A Guide to Bitcoin

Bitcoin is a word that will be heard more and more in the future when talking about the online and mobile casinos. The concept and reality of the Bitcoin was created by Satoshi Nakamoto in 2008 and it was not until January 2009 that the first 50 bitcoins were mined. The mining of a bitcoin is the creation of the bitcoin that is made up of a series of complex algorithms. There is a finite amount of bitcoins available but not all have been mined yet, in total there will be 21 million bitcoins available. At present the bitcoins that have been mined, i.e. created, are available in the market place for trading.

Bitcoins for Casino Use

A casino player who wants to place bets and benefit from winnings in Bitcoins needs to find a casino that offers bitcoin as one of the payment options. More and more online and mobile casinos are starting to offer bitcoin as one of their payment options because they are noticing the increased popularity of this unique electronically traded cash. A player invests in a number of bitcoins by purchasing them online using a credit or debit card. Before purchasing the bitcoins the player needs to choose a wallet to hold his bitcoins. The wallet can be held online, as software or as hardware on his computer. The hardware wallets are the most reliable and secure but many players like to be a little bit more flexible and hence opt for the online wallet. A player can hold more than one wallet and transfer his bitcoins between wallets when he is ready to play at the casino. Once the player has created his wallet all that remains is for the player to purchase his bitcoins. The purchase can be made through a registered trader or the player can go direct to the bitcoin website in order to purchase directly. A direct purchase takes at least 24 hours to clear whereas a purchase through a trader clears instantly and the player is immediately ready to place bets with his bitcoin. It is recommended not to use peer to peer trading of bitcoins unless the player is 100% sure of the source of the trade since there have been some issues with peer to peer trading. A player should never use the same bitcoin address in order to avoid any fraud.

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The Many Advantages of Secure Bitcoin Use

The advantage of using bitcoin for online casino play and mobile casino play is that it is instant, it can never be blocked and it can never be frozen like a bank account or a credit card unless the whole internet is shut down. The bitcoin is becoming more and more popular and as a result the value of the bitcoin is going up. Casino players may use their bitcoins at a number of different online and mobile casinos and they are also able to use their bitcoin winnings are multiple retail outlets online and now even coffee shops such as Starbucks where bitcoin users receive a handsome discount. Before the bitcoin becomes too expensive it is a good idea to invest in them.