Using Bitcoin to Gamble Online
Bitcoin, as well as other cryptocurrencies, has become a popular method of banking for many who enjoy betting or wagering online, due to the few ‘perks’ from using bitcoin compared to other limited banking options.
The actual process of how these perks are created or ‘mined’ can be lengthy to explain, but essentially, they are created as a type of reward system for recording processed payments to a public ledger. Users are paid with transaction fees and newly created bitcoins, called ‘mining.’
There are 25 bitcoins to a ‘block’ – and one block is created every 10 minutes. Back in 2016, this was cut in half to 12.5 bitcoins to a block and will be cut in half again until all the bitcoins are mined to a grand total of 21M bitcoins. It is estimated that this number will be reached by 2140.
You can buy bitcoin from the bitcoin store, called exchanges, where you will then need to create an account.
There is high demand for bitcoin because the supply is finite, although some experts say it is a pretty volatile investment i.e. the value can plummet and soar overnight.
For the gambler, there are two different types of bitcoin sites.
- “Normal” gambling sites accept bitcoin as a banking method, and then they convert the funds to the currency of your/their choice. All the games you play and bets you make will be done with that (flat) currency. You will still be able to make large deposits using bitcoin and your funds will be transferred quickly. Another big plus is not having to deal with any of the banking hassles that you usually have to contend with.
- Some gambling sites only operate with bitcoin, which means you deposit money with bitcoin, you play in bitcoin, and you will cash out with bitcoin. Using bitcoin to play online casino games is becoming extremely popular. With modern smartphones, you can deposit bitcoin on a mobile casino in a matter of seconds.
House odds are usually better when the difference is as high as 1 to 2% All accounts are anonymous, and so is the banking. Players will enjoy faster and cheaper banking with bitcoin.
It’s really hard to say if bitcoin is better for gambling, but if you are curious about the process and don’t mind that the value of your coins can change daily, then maybe you should see what bitcoin can offer, even if you only buy a few dollars’ worth, it might turn out to be interesting.
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