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Gambling related articles


How to Get Started with Bitcoin Gambling in 2021

From Roberts Belickis.
December 2020.

Bitcoin casinos are considerably new to the picture as cryptocurrencies were first discovered in 2009 and didnít make it to the headlines till 2011. BTC casinos, although somewhat rare by modern standards, are quickly gaining momentum with the regulars. On that note, here are a few essential tips on Bitcoin and Bitcoin casinos to help beginners take the first step.

After reading our guide, make sure to check Casino Rocket - an online casino in Australia that accepts Bitcoin.

What is Bitcoin and How Does it Work?

Bitcoin is perhaps the most popular cryptocurrency that works on the peer-to-peer payment model. Crypto transactions eliminate the need for middlemen and are thus cheaper and more efficient all the way. Bitcoin is free from government intervention and is hence one of the most popular payment methods at online casinos.

Bitcoins are a software program and hence donít require physical storage. However, they do need a way to be kept safe and this is where crypto wallets enter the frame. Every BTC wallet has a unique passcode corresponding to the Bitcoin address of that wallet. The unique code can neither be replicated nor reissued. Hence, once lost, the contents of the wallet are irrecoverable.

Bitcoin wallets are mandated for crypto users and are of four major types:

1. Mobile Wallets Ė These are generally iOS or Android compatible and are NFC or touch-to-pay compliant. Mobile wallets can also be used at physical stores and are QR-enabled. However, newbies are advised to run a thorough background check before settling down.

2. Desktop Wallets Ė Desktop wallets function similarly to mobile wallets and are installed on the computer, giving users complete control over the wallet by using a private key. A few popular desktop wallets include Electrum, Hive OS X, MultiBit, Armory, and Bitcoin Core.

3. Hardware Wallets Ė Perhaps the most secure Bitcoin wallet currently available. These are physical wallets that are free from virus and phishing attacks. Unlike other BTC wallets, hardware wallets arenít free and can cost anywhere between $100 and $200.

4. Web Wallets Ė These are the most advanced storage options in the market and facilitate access while on the move. Whether youíre accessing a web wallet from the desktop or smartphone there isnít much of a difference. However, users must keep their credentials strictly confidential at all times. Popular examples are Blockchain and Coinbase.

The Legalities of Cryptocurrency

Cryptocurrencies operate from a gray area as there are no laws regulating their use. Since Bitcoin isnít outlawed by any government, users can freely trade and transact using the currency.

However, Bitcoin is one of the most secure digital payment methods today and the transactions are truly anonymous and transparent. Bitcoin transactions are impossible to replicate and once complete cannot be reversed.

The blockchain payment method ensures quick and easy transactions, unlike traditional deposits that can sometimes take up to 24 hours to reflect in the account. However, Bitcoin is treated more like an asset than a fiat currency. Hence, itís not a very practical mode of payment. Save for a few online casinos, you canít use BTC transactions on a mass scale.

 

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Note: Opinions expressed in the 'Articles' section of Smartgambler are those of the guest authors and are not implicitly endorsed by the owners of Smartgambler.

 


 

 

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