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What is Bitcoin and How Did it Come to be?
Bitcoin is based on blockchain technology. This means that all devices connected to the network know about each transaction.
18:39 22 December 2021
The creation and development of Bitcoin in its early stages is shrouded in mystery. It was created by a person or group of people nicknamed Satoshi Nakamoto. People are saying that he one of the biggest anonymous bitcoin カジノ players, but we will talk about that later. However, the creator of Bitcoin has never revealed himself and it is not known who he is. This is understandable as he has a fortune of billions of dollars thanks to the huge growth in the value of this cryptocurrency. Bitcoin was an open project from the beginning, where the community could make changes and completely modify it. Currently, this currency has quite many followers.
Bitcoin is based on blockchain technology. This means that all devices connected to the network know about each transaction. The transaction itself remains anonymous however, as both the recipient and sender only know each other's address, in the form of a random string of characters or numbers. Transfers in the Bitcoin network are fast and almost free, and most importantly completely anonymous, which is very controversial. In the early years of its existence, Bitcoin was used for money laundering, buying drugs, weapons and other kinds of shady deals. This caused the currency to have a bad PR.
Nowadays, however, there are really a lot of projects that have emerged that are completely transparent and legitimate. People are attracted to Bitcoin by the prospect of its enormous growth. Not only is its popularity responsible for this, but also its limited supply. At a time when governments are openly printing money, the limit of Bitcoin that will ever be in circulation is 21 million units. Some even speculate that Bitcoin-based cryptocurrencies will soon displace traditional money.
Bitcoin in online casinos
The speed of bitcoin transactions and their anonymity simply had to focus the attention of online casinos. This indeed happened, just a few years after the currency's inception the first Bitcoin casinos were operating. At first, they were casinos operating in the zone that didn't have any license. Only Bitcoin could be deposited and withdrawn there, not other traditional currencies. It was also related to the not so good reputation of this currency, which at that time was mainly used for illegal, anonymous transactions or money laundering.
Bitcoin is now supported by more and more casinos - including the most reputable ones.
For the past 4-5 years, the more serious online casinos have begun to introduce bitcoin to their offerings. Usually, when signing up for an account, you can choose a currency and among them is Bitcoin. Then the casino runs the balance for us entirely in this currency. Otherwise Btc is not the primary currency, but for example dollars or euros. Then the deposit in Btc is converted at the current exchange rate and the player bets in his account currency. Upon withdrawal, the player's balance is again converted into Btc and thus paid out to the player's address.
Nowadays there are really numerous online casinos that accept Bitcoin as well as other alternative cryptocurrencies. They no longer cause a sensation and sometimes quite the opposite. It is bitcoin that is becoming a mainstay of value and growing stronger as other currencies are losing more and more of their purchasing power.
The advantages of Bitcoin in the context of playing at online casinos
In a country like Japan, where it is illegal to play at foreign online casinos, the advantages of Bitcoin in the context of playing at online casinos should be obvious. Bitcoin is essentially an anonymous form of payment and tracing the initial and final recipient of a transfer requires really powerful analysis and is not always successful. Bank transfers or credit card payments are trivially easy to trace.
In the case of Bitcoin the matter is not so obvious. However, they go to a cryptocurrency exchange, which is completely legal. Then, the further fate of these funds remains unknown to the Japan services. Proving that we are gambling with bitcoins in a casino abroad is therefore almost impossible.
It also makes sense for the ordinary user. Stealing payment card data is very easy. All it takes is a special overlay on the ATM and our card data can end up in the hands of fraudsters who shop for thousands of dollars. In Bitcoin something like this will never happen because each transaction must be confirmed with a private key that is known only to us.
For bank transfers especially those made abroad the processing time is usually 3 or 4 days. Banks also usually charge a lot of fees for foreign transfers or currency conversion. Bitcoin fans usually laugh when hearing about it, because with them transfers reach the other end of the world in seconds and fees, even for sending large amounts, are negligible.
There is also the issue of ubiquitous control, because nowadays every transfer over 10000 € is automatically reported to the tax office. To avoid unpleasantness and having to explain where you got the money from, some people prefer to simply transfer with bitcoin and have peace of mind.
Disadvantages of bitcoin in the context of playing at online casinos
The Bitcoin exchange rate is quite unstable which is something to keep in mind when playing with the currency.
There are also disadvantages of bitcoin when playing at online casinos. The main danger seems to be the rather unstable exchange rate of this currency. For example, what if you win 20% more of your deposit in a casino? Bitcoin in one week may drop by 30%, so de facto we lose. Such situations are quite rare and extreme, but they have happened in the past.
Another problem with bitcoin is that many of the best online casinos don't accept it. Yes they do, young companies that are open to everyone, including young players. Big casinos with an established position on the market are very reluctant to change and a large part of them are still hesitant to include bitcoin in their payment cards.
Bitcoin is not officially a currency, but a computer token that pretends to be money. However, no country or central bank is responsible for it. This fact may discourage the most serious casinos, which declare to keep players' funds in individual bank accounts.