Bitcoin is a cryptocurrency that was created in 2009 by an unknown programmer using the alias Satoshi Nakamoto.
Transactions are decentralized which means there is no middle men – meaning, no banks or other financial institutions!
There are no transaction fees and no need to give your real details like your name or phone number. More merchants are beginning to accept them: you can buy webhosting services, pizza, flights and much more!
When you pay a cheque from another bank into your bank, the bank will often hold that money for several days, because it can’t trust that the funds are available.
Similarly, international wire transfers can take a relatively long time, sometimes up to five working days. Bitcoin transactions, however, are way faster. They are almost instant. A Bitcoin transaction is mostly processed the same day.
There are several ways to get Bitcoins. The easiest and the fastest way is to use a Bitcoin ATM machine. The location of these ATM machines can be found on Coin ATM Radar. You can select your location and the tracking report will show you the closest Bitcoin ATM machine around.
First, you need to get yourself a Bitcoin wallet to be able to store your newly received Bitcoins. There are several wallets out there. If you are new to the game, it would be advisable to use Coinbase.
When you have setup your Bitcoin wallet you can go to the Bitcoin ATM machine and just get your Bitcoins by putting money in the ATM machine and scanning in your Bitcoin wallet address via a QR-code received via Coinbase.
You can also get Bitcoins and other cryptocurrencies via gdax.com which is linked to Coinbase.
Bitcoins are first of all anonymous. If you use Bitcoins to pay for a service or an online transaction no personal data is stored. The only thing being stored is a transaction number that will be stored on the Blockchain with a special code.
Blockchain is the ledger that keeps a count of all the Bitcoin transactions ever made! You can look up every Bitcoin transaction in the history of this ledger.
You can also use Bitcoin for gambling. Using Bitcoin to gamble is a good way to have fun in the online casinos and still be anonymous whilst you pay to the online casino.
Cryptocurrency gambling is coming up and it will not be long before the big operators as LeoVegas, Unibet, Bet365 and Casumo will start accepting Bitcoin as a payment method in their casino.
At this moment in time there are only small Bitcoin specific casinos that are offering Bitcoin as a global payment method but there is no doubt that the big players will follow suit soon.
A lot of countries are on the break of legalizing cryptocurrencies and online gambling, so it will be a matter of time before these two leading features in the online community will join arms together and take over the gambling world.
That is the reason why Bitcoin and other cryptocurrencies like Ethereum, Litecoin, Dash and Cobinhood will probably become the future payment methods of online casinos.[table “1” not found /]
None of the big players in the online casino world are using Bitcoins or Altcoins as a verified payment method on their website.
This will hopefully change soon with rumours as Amazon and other online shops thinking about accepting Bitcoin as a payment method on their site.