Why Choose Bitcoin Casinos?
Bitcoin was the first digital currency – also called cryptocurrency – to appear. It was devised in 2008 and implemented during the following two years. In its early days, when its value was still in cents, its popularity grew rapidly among the most advanced internet users. Its technology allowed them to perform all kinds of transactions between individuals completely anonymously, so it soon became the payment method of choice for virtual goods exchange markets.
To obtain Bitcoins during those years, the easiest way was to carry out a process known as mining. Thanks to desktop computers with decent computational power, users were able to obtain Bitcoins in exchange for using their machines to perform complex mathematical operations designed to validate and aggregate transactions and add them to the blockchain network. Thanks to this fact, its popularity and value grew rapidly, as it was relatively easy to put a computer to work in exchange for some money. In this way, users obtained Bitcoins in exchange for contributing to the development of the network, which was beneficial both for them and for the market.
However, small-scale mining is no longer profitable today, as there is a pre-set number of Bitcoins that can be “mined” (specifically, there can never be more than 21,000,000 BTC in circulation), and the fewer there are left to reach that number, the less Bitcoin is obtained by completing the mining of a block.
Currently, the easiest way to obtain Bitcoins is to buy them on one of the numerous cryptocurrency exchanges on the market, such as Coinbase or Binance. Each platform has its own peculiarities and its own commission rates, so it is advisable to find out which of these trading platforms best suits the user's needs.
In any case, and despite the limitations it may have due to the fact that it was the pioneer of these technologies, Bitcoin is still the strongest cryptocurrency on the market today. We’re seeing it used all over the place – in e-commerce, in purchasing both online and offline, in subscription services, and even in things like online gaming and gambling.
For example, crypto casinos have started to grow in popularity and many more people have begun using cryptocurrencies to gamble in the digital zone. There are many different options, with some even offering special bonuses for cryptocurrency users. But why? What is happening today and why do many people prefer to play bitcoin casino online, versus at a traditional brick-and-mortar venue? Continue reading to find out!
History of Bitcoin
In 2008, after the Lehman Brothers crisis, and having completely lost confidence in traditional financial institutions, Satoshi Nakamoto (pseudonym of the creator whose identity is unknown to this day) devised a project whose purpose was to decentralize the control of currencies.
The name he chose for his digital currency was Bitcoin, and the main idea was to share, through a P2P exchange network, a ledger (transaction ledger) implemented as a blockchain that guaranteed the complete security of the system.
On January 9, 2009, Satoshi implemented version 1.0 of this technology with the help of several volunteer developers, and in 2010, he disappeared, handing over control of the development to the community.
From then until 2016, Bitcoin’s popularity grew at a slow but steady pace, as its technology offered numerous advantages when making payments on the network: users could exchange money with each other securely, without the need for third parties, and completely anonymously. In addition to all this, being able to obtain a few Bitcoins in exchange for performing mining processes was a tremendously attractive possibility for anyone capable of carrying out the process.
How to use Bitcoin to deposit
As of today, many casinos accept payments directly in Bitcoin, like mBit casino. However, there are third-party fintech companies that let you exchange your BTC for the currency of your choice, so that you can deposit money at the online casino using a bank card (usually debit) provided by the fintech company.
Comparison of Bitcoin versus other payment methods
Both the advantages and disadvantages of Bitcoin (BTC) compared to other payment methods lie in its independence from the traditional economic system.
On the one hand, it allows the user to store their savings in a wallet without having to go to a bank, unlike what we would have to do with traditional money (also called fiat money). Moreover, it is such a secure system that it allows its users to operate with complete anonymity.
However, its decentralized nature means that it’s highly volatile, and it’s not backed up by any central bodies or governments. It should also be noted that all cryptocurrency exchanges charge a small commission.
How Bitcoin differs
Before deciding to trade Bitcoin or other cryptocurrencies, it is necessary to be properly informed about their respective technologies and the risks that exist in this market. The cryptocurrency market is extremely volatile, and although its growth in recent years has been extraordinary, there have also been drops in its price from one day to the next, which makes it highly advisable to exercise caution.
Bitcoin's conceptual design and technology have set the path for the cryptocurrencies that have come after it. However, despite being the pioneer, its technology is so well designed that it has stood the test of time without problems, and more than a decade after its original implementation, it continues to be one of the most reliable cryptocurrencies on the market.
