Bitcoin is the world’s first decentralised digital currency, which utilises a form of cryptography to secure payments and control the creation of units of currency. Although discussion of cryptocurrency models has been floating around the web since the late 90s,
Bitcoin is a type of digital currency that's created and held electronically. Unlike physical currencies such as pounds and dollars, bitcoins are not tangible, printed money, but exist exclusively in the digital space. Currently, Bitcoin is the most-well known form
Mentioning the term ‘bitcoins’ in company would have drawn blank stares just a few years ago. Bring up Bitcoin in conversation today, however, and chances are most people will have heard something about the currency. What is less widely known
Bitcoin is a digital currency, or cryptocurrency, that is created and stored electronically. It is decentralised, meaning that is controlled by its users rather than any country or central authority. Whereas banks can simply print more currency to cover debt,
Bitcoin is a digital currency that is designed to operate without the oversight of a central bank, making it much less susceptible to inflation risk than large national currencies. Although other 'cryptocurrencies' such as Litecoin have crashed on to the
National currencies are problematic: they're sensitive to inflation, the governments behind them sometimes fail, and crooks have years of experience in pinching them from merchants. Unfortunately, they've historically been the only option – at least until the development of Bitcoin's
Switching from conventional multi-currency gambling websites to Bitcoin-only sites might seem a bit daunting, but it can also be a lucrative opportunity. There are a range of pros and cons that users should consider before signing up, especially now that Bitcoin gambling sites are becoming increasingly competitive.
Bitcoins are a cryptocurrency, or virtual money with a value that is dictated by supply and demand unconnected to any single country or government. A maximum of 21 million Bitcoins can be in existence at any one time – once "mined", they can be bought or sold on Bitcoin exchanges, and used to purchase or play on selected websites.
Bitcoins can be stored in two ways. Software like Blockchain or Greenaddress store them in a cloud, in a similar way to PayPal or Neteller. Software like Electrum or Darkwallet is downloaded onto your computer, and the coins are stored on your hard drive.
Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week. Bitcoin transactions are usually complete within minutes.
Bitcoin casinos have no transaction costs. All transfers are peer-to-peer, so there are no middlemen to pay. Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
Some Bitcoin casinos claim they are immune to economic turmoil because they are a virtual currency, but it is true that their value can fluctuate following major events; after the collapse of trading platform Mt Gox, for example. It should be noted that some multi-currency online casinos only accept deposits and withdrawals in selected currencies, which can make exchange rates and conversion fees a costly additional consideration.
Under conventional banking systems, powerful bodies maintain advanced security systems. There are also insurance systems in place, and secure middlemen like PayPal who guarantee funds.
Yet Bitcoin gambling websites argue that cryptocurrency transfers are more secure because they are anonymous, peer-to-peer transactions. When funds are transferred, a security certificate between the two parties is generated and approved by virtual software. In contrast, forms containing personal data and credit cards details can be hacked, and used to steal funds.
Whether you are considering a multi-currency site or a Bitcoin-only gaming site, it is vital to check that it is licensed by the UK Gambling Commission, which has been required since November 2014. Ensuring the validity of a Bitcoin gambling site's regulation is vital. Licensed websites usually display the Gambling Commission logo on their footer.
Most gambling websites also regularly commission independent testing companies like eCOGRA or GLI to confirm that the random number generators in their games are fair, and to assess their return to player percentages. Ensure that the Bitcoin gambling site you choose carries these tests out.
Bitcoin-only websites can operate from anywhere in the world, so it's not always immediately obvious where they are based. Some Bitcoin casinos can be licensed outside of the UK, which may be at odds with your local laws, so it pays to check.
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