Today Bitcoin (BTC) is one of the most discussed currencies in the world. January of 2009 is considered its official birthday. Nevertheless, the currency was almost unnoticeable for the next two years, and there was a very limited number of people who viewed this method of payment seriously. Only in 2011, BTC has started gaining popularity and became seen as equal to such fiat currencies as US dollar, Euro, or Pound Sterling.
Unlike paper money, BTC is a digital currency which means there is no central bank that controls money transactions. Despite this non-traditional approach, thousands of businesses accept Bitcoins as one of their payment methods. For example, even such online retailer giants as Dell and Overstock.com have currently accepted BTC as one of the allowed payment options.
How to Start Using Bitcoins
To begin using BTC, first of all, you need to create a Bitcoin wallet. At this stage, it is essential to make a right choice of the wallet type and back up your wallet. Otherwise, if something is wrong with your wallet, you will lose all your Bitcoins.
Three Types of Wallets:
This is a basic method of storing your Bitcoins which is recommended for people who have very little knowledge about this payment system or who are new users. Your Bitcoins will be stored on the cloud server by a trusted wallet provider. Using this option significantly lowers the risk of losing Bitcoins because your provider backs up your digital money or gives you an opportunity to do it yourself.
This method of storing Bitcoins is recommended only for experienced users. When you use software wallet, you need to install it on your computer first. That’s why it is a more secure way to store Bitcoins than online wallets. However, you need to back up your wallet yourself since you have no provider to do it.
This method is recommended for the advanced users or those who are going to store many Bitcoins in the wallet. The level of safety is the highest when you use hardware wallets because when you need to get access to your wallet, you have to connect a hardware device to your computer using USB-connection. Hence, only a person who has this item can access your wallet.
How to Buy Bitcoins?
Here you have plenty of methods to pay for Bitcoins, either using credit cards, debit cards, money grams, wire transfers, or even paper money. However, you should be very careful when you are going to purchase Bitcoins. Choose a seller basing on their reputation and feedback in order not to become a victim of scam or fraud.
Gambling Online with Bitcoin
Bitcoin has been successfully implemented into online gambling. Today players have an opportunity to use their cryptocurrency and play in online casinos. The variety of games allow users to choose among video slots, live dealers, sports betting, poker, dice sites, and many other popular gambling entertainments. Besides, the prevailing number of online casinos give their players a welcome bonus that doubles their first deposit.
Before you start playing at an online casino, we recommend you to check whether their games are provably fair. In this way, you can filter out scam casinos from the ones you can trust. Also, keep in mind that some countries have banned online casinos and Bitcoins, so you need to first check whether your country’s laws allow playing casino games and using Bitcoins.
Types of Bitcoin Casinos
Despite the fact that Bitcoins has been successfully integrated into the online casino industry, not all casinos have adopted this method as their payment option. There are still a lot of online casinos which use only traditional currencies or have a limited amount of digital currencies that they can accept.
The advantage of a Bitcoin-only casino is the lack of necessity to verify your identity. When requesting a withdrawal, you don’t need to mention your name, address, or any other personal information. The money will be sent to your Bitcoin wallet without any additional steps.
Bitcoin Cash Casino
If you prefer Bitcoin Cash, you will be glad to know that there are online casinos which allow depositing and withdrawing using this cryptocurrency.
The majority of hybrid casinos has an option to make deposits and withdrawals in Bitcoins. However, once you make your deposit in digital currency, it will be converted into fiat money. Playing online games, you will make bets using dollars, euros, or any other traditional currency.
Nevertheless, when you request a withdrawal, your money will be converted into Bitcoins once again.
Bitcoin Casino Games
Bitcoin Casinos have been around for about two years, but they have a lot to offer to their users. Here, gamblers can find the same favorite games that they can enjoy playing in a real casino. However, Bitcoin casinos visitors have better odds and no commission fees on deposits and withdrawals which makes these sites the best place for playing.
Many casino players like slots more than any other type of games. That’s why BTC casinos pay special attention to this demand and offer dozens of slots to their gamblers. The most significant advantage of BTC slots comparing to traditional online casinos is the higher payout percentage. In some cases, you will be lucky to find casinos where payouts are up to 99%. This option is one of the major reasons for players to give their preferences to BTC casinos when they want to try their luck with slots.
Blackjack keeps the second position of popularity after the slots. Here, players also have a lot of various types of their favorite games, but as always the payout percentage is higher than in the online casinos with fiat currency.
Roulette is another casino game favored by newcomers. The simple rules of roulette make it the third one among the most loved games by gamblers. At BTC casinos, you can find the same varieties of this famous game as in real casinos, including European and American roulette. And again, when you play roulette at BTC casinos, you have better odds and more options than at the fiat-currency gambling websites.
This option has become very popular in online casinos during the last few years. That’s why Bitcoin casinos also implemented this feature to allow its players enjoy games with online dealers. The presence of a live dealer gives players an entirely new feel of a gaming process. Gamblers can monitor the game in real time and chat with other players, which gives them a sense of presence as if they were in a real casino.
The games mentioned above are the most popular ones among players. The BTC casinos can offer an impressive variety of games for those interested in video poker, craps, baccarat, three-card poker, lottery games, dice, and others. There is a huge list of games which is just as long as in any other online casino with fiat currency.
Many online casinos state that they offer honest services without any fraud. However, only a BTC casino has the highest percentage of provably fair games since they use cryptographic technology which makes it impossible to influence bets or transactions. In other words, Bitcoin casinos cannot control the random number outcome in their games.
One of the simplest ways for players to find out whether they can trust a BTC casino is to enter the bet ID number and other information depending on the chosen website. This method is an answer that many players have been waiting for to define whether their casino is a trustworthy place for gambling. You can immediately find out whether your bet will be played honestly or not because it is verified independently.
Now, imagine how much time you would need to check the trustworthiness of an online casino that only accepts fiat money or even an offline casino. It may take days or even weeks, and you still cannot be 100% certain that the results are valid because the process of verification is too complicated and requires specific skills and knowledge.
When you give preference to a BTC casino, there is no need to waste time and money on verification because you can get this information in a few minutes. Everything is so simple and clear that even a user with little knowledge in cryptocurrency or blockchain technologies can determine whether a casino is a scam or not.