Bitcoin the Virtual Currency
In 2009 Satoshi Nakamoto created the cryptocurrency known as Bitcoin. The Bitcoin cryptocurrency is a digital form of payment, used to pay for a product or service. Bitcoin is not regulated by any financial institution or government. As this currency is not regulated, it can be very volatile and subject to dramatic changes in its value. However, even with its volatility the Bitcoin is a common form of currency gaining in popularity. The ledger for Bitcoin transactions is the blockchain. The Bitcoin blockchain is not an actual ledger, but it does have the ability to record each transaction. Anyone using Bitcoin can view the blockchain register. The register is updated on a real time basis. Each transaction is viewed immediately and available to all who use Bitcoin. This is necessary so that no one attempts to use one Bitcoin for multiple transactions.
The Bitcoins register does not provide any personal or account information about the buyer and seller in each transaction. The only items visible on the blockchain is the amount and the sequence of numbers and letters to identify the transaction. The online e-wallet is the way to store Bitcoin on a virtual network. The cloud based server is responsible for managing the virtual currency. An offline wallet for all Bitcoin transactions is available, for those who use the cryptocurrency. The offline wallet is installed on a computer. It is capable of storing all transactions on the computer hard-drive. The third choice in managing Bitcoins, is purchasing a portable Bitcoin wallet.
Casinos Attract new Clients with Bitcoin
Bitcoin is the online currency for many transactions, including gambling. Many online casinos use Bitcoin to attract new clients. Using the cryptocurrency to place a bet allows the bettor a tremendous amount of freedom. In utilizing the cryptocurrency, the transactions are transparent yet free from additional fees or delays.
The Benefits of Using Bitcoin at an Online Casino
Many online casinos quickly added the Bitcoin as a form of payment. To set up the Bitcoin account as a form of payment is very easy. Simply, access the bank section and set the Bitcoin as the preferred method of payment. Many casinos such as; FortuneJack, Bovado, and SlotoCash use the cryptocurrency as an acceptable form of payment. Once the online account is established, it is a fairly easy process to set up the e-wallet on the gaming site. There are several benefits in using Bitcoin at the online casino. Bitcoin allows access to more gaming sites that are usually restricted by current gaming laws. For example; in the United States financial institutions, (banks) may not allow transactions from unregulated gaming sites. As Bitcoin is not regulated by any government or bank this restriction does not apply when a bettor uses Bitcoin. Casinos using the cryptocurrency provide great bonuses to bettors to play bitcoin casino games.