An Introduction to Bitcoin Gambling
Two of the biggest online entities – cryptocurrency and gambling – have recently joined forces to create a new trend amongst online players. Bitcoin gambling is a new, exciting and unique trend that threatens to take over the traditional online casino market.
So, whether you’re a complete Bitcoin novice or you fancy yourself a bit of an expert, the time is now to break into the Bitcoin gambling industry. In this post, we’ll take a closer look at the phenomenon, including how you can get involved, the risks and the many benefits of Bitcoin casinos…
Bitcoin basics
First things first, before you can even think about gambling with your cryptocurrency, you must understand Bitcoin itself. Essentially, Bitcoin is a digital money system that has taken the world by storm. Since its release in 2009, we’ve seen the currency grow in value to a whopping £4,000. As it is a decentralised currency form, the value can grow and decrease rapidly, with no fixed price.
This also means Bitcoin transactions cannot be traced, making it an attractive choice for those wanting to conceal their identity or protect their sensitive data. Your Bitcoin wallet works in a similar way to your bank account, storing your money online. The only difference is that you cannot withdraw any of your funds as physical money. You can, however, exchange it for US dollars or pounds for a more tangible alternative.
Using Bitcoin
So, once you have your Bitcoin wallet up and running, there are a number of routes you can go down. First off, you can leave your coins in the system in the hope that the value will increase, at which point you can exchange it into traditional currencies for a profit.
Secondly, there are a number of online stores starting to accept Bitcoin and other cryptocurrencies as a form of payment. So, you can spend your Bitcoins online, or even in some cases, pay for things in person using the currency.
Or, you can use your Bitcoin to gamble online. Originally, Bitcoin gambling platforms were fairly simple and unattractive, offering only basic games. Today, however, there are much more exciting options out there. Sports betting, casino gambling and poker games are all available to play using Bitcoin. But is it worth it?
Gambling with Bitcoin
For some, the attraction of gambling with cryptocurrency is its untraceable nature. And with gamblers fearing that their betting patterns are being tracked, private playing is appealing for more and more customers. If you set up and protect your Bitcoin wallet properly, there is little or no risk of your account being hacked, and your funds taken. Also, as the value of Bitcoin is constantly changing, you can win a small amount one day and the next it could be worth much more.
That said, the value can also decrease just as rapidly as it can increase. So, when gambling with cryptocurrency you have to be open to the possibility of your winnings decreasing in value if you don’t cash them out as soon as you can.
Bitcoin gambling can be a highly lucrative alternative to traditional casinos, if done properly. Research all sites thoroughly before signing up and read as many reviews as you can to ensure legitimacy. We also recommend not rushing straight in with all your Bitcoin. Play with a small amount first until you get to grips with the new form of gambling to avoid huge losses.
