The rise of cryptocurrencies has forced some casinos to recycle and offer new alternatives in payment methods. There are more and more online players who prefer to bet through digital currencies. The use of this virtual currency is a very attractive option, not only for online casino players, but also for many other businesses and investments in the world. Betting in Bitcoin and Ethereum casino is already a reality.
What is Bitcoin?
Bitcoin is a digital currency or cryptocurrency created and stored electronically. It is a decentralized digital currency and is not controlled by any central authority. It is electronic money between users that allows direct online payments without having to go through any financial institution.
This cryptocurrency can be used to make transactions or purchases over the internet.
Explained in a simple way, we can say that Bitcoin is like conventional euros or dollars. With the difference that you can only make purchases online. Since the currency does not physically exist. Bitcoins are acquired through Bitcoin exchange houses. In these exchange houses you can convert euros, dollars or any other currency to bitcoins or vice versa.
Bitcoin is based on mathematics. Around the world, people use software programs that follow a mathematical formula to produce bitcoins. This is freely accessible and anyone can check it.
Advantages of using Bitcoin
- Safety. It is a very secure payment system. Both operations are extremely safe both to deposit money and to withdraw it.
- Emission limit. The maximum allowed is 21 million bitcoins.
- It is not controlled by any authority. It is the first decentralized currency. Bitcoin does not belong to any state or banking authority.
- Anonymity of users. Any operation that is carried out is recorded. However, this transaction is absolutely anonymous. No user is obliged to reveal her identity.
- Unforgeable. To this day, it is impossible to counterfeit Bitcoins. Who knows if with time it will be possible …
- Lower cost than other payment methods. Transfers through Bitcoin are less expensive than those made through PayPal, credit cards or other modalities.
- Immediacy and speed. Current technological advances allow real-time transactions. Here and now.
- Can be used practically all over the world.
- No account freezing. The user’s account cannot be frozen and there are no prerequisites or arbitrary limits.
