Once thought of as nothing more than a passing tech trend, Bitcoin and cryptocurrency are now an ingrained aspect not only of currency exchange and investment but also of many industries. Nearly every sector has introduced some aspect of blockchain technology to its value chain or processes, and blockchain technology is only growing in popularity as its potential is being expanded upon.
If you have never invested in Bitcoin before, the process of buying crypto can seem overwhelming and uncertain. Unfortunately, if you want to engage in the world of crypto and all it has to offer, at some point, you will need to learn how to navigate crypto wallets, exchanges and ledgers.
This brief guide will break down everything you need to know about how to buy Bitcoin and what you can do with crypto once you have purchased some.
Bitcoin was the first cryptocurrency to ever be created. A cryptocurrency is a digital, decentralized currency that is generated through a process called mining, which involves computers solving incredibly complex math problems.
Those who mine Bitcoin can hold their Bitcoin as an investment or sell it on crypto exchanges. The transfers of Bitcoin are recorded in a fully public, and anonymous, ledger. Transfers of Bitcoin are compiled into blocks, which make up the blockchain.
If you are interested in buying Bitcoin, you can simply make an account on one of the cryptocurrency exchanges available online, create a crypto wallet and then make a purchase. Crypto is also becoming a very popular investment instrument, and it is now commonly treated as an investment rather than used as a currency.
What is a Bitcoin casino?
A Bitcoin casino is similar to any other online casino or betting platform with one very important difference – it accepts Bitcoin for deposits. Some crypto casinos include crypto wallets as one of their many payment options and others only facilitate deposits and withdrawals in crypto.
Crypto and Bitcoin casinos have many of the same games which you would find on any other casino, including table and casino games, live games and slot machine games. Bitcoin casinos should also be licensed by regulators and have a customer support system in place which you can rely on when needed.
How crypto casinos operate
Crypto casinos operate in much the same way that other online casinos do. Interested users register with the casino and create an account, they then connect their crypto wallet to their casino account and deposit the amount of money they would like to gamble with.
Gamblers can then play whatever games they are interested – perhaps even one of the crypto-themed slot machine games, such as Satoshi’s Secret by Endorphina.
What are the benefits of playing at a crypto casino?
One of the primary benefits of playing at a crypto casino is the privacy which playing with crypto affords. Cryptos such as Bitcoin have a fully public ledger, but crucially, the ledger is anonymous, and you cannot readily decipher who is who on the blockchain.
This means that gambling at crypto casinos is ideal for anyone who wants to maintain their privacy online. This could include people who are living in countries where online gambling is not yet legal that need to use a VPN to access these platforms.
Crypto is also considered quite a secure payment method, especially when compared with other payment types, such as MasterCard, Visa and bank transfers. While it is possible for someone to lose their crypto wallet or have it stolen, it remains incredibly difficult for hackers to break into hardware crypto wallets.
Why are Bitcoin casinos becoming popular lately?
Bitcoin casinos have recently exploded in popularity because the market value of Bitcoin has declined and crypto markets generally have taken something of a tumble. This has led to many people who were hoarding their crypto becoming more open to spending it, including spending it at online casinos.
Another reason why crypto casinos have grown in popularity is that crypto is becoming a much more mainstream, widely accepted technology. Whereas in the past many people would be unsure or distrustful of using crypto on online casinos, now it is fairly commonplace to invest in crypto or use it for goods and services.
Hopefully this article has provided you with some context about the large and varied world of cryptocurrencies and Bitcoin. Blockchain technology is only going to grow in importance for the next few decades, so we are likely to see even more crypto casinos soon.