What, exactly, is Bitcoin?
Bitcoin was invented, and is used, as a form of digital currency. It is held through electronic means and created through electronic means. There is no central control over Bitcoin and the currency cannot be printed out like other forms of money.
Bitcoin is produced by the people, for the people, in all regions of the world. Bitcoin is also considered to be the first and most prominent example of "cryptocurrency", a monetary category that is experiencing continuous growth, with no end in sight.
It is different from most forms of conventional currency because it can be used electronically, without ever being able to be touched in a tangible sense by the consumer. It is decentralized, which means that no single institution wields any form of control over its usage. For those who do not wish to allow banking institution to control their money, this comes as a major relief.
One of the greatest benefits to using Bitcoin as currency is that there is no chance of anything, or anybody, creating unlimited Bitcoins. Only 21 million can be created by each individual miner. The Bitcoins can then be divided into much smaller parts, and the smallest unit of bitcoin currency is the one hundred millionth.
Naturally, the next most important question that needs to be answered about Bitcoin is a simple one...
Is Bitcoin a good investment?
Because of the aforementioned cap on the number of coins that be created with the use of Bitcoin, it makes for a great investment, due to the scarcity. In this sense, Bitcoin compares favorably to gold, which is also a commonly touted "safe" investment because of its scarcity. Bitcoin is also far more likely to be lost or misplaced because of forgotten passwords and the abandonment of nearly empty online wallets. This increases scarcity and makes for an even safer investment.
Unlike other forms of investment that tie your money up and make it difficult to access, Bitcoin is able to be accessed quickly, at any time that works for you. Other investments will keep your money locked away, in a place that cannot be reached on a consistent daily basis. Bitcoin, on the other hand, can be used to make a variety of mundane daily purchases, allowing you to make your next trip to the supermarket a breeze.
Bitcoin is actually safer than banks in many ways. Investing in Bitcoin provides you with a valuable hedge about inevitable banking crises. Keeping your money in the bank used to be regarded as one of the safest possible places, but we have learned in recent years that this simply is not true. Best of all, Bitcoin investment is open to all, not just those who are accredited investors, lending a truly democratic feel to the proceedings. Clients who live in countries with checkered banking histories readily enjoy the level of unprecedented safety that Bitcoin provides.
Why is Bitcoin a good form of payment for online gambling?
Quick and Easy
In many instances, gamblers who bet online with Bitcoin are able to enjoy transactions that are 100 percent free and take place in a rapid manner. When you need to place a bet quickly, you do not always have time to deal with all of the extra headaches that come with traditional gambling methods. For quick and easy bet placement, Bitcoin definitely fits the bill.
The majority of Bitcoin enabled casinos will not ask for a transaction fee, greatly reduced the total amount spent by online gamblers over the long haul. If a fee is levied, it is typically very small and kept under 1 percent. Other gambling outlets rely on these fees and bank on their customers refusing to cash out so that they can avoid them.
Increased Navigational Abilities
Let's say you are investigating one sportsbook and are ready to place a bet, when you suddenly find a much better offer on a different one that is only valid for a certain period of time. With traditional payment methods, easy navigation between sportsbooks is not available to you. With Bitcoin, you can move from one sportsbook to another, at the drop of a hat.
While there is usually no such thing as an instant payout, Bitcoin casinos are known for their ability to provide a much quicker payout than their traditional counterparts. If the withdrawal has been properly verified, you can have the money wired into your e-wallet within 24 hours of victory. In certain instances, these transactions can even be completed within an hour.
Face it: most of us have felt cheated at some point during an online gambling session. But Bitcoin casinos have adopted a model that is based on provably fair play. These casinos publish their algorithms, which can be examined by the player, so that they can easily determine whether they have been cheated or not.
Bitcoin is the wave of the future and before long, more and more people are going to be using it for a variety of daily functions. In the meantime, it is a quality investment and a great way for gamblers to make gaming simple. Those who bet online with Bitcoin are able to experience a myriad of benefits.