It took years before players started to feel comfortable with online gambling in general and the online casinos offering gambling services. The same happened again the moment live casinos were introduced, as well as mobile casinos. Now a new trend in iGaming is becoming reality involving the first digital currency. As this is the case with every new trend in the iGaming industry, I’m trying my very best to master the subject. Complicated as the Bitcoin network and the system behind is, using Bitcoins is as easy as sending an email. What is Bitcoin, what are Bitcoin Wallets, and how do you find your way to the Bitcoin Casinos?
What is Bitcoin and how does Bitcoin work?
Bitcoin is the first decentralized digital currency, a peer-to-peer electronic cash system. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through banks, financial institutions or other middlemen.
While described as Money 2.0, there’s a pretty good chance our current currencies aren’t the first used by the human race. However, Money 2.0 isn’t a bad way to describe Bitcoins as it’s the very first digital currency available on this planet. Bitcoin is changing finance the same way the web changed publishing.
As a digital currency, Bitcoin does not have any physical form and hence it only exists electronically, solely traded or exchanged via the internet. Being open-source, no one controls or owns Bitcoin like this is the case with our current currencies. Everybody has the right to use Bitcoin to pay for products and services. Besides, the bitcoin network is always on and working at full capacity regardless of time or date.
The Bitcoin network is extremely complicated, but there are many videos and websites giving you background information. Technically, all Bitcoin transactions are recorded permanently on a distributed ledger called Blockchain. This public ledger is shared among all Bitcoin Miners and is, therefore, publicly-viewable. The so-called Miners are special users that use computing power to create a block, including the transactions in order to send the transactions safely from peer-to-peer and keep the network secure. For their hard work, Miners are rewarded with new Bitcoins with each 10-minute block.
Bitcoin can be bought and sold from online exchanges using dollars, euros, and other currencies. You can use your credit card to buy Bitcoins, swap cash for Bitcoins at special ATMs, or use over-the-counter (OTC) services that match buyers with verified sellers nearby.
Bitcoin is different than any currency you’ve used before, the reason it’s wise to inform yourself about bitcoin before you start using it. While there are many websites informing you about Bitcoin in general, I’m happy to enlighten you about Bitcoin and the use of the digital currency in the so-called Bitcoin Casinos. This also includes the Bitcoin Wallets, your one and only place to keep your Bitcoins as there’s no possibility to store these digital coins in an old sock under your mattress.
Bitcoin Wallets can be installed easily on your computer or mobile device. You can purchase anything with bitcoin and to pay with them is as easy as sending an email. One of the services Bitcoins can be used for are online gambling services offered by the Bitcoin Casinos that are online casinos offering players the option to pay with Bitcoin.
Bitcoins open up a whole new world of finance, bringing many advantages compared to the money we’ve used so far.
* Bitcoin offers unprecedented convenience and financial freedom
* Your Bitcoins are controlled by you and you alone
* No one can ever prevent you from sending or receiving Bitcoin.
* Transferred directly from person to person via the net, without going through a bank or clearinghouse, fees are much lower than when you send money using Neteller, Skrill or PayPal.
* You can use the first digital currency in every country
* There are no prerequisites or arbitrary limits
* Your account cannot be frozen
One of the main advantages, as mentioned above, is the height of the fees. Major credit card fees can be as high as 6%! These high fees hurt both businesses and consumers. Bitcoin fees will never be as high as credit card fees, simply because no banks or intermediate payment services are involved.
There’s only one way to pay with Bitcoin: the digital way. In order to use the digital currency, you need a Bitcoin Wallet and just as your Neteller Wallet, Skrill Wallet, or PayPal Wallet, for example, your Bitcoin Wallet will be accessible via your computer or mobile device. Without a personal Bitcoin Wallet, you can’t send or receive Bitcoin payments. So before you get your first Bitcoins, you’ll need to buy, download, or create a Bitcoin wallet.
Types of Bitcoin Wallets
There are many different ways to use Bitcoin and so there are many different types of Bitcoin Wallets:
* Online Bitcoin wallets.
Wallets that can be accessed via an internet connection no matter if on your computer or mobile device.
* Hardware Bitcoin wallets.
This is a physical device only designed to secure Bitcoins.
* Software Bitcoin wallets.
These are applications downloaded to your phone, computer or tablet which are available for online payment services like Skrill and Neteller as well.
* Paper Bitcoin wallets.
For long-term storage of bitcoins (or giving as gifts), you can choose to go for the paper Bitcoin wallet.
Like it took a while for online casinos, and later on also live casinos and mobile casinos, to be fully accepted by players, I predict the same for Bitcoin Casinos. It’s a new concept with a digital currency not so well-known by the future users yet. These developments take time to become fully accepted, hence there aren’t that many Bitcoin Casinos yet.
I’ll keep on following the Bitcoin industry with a focus on the iGaming industry and when the time comes and reliable Bitcoin NetEnt Casinos cross my path, I’ll be happy to add them to the list of exclusive NetEnt Casinos already available on NetEntCasinos.com.