The Bitcoin currency is one that is virtual, meaning you can’t get your hands on anything tangible. Instead, it exists only on the Internet and has been designed to be used as a way to make payments to other users but without having a central authority to act as a middleman. The bitcoin was invented in 2008 and has become quite popular since its inception and its value has fluctuated from a low of $5 to a high of $1,200.
What makes this digital currency special is the fact that it can’t be replicated thanks to its encryption. Those who purchase bitcoins are given a bitcoin wallet and all transactions of bitcoins are sent via a bitcoin key, which is like a license key. Instead of going through a middleman like PayPal that can verify the transactions sent or received, the network that is formed out of peer to peer action is the one that self verifies each transaction sent. While it still has its risks, this type of payment has smaller fees attached to the sending of funds to user’s accounts and those accounts cannot be frozen or have payments reversed.
There are two ways to get bitcoins. The easiest one is to simply pay for them by using real money and typical payment systems (credit cards, PayPal, etc). The other method is mining, where a player uses his computer to create more bitcoins, but the amount of time and power required to get results is worth more than the value of the bitcoin that is created and few succeed at this method.
The lack of the central authority means that the community makes the decisions instead. When new versions of the software are implemented the users get to decide if they want to use it or not.
How to start using Bitcoins
The first step would be to create a Bitcoin wallet at one of the many websites that offer this service. You will be able to buy an amount of this type of currency on the market after that and you will be able to make payments on websites that allow it. You will be able to buy one or more Bitcoins, or you can buy just a fraction of one.
Using Bitcoin at Casinos
This being a currency, if a casino offers it as a payment method then you will be able to use it. Typically the casino generates a bitcoin address that you can use to make a payment from your wallet. Withdrawals can be made through the same method, just as easily.
One big advantage of the Bitcoin is that it is not subject to supervision from the government and you don’t pay taxes on it. It exists only online and you usually can’t use it for any other purpose unless you exchange it for hard currency.
A possible advantage or disadvantage is its huge volatility, meaning that one day a single unit of this currency can be worth $600, while the next day it might be worth either $500 or $800.
There are specialized casinos right now that accept the Bitcoin as their only currency, so all your wagers are made using it and the winnings and payments are processed in the same way.