What is Bitcoin?
Why should I use it for mobile gambling?
How do I use it to gamble?
So without further ado, let us delve into the world of the decentralised peer-to-peer cryptocurrency and get you ready for a truly immersive gambling experience!
What is Bitcoin?
Bitcoin is a decentralised peer-to-peer cryptocurrency. Confused? Not to worry, let’s break this tongue teaser down to a more understandable set of definitions. Firstly, Bitcoin is the name given to a digital currency which has taken the mobile gambling scene by storm since its inception in 2009. A digital currency is one with no physical counterpart such as the green paper the US dollar is printed on, or the gold coins which represent the British sterling pound.
A decentralised peer-to-peer currency means that there is no central authority which handles or regulates the currency in the way that governments and banks regulate fiat currencies and this is a preferable state of affairs. The peer-to-peer element of this phrase refers to the Bitcoin network, which consists of every computer that has downloaded the Bitcoin client. This network now has over 2 million users. In order to change the network over 1 million people would have to make the same change at the same time- we think thats pretty unlikely!
Cryptocurrency refers to the security of the actual bitcoins themselves; bitcoins are encrypted with the SHA-256 algorithm used for credit card transactions online. So what does all this tell us? It tells us that Bitcoin holds several advantages over fiat currencies, particularly with reference to online and mobile gambling. Let’s take a closer look at these advantages.
Why Should I use Bitcoin for Mobile Gambling?
The General Advantages of Bitcoin
1. Transparent and neutral
All information concerning the Bitcoin money supply is readily available on the block chain for those wishing to validate the currency’s authenticity. There are a finite number of bitcoins which require mining before they can enter circulation. As the number is limited to 21 million bitcoins, which estimates suggest will have entered circulation by the year 2110-2140, more bitcoins cannot be created as governments often do with fiat currencies. This means the currency is not subject to artificial devaluation.
2. Payment Freedom
It is possible to send and receive any amount of money instantly with Bitcoin. This service is 24/7 across the globe and as such there are no bank holidays, border controls, hidden fees or limits of any kind. Bitcoin allows its users to be in full control of their money.
3. Low or No Fees
As I mentioned above, Bitcoin fees are comparatively tiny when sending or receiving payments because there is no third-party acting as a middleman. Not only does this improve security, it means the savings are passed on to the merchant or customer.
Security is one of the biggest and brightest feathers in Bitcoin’s cap. The decentralised peer-to-peer system I mentioned earlier means no third party handling your money and no changes being made to the system unless more than a million clients (51% or more) make the exact same change at the exact same time. Each bitcoin transaction is encrypted using the same algorithm used by online credit card payments meaning transactions are incredibly safe.
Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft and helps to maintain your right to privacy whilst browsing!
Specific Advantages of Bitcoin for Mobile Gambling
1. Ultra-fast Sign-ups, Deposits and Withdrawals
Forget the fifteen-minute sign-ups of regular mobile casinos. With Bitcoin gambling sign-ups are more or less instant. Furthermore, Bitcoin casinos do not require a third party to mediate deposits and withdrawals- for this reason transactions are faster, withdrawals are instant rather than taking two working days and you aren’t giving an external company your credit card details!
Retaining your anonymity through a bitcoin transaction means that you are not susceptible to having your credit card charged without your knowledge, or having your details stolen. Furthermore, your personal information cannot be stolen or sold on to a third party! By remaining anonymous you may also avoid those pesky push-marketing schemes which work by paying casinos for mailing lists.
3. Small Deposits
Because Bitcoins can be broken up into such small pieces mobile Bitcoin gambling allows you to make very small deposits and withdrawals.
4. Lower House Edge: Better Payouts
Since there are relatively few restrictions on Bitcoin casinos compared to regular fiat currency casinos, Bitcoin casinos often are able to pass on these monetary savings in the form of a lower house edge. This means that the casino takes a much smaller fee for mediating games (for example- a mobile casino will take a small cut of money in poker rooms for setting up the game but a Bitcoin casino will take an even smaller fee!).
Bitcoin is perfectly legal because there are no regulations for it. No country has yet made any efforts to recognize Bitcoin, which has proven useful for US players that are unable to fund their accounts at conventional gambling sites.
How do I use Bitcoin for Mobile Gambling?
Make a Wallet
A bitcoin wallet is very similar to a wallet you’d use in your day-to-day life, this digital counterpart is used to store your Bitcoins when you’re not using them. However, the digital wallet has extra features which provide
security for your Bitcoins. You’ll be able to find a detailed guide to choosing your mobile wallet very soon!
Buy your First Bitcoins
There are a few different options for obtaining your first Bitcoins. Many people when starting out purchase their first Bitcoins from a friend or family member, but if that's not for you check out https://howtobuybitcoins.info where you can select your country and view a list of all relevant Bitcoin exchanges. Do your research at this point- make sure the exchange you are buying from is legitimate by checking the real-world identity of the operator and ensure that sufficient recourse is available. We’ll be producing a list of recommended sites very soon!
Deposit your Bitcoins
The only thing left to do once you have completed the above steps is to choose your casino and make your first deposit! Remember to research casinos thoroughly before gambling with them- whilst Bitcoin is a perfectly safe currency when used properly it’s level of anonymity encourages some businesses which operate below board.