments with bitcoin is even easier than if you were making payments with traditional cards. You simply enter the recipients address and payment amount and click send.
Learn the pros and cons of Bitcoins before using them to make any transactions at a regulated Bitcoin casino
Not sure about bitcoin? Before making your mind up why not check out some alternative payment options from the list below: