Bitcoin Gambling Guides, These Guides Will Help You
Bitcoin Gambling Guides The rapid growth of Bitcoin has been nothing short of exceptional. There was very little publicity for this digital currency when it was launched less than ten years ago, but it’s subsequently become a genuine phenomenon. There is now widespread interest in Bitcoin, and it continues to go from strength to strength.
Bitcoin was almost worthless at the outset. In what is believed to have been the first “real-world” bitcoin transaction, 10,000 units of the currency were used to purchase two pizzas. The value of this cryptocurrency has increased exponentially since then, and 10,000 units today are worth MILLIONS of dollars. Those who bought into the currency early made life-changing sums of money.
Although not yet considered a “mainstream” currency, it does have a number of practical uses. One of these is gambling. Bitcoin can be used for making deposits and withdrawals at many of the leading online gambling sites, and there are several advantages to doing so.
The problem is that a lot of online gamblers don’t really understand Bitcoin. We’ve recently been inundated with queries about using Bitcoin for online gambling, and many of these queries have come from people who know virtually nothing about this digital currency.
That’s why we’ve put together this comprehensive guide to Bitcoin and Bitcoin gambling. We’ve covered all the basics you need to know about this popular cryptocurrency, such as how it works and the technology behind it. We’ve also explained how to use it for your online betting and gaming. There’s plenty of additional information, too, including a look at Bitcoin investment and trading.
Full details of what’s in this guide can be found below. We’ve split the page into the following sections, making it easy to find anything specific that you might be looking for.
Bitcoin Gambling Guides Currency Explained
There are all kinds of reasons for wanting to learn about Bitcoin. Some people are interested in using the currency to gamble with, as we’ve mentioned, while others want to explore the investment opportunities it presents. Some people are simply curious to find out what all the fuss is about.
A lot of people don’t get much further than WANTING to learn about it. Despite having an interest, they find the whole subject of digital currency somewhat overwhelming. They hear unfamiliar words like “cryptocurrency” and “blockchain” and decide it’s all too much to take in.
We understand this. Bitcoin is different from the traditional currencies that we’re all used to, and the technology and processes involved are far more complicated. But here’s the thing: the basics of Bitcoin are actually quite straightforward. And once you understand the basics, the more complex aspects start to make a lot more sense.
The first thing that you should know about Bitcoin is that it’s classed as a cryptocurrency. You’ll hear terms like “virtual currency” and “digital currency” associated with it, too, but cryptocurrency is the more accurate term. What is cryptocurrency?
Cryptocurrency essentially has three defining features. The first is that it’s entirely digital. You don’t get Bitcoin notes or Bitcoin coins. Cryptocurrency is effectively a “virtual asset” that can be transferred between parties electronically.
The second defining feature of cryptocurrency is that it uses cryptography (hence the name) to create new units and to store and verify transactions. We won’t get into the detail of cryptography itself, as that’s where things start to get complicated. In simple terms, though, it’s a form of encryption. You can read more about the subject here if you’re interested.
The third defining feature of cryptocurrency is perhaps the one that makes it so appealing. Unlike traditional currency, cryptocurrency is not controlled by any bank, government, or other central authority. It has a limited supply, and its value is dictated solely by market forces. The absence of central control also means some transactions can be made completely anonymously.
Bitcoin was the first cryptocurrency of note, and it remains the most prominent, but there are actually several cryptocurrencies in circulation at the moment. There are new ones launched on a regular basis, too. Although many cryptocurrencies fail to gain much traction, some have established themselves as viable alternatives to Bitcoin.
We have a separate section on our site that’s dedicated to cryptocurrency in general, rather than Bitcoin specifically. You’ll find all kinds of useful information there, including a more detailed explanation of exactly what cryptocurrency is and how it works. CRYPTOCURRENCY GUIDE
Most cryptocurrencies work in pretty much the same way. They are created electronically, usually as a reward to users for completing certain tasks. Bitcoin, for example, is created as a reward for solving complex mathematic functions and recording transactions of the currency onto a public ledger. This process is known as “mining.”
Users must have a Bitcoin wallet to receive the currency they earn. A wallet is also required in order to buy Bitcoin, as it’s basically the only way to store the currency. The buying and selling of Bitcoin typically take place on public exchanges, although transactions can also be made privately on a peer-to-peer basis.
Don’t worry too much if this doesn’t make much sense to you right now. We’re just trying to give you a basic overview of what’s involved in this stage. We’ll shortly point you in the direction of some other pages in this guide that explain everything in more detail.
The following graphic provides a neat summary of the basics we’ve just outlined.
Are you ready to learn more now? Then you should check out the following pages. Combined with the information above, these will give you a solid understanding of this currency to build from.
Getting Started With Bitcoin
The step from learning about Bitcoin to actually OWNING Bitcoin is a big one. It can be a daunting one, too, no matter how well you understand all the basics. But we’re here to help, and we’ll try to make the process of getting started as easy as possible for you.
First of all, you’ll need to set up or purchase a Bitcoin wallet. As we mentioned earlier, this is the only way you’ll be able to store any currency you buy, mine, or receive from other sources. You have several options here, which we explain fully on the following page. We also provide some recommendations for which wallets to use.
Once you have your wallet, you’ll want some Bitcoin to put in it. There are three main ways for you to obtain the currency, and these are as follows.
- Mine bitcoin
- Buy bitcoin with traditional currency
- Receive bitcoin as payment for goods or services
Let’s take a look at what each of these options entails.
Mining is the hardest way to obtain Bitcoin, especially if you do it on your own. It’s a complex process that requires significant computing power to be effective. You’ll have to invest money in expensive specialist equipment and time in setting that equipment up. It’s not really something we recommend for most people.
There are, however, some alternatives to mining Bitcoin on your own. You can join mining pools, for example, where you work with others. Or you can use cloud mining services, where you basically pay to have the mining done remotely on your behalf.
The following article explains all about Bitcoin mining in more detail.
Buying Bitcoin with traditional currency is the easiest and most straightforward way to start filling your digital currency wallet. It’s not entirely unlike swapping one traditional currency for another when you’re going overseas. There are just no banks or financial institutions involved.
It’s possible to purchase Bitcoin privately from someone you know, or from online marketplaces. Believe it or not, there are even specialist Bitcoin ATMs where you can buy the currency using cash. The most common method is to use exchanges, though. These are online platforms where you can typically trade any traditional currency for Bitcoin or other cryptocurrencies. You can also make trades between different cryptocurrencies.
There are two pages in this guide that will help you with buying Bitcoin. The first is a comprehensive article on all aspects of buying and selling the currency. The second explains how exchanges work in more detail and includes a list of ones we recommend using.
Receiving Bitcoin as Payment
As Bitcoin has grown in popularity, the currency is increasingly being used as a way to pay for goods or services. If you’re a seller of either of these, then you might want to consider accepting it. Especially if you’re selling goods or services online. It’s easy for your customers to make Bitcoin payments online, and it’s easy to set things up so payments go directly into your wallet.
So, you’ve now learned a little about how to get ahold of some of this cryptocurrency. And we’re pretty sure we know what your next question is. What can you actually DO with bitcoin?
The simple answer to this question is “almost anything.” You can’t spend Bitcoin EVERYWHERE you can spend traditional currencies (yet), but there are certainly lots of places where you CAN spend it. Many online retailers accept Bitcoin as payment, including some major ones, and they’re are all kinds of other places you can spend your digital currency, too.
We’ve already mentioned that it can be used for online gambling, and for the purposes of investment and trading. They’re particularly common uses of Bitcoin, so we’ve dedicated whole sections of this guide to them. We’ve covered other uses on the following page.
Bitcoin & Bitcoin Gambling
Although we cover a variety of subjects on GamblingSites.com, our website is ultimately (and somewhat obviously!) primarily focused on gambling-related topics. It’s only natural, then, that our Bitcoin guide includes plenty of information on using this currency to gamble.
The use of Bitcoin for online gambling has increased dramatically in recent times. It wasn’t that long ago that there were only a couple of sites accepting digital currency, but that’s all changed now. With a growing number of gamblers choosing to use Bitcoin for their gambling transactions, sites have HAD to adopt the currency or risk losing customers.
Bitcoin offers several advantages to online gamblers. There are some disadvantages, too, but for many, the pros outweigh the cons by quite some distance. Bitcoin is especially useful for gamblers in America.
You might not understand why this is if you’re not from America, so let us explain. Online gambling is something of a challenge in the United States, thanks to a piece of legislation called the Unlawful Internet Gaming Enforcement Act (UIGEA). This was passed back in 2006, and contrary to popular belief, it didn’t actually make online gambling illegal.
What it did do, however, was make it illegal for banks and financial institutions to process online gambling transactions. As a result, many of the leading gambling sites pulled out of the US and stopped accepting American customers. This left American gamblers with much less choice of where to bet and play and most of the sites they could use were facing challenges in processing deposits and withdrawals.
Most US-friendly gambling sites still face those challenges today. The best ones have found ways to overcome the problem to some extent, but they’re not always able to process transactions as quickly and effectively as they’d like.
If you live in the United Kingdom or another region where online gambling is fully legalized and regulated, you’re probably used to instant deposits and fast withdrawals. Online gamblers in the US are not so lucky. Deposits can take a little while to be authorized, and withdrawals regularly take a few days or longer.
Bitcoin solves this problem. Because this currency is not regulated or controlled, it’s MUCH easier for gambling sites to process transactions. Deposits are usually more or less instant, and certainly faster and more reliable than other banking options. Withdrawals are often received by customers in a matter of hours, which is a huge improvement.
Most of the other advantages of gambling with Bitcoin have nothing to do with where you live. So, regardless of your location, it’s worth looking into using this currency for your online gambling transactions. The following page explains all about the pros and cons and includes the information you need to get started.
In addition to the above page, we’ve also written individual guides to use Bitcoin for each of the most popular forms of gambling. These include further recommendations for good sites to use.
Why have we recommended MORE sites? It’s simple, really. The sites we listed at the top of this page are the ones we consider the best “all-rounders.” They’re good for all the different types of gambling, so they’re good options if you enjoy multiple gambling activities.
Some sites, however, are particularly good for specific types of gambling. These aren’t always great at everything, though. For example, one of our favorite sports betting sites has a terrible selection of casino games. We’d never recommend that as a good all-rounder, but it features in many of our lists of recommended sports betting sites.
Please note that these pages aren’t JUST about recommending sites. They contain all kinds of other useful information, too.
The next page in this section lists some of the most popular gambling games you can play using Bitcoin. This list features several traditional casino games, as these are available at most Bitcoin gambling sites. There are also some additional games that you don’t typically find at standard gambling sites and online casinos
There’s a reason why Bitcoin gambling sites usually have games that are not available elsewhere. Because of the way Bitcoin works, it’s possible for these sites to provide what are known as “provably fair” games. Here’s a quick explanation of what this means.
Provable fairness refers to the technology used by bitcoin casinos and gambling sites to verify the outcomes.
This allows players to confirm that the outcomes were true and fair without any adjustments or manipulations by the gambling sites between when the bet was placed and when the outcome was revealed. Source – https://en.bitcoin.it/wiki/Provable_fairness
Now, if you play at reputable and legitimate online casinos, then you’re going to be playing fair games anyway. They don’t need to prove fairness in the same way, as they’re subject to third-party audits due to the regulatory requirements they’re required to adhere to.
However, there are plenty of gamblers who are cynical about the fairness of online casino games. We know a few people ourselves who are absolutely convinced that all online casinos are fixed and designed to rip you off. This is completely irrational, as casinos already have the advantage of the house edge without needing to do anything unethical.
There have been some cases of crooked online casinos rigging their games, but such casinos are very much in the minority. Nonetheless, there are probably always going to be gamblers who don’t even trust reputable operations. Provably fair gambling would appeal to them, as they can check for themselves that the games are performing as they should. This is another major advantage of Bitcoin gambling and something we explain in more detail on the following page.
The final page in this section is a must-read. It features expert tips for ensuring you get the best possible experience when gambling online with Bitcoin. We can’t promise that our advice will turn you into an instant winner, but it will certainly improve your chances.
Investing In Bitcoin
Some of the earliest investors in the first true cryptocurrency paid just a few cents for each Bitcoin. If you had made a $100 investment in 2010, you could have cashed out for around $20 million in 2017. Yes, you read that right. You could have turned $100 into $20 million in just seven years.
No one knows how many people have become millionaires through investing in Bitcoin, but we’re pretty sure there’s been more than a few. There are even reports of people making BILLIONS from their investment.
Before you get too excited and start investing your life savings, we have some bad news. Buying Bitcoin now is NOT an easy way to get rich. That ship has sailed, unfortunately. Many believe that the currency will continue to grow in value, but any future growth is unlikely to be as explosive as it has been. There’s every chance that Bitcoin could go DOWN in value too – possibly significantly. The price of bitcoin is EXTREMELY volatile.
Although the general trend of Bitcoin’s value has been upward, there have been some wild fluctuations over the years. And there will probably be many more to come, too. This is not an investment for the faint of heart.
It’s still an investment worth considering, though. There are risks involved for sure, but as with any currency or financial instrument, there are opportunities for making money by buying and selling at the right times.
What are the right times? Well, that’s the difficult bit. It’s all very well saying you need to buy low and sell high, but with this digital currency, it’s hard to know what the price is going to be in the next day or two. Never mind in the next week or month.
“Hard” is not the same as “impossible,” of course. And although we can’t tell you exactly when to buy and when to sell, we can help you to make informed decisions for yourself. Our article on Bitcoin trading and investment explains everything that’s involved and offers some useful advice for maximizing the opportunities for profit. We’ve also compiled a list of the best brokers and trading platforms you can use.