Launched in 2008 with market capitalization in 2017, Bitcoin is the oldest and best-known cryptocurrency. It really took off only in 2017 but was already the market leader well before that. The year 2019 was very eventful and at the end of it Bitcoin doubled its value. Bitcoin is not the only cryptocurrency that has succeeded, among others, Ethereum has undergone an increase of 775%. All this is excellent news, given that the market is expected to be worth about $4.5 trillion by 2020. The name Bitcoin comes from English, BIT being a binary information unit, and COIN being a coin.
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Cryptocurrencies, of which Bitcoin is the first and most successful, is a peer-to-peer payment system. It is also used as a valuable reserve. The cryptocurrency system is decentralized because it takes place without any central authority or single ruler. Bitcoin, the largest cryptocurrency, had a capitalization of $130 billion in early January 2020.
Bitcoin Gambling Explained
Bitcoin casinos are not so different from other online casino websites. Everything is done using software in both cases. Bitcoin casinos, which has a large number of users, generally develop their own new software. The others simply buy an existing software.
It is this software that is the “game leader” and perform everything needed. It is very important for the software to be totally fair, which is why the best algorithm software are used. It also demonstrates the transparency and fairness of the website to its users.
They are becoming more and more popular around the world and this is due to some unique advantages:
- The first and foremost one is total anonymity for both users and their transactions.
- The second is the transactions speed.
- The third is the fact that websites do not charge fees for transactions.
- There are no limits to transactions.
- Bitcoin being digital it is readily available and accessible worldwide 24 hours a day.
USe Bitcoin in casino, How to Buy it
Here is how to buy Bitcoin for your online games:
- Search through Bitcoin wallets to find the one that’s right for you. There are many of them: Coinbase, Blockchain, Exodus, Trezor, Electrum or Mycelium and more. Everyone has its own advantages, so it is worth reading the information about each of them before making a choice.
- Create an account on the chosen site (Kingbit for exemple), enter the requested information and login into your account. Some websites demand a copy of an ID card.
- Once there, click on your name at the top right, that’s where you’ll find the settings. On the drop-down list click on “payment methods”.
- In the list of payment methods choose the one you want to use. Generally, there are credit or debit cards, PayPal, or bank transfers. If the method you want is not listed, click on the top right on “Add Payment Method”, if possible, and enter your choice.
- Fill all the fields with your credit card details.
- If your credit card has been added, you will see a sign with “Debit Card Added”.
- To finish, enter the amount of Bitcoin you want to buy and click on Bitcoin Buy. These will be immediately added to your account.
When it comes to using them, it is even simpler:
1. For deposits
- · If you don’t have an account on an online gaming site open one after choosing a website you like.
- · Go to the “cash” section of the site.
- · Select Bitcoin as a deposit method, you will see on the screen a unique web address for your account.
- · Go to your Bitcoin wallet account and enter this address in the tab to send Bitcoin.
- · Enter the desired amount and confirm your transaction.
- · The transaction will be completed in a matter of minutes.
2. For withdrawals
- · Sign-in your account, go to the “cash” section of the site.
- · Select Bitcoin as a withdrawal method and enter the amount of money to be transferred from your account. You will receive a unique web address for your account.
- · Go to your Bitcoin wallet account and enter this address in the tab.
- · Check all the details, casino address, transaction amount.
- · Click “withdrawal” and the transaction will be completed in a matter of hours.
As explained above, in order to use cryptocurrencies, players must open a special wallet for the currency they want to use, in our case, Bitcoin. These portfolios are specially adapted software to the creation of accounts. They take care of the construction and sending of transactions or allow the consultation of accounts.
In these portfolios are all the user’s private data, especially the address, and the two keys, the public and the private for each of his accounts. Other data can also be added, such as information on account balances or available transactions. It is the Bitcoin wallet that will create the address or address. Each Bitcoin address also has two keys, public and private. The public key is the address fingerprint, the private key is a password.
Mining is an accumulation of transactions that are grouped into “blocks.” Each block has a registration with the date and time, the number of transactions made and the size of the block.
There is also a fingerprint that is added, that is, a number that serves as an identifier and prevents any change in the block.
Bitcoin block chains can be compared to a public book containing all transactions made. These block chains are created in a multitude of copies managed by “network nodes,” the name given to “miners.”
These miners are the verification software for all Bitcoin transactions.