Below are casinos that accept Bitcoin as a form of banking. Bitcoin is the first decentralised digital currency that you’re very likely to have heard of at least once in your life. Unless you went forward and explained its mechanisms for yourself already, have a read through below to get the basics. T&C's apply to all bonus offers on this site. Click for a list of all banking methods.
What is the Meaning of Bitcoin?
Because money is just practically any sort of record, Bitcoin is uses cryptography to control the creation and transfer of money, instead of relying on the centralised system controlled by the authorities. This currency is managed collectively by the network and its inflation is distributed evenly to miners who help secure the network.
How to Get Bitcoins
You can buy Bitcoins on various globally verified Bitcoin Exchange websites that can be filtered by countries or directly from other people who own them. Such way of acquiring them requires regular currency, of course.
However, there’s one other way to get them and it’s called mining. This is simply a process of spending computation power to keep the whole system running. As processes become complex as time moves on regular users are invited to use mining pools that makes it easier for them to join in.
What actually happens and how it all works is a little complicated if you’re not an experienced programmer. However, keywords that you may take with you are: the block chain (balances), private keys (transactions) and mining (processing).
Advantages & Uses
Without clear advantages Bitcoin wouldn’t stand a chance to compete with the real currency even a bit. Because it’s a peer-to-peer system there are no mandatory processing fees or mediators that are hungry for profits. People can send payments anywhere they are without revealing their identity even on mobile phones.
Business owners can enjoy irreversible payments that don’t penalize the participants and eliminate fraud; no PCI compliance associated with credit card processing and increases their market share as well as customer awareness by accepting this new way of payment.
It’s made really easy for developers too. Bitcoins are relatively popular and there are many third party APIs to choose from, in case storing them on your own server and processing them is not the main motivation. They are very good for donations and tipping systems too, thanks to the cheap micro payments and simple payment solutions that are now possible to conduct because of the whole new system. Because transactions, per se, are transparent, such contributions can be visible for the public.
Are There Disadvantages?
Because of its young economy the price of a Bitcoin can change dramatically in a very short period of time. That’s why it’s considered as a high risk asset that shouldn’t be really kept as savings just yet. Moreover, every Bitcoin is something that’s exchanged for time and effort.
Bitcoins are currencies and highly protected as any other valuable. As long as regular users take necessary precautions to keep their wallets secure, relevant encryption protocols and thought-through policies will take care of the rest. Some of the recommendations offered by the organisation itself include regular backups, additional encryption, regular Bitcoin address changes, offline wallet/cold storage, software updates and multi-signature protection, for example.
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Posted by CCJ Team