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 didn’t 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 don’t 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 – 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 – 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 – 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 aren’t
free and can cost anywhere between $100 and $200.
4. Web Wallets – These are the most advanced
storage options in the market and facilitate access
while on the move. Whether you’re accessing a web
wallet from the desktop or smartphone there isn’t
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 isn’t
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, it’s not a very practical
mode of payment. Save for a few online casinos, you
can’t use BTC transactions on a mass scale.
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