How bitcoin casinos work?
Before we get into the logistics of how bitcoin casinos work, what is important to understand is what exactly a bitcoin is. As many of you may already know, the bitcoin is basically a cryptocurrency and the concept of the bitcoin was devised by a mysterious person who called himself or herself Satoshi Nakamota, till date, the true identity of this person remains a mystery.
Only two years after it came into existence, the bitcoin has surged to great heights and is today a very popular form of currency. Each bitcoin is (as on the date of writing) equal to $565.28 US Dollars. The bitcoin is now widely accepted by some of the biggest companies in the world such as Amazon, Kmart, Target and several others. The bitcoin is a peer to peer currency and this cuts out the need for a middleman, the advantage of this is that bitcoins are not subjected to over regulation, they are untraceable and maintain anonymity, they do not incur and transaction fees or processing fees, and bitcoin users can avail services from anywhere in the world (services which otherwise would not be available to them using other traditional forms of currency).
From all these advantages associated with the bitcoin, it is easy to see why the bitcoin would be such a great form of currency to use especially in the case of online gambling. In fact, statistics have shown that nearly 40-50% of all bitcoin transactions globally are associated with online bitcoin gambling or bitcoin casinos.
The rise of the bitcoin casino
Now that you have an understanding of what a bitcoin is, we can move on to bitcoin casinos. We all know that only a few decades ago, online casinos itself were unheard of, the only casinos that existed were real, tangible, land based casinos, however, online casinos revolutionized the casino industry as they offered consumers the ability to gamble from anywhere, at any time and also gave them a private and to some extent, an anonymous way to gamble.
Bitcoin casinos work pretty much exactly like traditional online casinos, but the only difference is that they accept payments in bitcoins and make payouts also in bitcoins and this allows for near instantaneous payouts.
Some bitcoin casinos only deal with bitcoins where as some others are hybrid casinos which accept bitcoins and other forms of traditional currency such as Euros, Dollars, AUD, etc. Thanks to the inherent advantages that come along with bitcoin usage, bitcoin casinos are growing more popular by the day and will very soon take over the crown from traditional online casinos say experts in the industry.
How you can acquire bitcoins?
Bitcoins can be bought or sold just like any other form of currency. There are many online bitcoin exchanges where you can check their buying and selling rates for bitcoins and proceed to make a payment and receive bitcoins accordingly. Some of the most popular bitcoin exchanges are Kraken, Bitstamp, Bitfinex, BTC – e, Justcoin, Coinbase, etc.