Bitcoin is the most popular digital currency today. Anonymous! Secure! Completely decentralized! All of these relate to Bitcoin. The days of physical banknotes and bills are gone. Cryptocurrencies have revolutionized the attitude of people to traditional money.
Nowadays, Bitcoin is widely used in online gambling. There are multiple reasons why players opt for BTC as a payment method. In this guide, we will shed light on the definition of Bitcoin. We will explain how BTC transactions work and reveal the advantages and risks of using Bitcoin.
ABOUT BITCOIN
“What is Bitcoin?” It is the most widespread question among beginners in the crypto industry.
Bitcoin is a cryptocurrency that exists in the virtual space and operates free from banks and governments. Bitcoin transactions run on the open-source network – blockchain. It uses cryptography to conduct safe peer-to-peer transfers without third-party intervention. BTC is the common abbreviation for Bitcoin.
Bitcoin can’t be identified physically. We can’t see or touch it like ordinary metal coins or banknotes. Bitcoins exist online, and all payments are done purely through the internet. Electronic wallets are used for storing Bitcoin.
WHO CREATED BITCOIN
Bitcoin is the trailblazer among digital currencies. Bitcoin was started in 2009 by a mysterious man named Satoshi Nakamoto.
There are still multiple debates considering whether Nakamoto is a real name or a pseudonym. One theory states the entire group of software engineers stand behind the pseudonym of Satoshi Nakamoto. It is still unknown whether it’s true or rumors.
What we know for sure is the purpose of Bitcoin. Nakamoto aimed to create an advanced alternative to fiat money that would be immune to inflation, hacking, and volatility. The test of time and the huge success of Bitcoin prove that Nakamoto reached his goal.
HOW BITCOIN WORKS
Understanding Bitcoin is the first step to embracing the background of cryptocurrency for beginners.
Bitcoin transactions are under the radar of any financial jurisdiction or authority. Beginners may be skeptical about this fact. They are afraid that nobody will take responsibility if a BTC transfer is lost somewhere on the open-source network. We need to shed light here.
Bitcoin is indeed independent of banks and governments, but all BTC transfers are recorded on the blockchain. A public ledger records every Bitcoin spent on servers around the world.
Peer-to-Peer Technology
The peer-to-peer technology makes blockchain-based payments 100% secure with a zero risk of digital money loss. Payments occur directly between users. No middlemen participate in the process.
A Bitcoin transaction is always between two parties only – a payee and a payer. They exchange private keys that are randomly generated numbers and letters. These private keys are created through the encryption algorithm and serve to guard BTC transfers. Thus, there is no chance that someone will ever steal your Bitcoins.
WHAT IS BITCOIN USED FOR?
Bitcoin was created with the purpose to run funds faster and hassle-free over the Internet. People can use BTC just like they spend traditional money. You can use Bitcoin wallets for buying food and stuff, traveling purposes, gambling in online crypto casinos, and many more.
WHERE TO BUY BTC: TRUSTED BITCOIN EXCHANGES
Now when you know what Bitcoin is in simple terms, it’s time to find out where to buy BTC. There are many online crypto exchanges today. Opt for exchanges that are easy to use and offer the most favorable conditions.
Trusted crypto exchanges for buying Bitcoin and altcoins:
- Coinbase
- Kraken
- Binance
- Gemini
- Crypto.com
- BitMart
- eToro
HOW TO STORE BITCOINS
Bitcoins are stored online. Understandably, you won’t put in a pocket an asset that has no physical elements. Electronic wallets are used for storing BTC. E-wallets vary in type depending on their functionality.
- Software Bitcoin wallets (Hot wallets)
- Hardware Bitcoin wallets (Cold wallets)
- Mobile Bitcoin wallets
These are applications that you install on a computer. Some users mistakenly think that coins are stored directly on a PC. It is not so. Software wallets are connected to the internet and serve as programs storing the keys that give you access to your crypto coins.
These wallets are used for offline storage of your tokens. In simple words, users store their private keys on hardware devices. Hardware wallets are one of the safest among other digital wallets. They are recommended for storing large sums.
In the era of mobile technologies, a dominant share of users chooses mobile e-wallets. It’s very convenient to have Bitcoin wallet apps always with you on your phone. Still, mobile wallets are less secure than cold and hot e-wallets.
WHAT IS BITCOIN MINING?
Mining is the process of creating new Bitcoin blocks. Bitcoin miners solve mathematical algorithms to dig new coins and produce new blocks. Bitcoin mining requires specialized software, computing power, and lots of effort.
Once miners solve cryptographic calculations, they add new blocks to the blockchain. At this stage, users can buy new Bitcoins. As a rule, miners receive a certain share of newly created coins as a reward.
WHY IS BITCOIN VALUABLE?
Bitcoin has proved its resistance to economic collapse. BTC didn’t lose its value even at the time of the global Covid pandemic. While a lot of banks went bankrupt at that period, Bitcoin stood still and even increased in value.
If you hesitate to invest in cryptocurrencies or not, today is the perfect moment. Crypto experts predict that Bitcoin will keep rising in value in the upcoming years.
RISKS ASSOCIATED WITH BITCOIN INVESTING
Using Bitcoin is beneficial in many aspects. Still, you need to consider certain risks if you plan to invest in crypto. The price of BTC may vary just like with other assets. BTC owners should regularly monitor the market changes to catch the best moment for buying and selling altcoins.
Another risk relates to the loss of private keys. If this happens, a person simply won’t access his Bitcoins. That is why experts recommend dividing your cryptocoins between several wallets. Don’t store all eggs in one basket!
WHY USE BITCOIN FOR ONLINE GAMBLING
Bitcoin is perfect in all aspects. Using Bitcoin to gamble at internet casinos gives a plethora of advantages to casual players.
- Security of personal funds
- No third-party intervention
- Anonymous gameplay
- Instant transactions
- Low fees
BTC transfers have the strongest security level due to the unbeaten SHA256 hashing algorithm. It protects casino players from any form of fraud.
Bitcoin is fully decentralized. Bitcoin payments don’t require any intermediaries, such as banks. BTC transfers are not reflected in any bills and account statements.
Players don’t need to pass through ID verification if they gamble with Bitcoin. It’s the ideal solution if you want to keep your gambling activity private.
By using Bitcoin wallets, gamblers conduct international transactions from/to any part of the globe at a lightning speed. On average, it takes just 10 minutes to process a BTC transfer.
Playing with Bitcoin, gamblers don’t need to pay a huge commission to banks. Bitcoin fees are much lower. That’s why high rollers prefer to withdraw their winnings via BTC wallets.
GETTING STARTED WITH BITCOINS
Using Bitcoin to gamble is a piece of cake. Just follow these simple steps, and you are in:
- Pick out a crypto exchange.
- Use your card or PayPal account to buy BTC.
- Open an e-wallet.
- Pass a two-factor authentication.
- Find a trusted online Bitcoin casino.
- Start gambling with Bitcoin.
At Mirax, we offer many lavish bonuses in Bitcoin for newcomers and regular members. Just pass a slick registration and make your first deposit in BTC.
Our Mirax casino has the largest collection of Bitcoin slot machines from top-ranked providers. Make bets in BTC, spin the reels, and hunt for a life-changing BTC jackpot. We also offer a fantastic selection of table games on BTC with the best odds for epic wins.
HOW TO CONVERT BTC TO CASH
Mirax players may convert their Bitcoins to fiat money directly on our site. To do this, choose CoinsPaid among payment methods. Now you may deposit from a Bitcoin wallet and get funds on your cash balance (USD, EUR, CAD, etc.).
Using a Bitcoin converter is a great option for players who own cryptos but prefer traditional gambling with their familiar currencies. The crypto exchange works both ways – for deposits and payouts.
FINAL WORD: FUTURE OF BITCOIN
Move with the times and gamble with Bitcoin! Enjoy confidential gameplay and instant payouts at Mirax. Say goodbye to routine with banks and irrational fees! Bitcoin is the currency of the future. So better start building your crypto fortune now!
BITCOIN FAQ
BTC is the commonly used abbreviation for the cryptocurrency Bitcoin.
Satoshi Nakamoto is a pseudonym for a person or group of people who invented Bitcoin.
No. Bitcoin is not a scam. It is a virtual asset that can be used for payments just like traditional money.
New Bitcoins keep coming to the market all the time. The maximum amount of all tokens that will ever be mined is 21 million. Experts predict that the last BTC will be produced by the year 2140.
You can always check the current price of Bitcoin on our Mirax site.
Bitcoin is out of the control of governments. Still, cryptocurrency is considered a legal asset in most countries worldwide. It comes with individual regulations depending on the vicinity.
Bitcoin transactions are the safest among any other methods. SHA-256 secure hashing algorithm makes BTC payments secure like never before.
Yes. Use Bitcoin exchanges to convert BTC into cash. If you want to know exactly how much BTC is worth today, use the internet Bitcoin calculator.
mBTC is the abbreviation for millibitcoin. It is worth 0.001BTC.
No. Blockchain is an open-source technology that provides decentralized Bitcoin transactions.
The best services for buying cryptos are Coinbase, Binance, Kraken, and Gemini.
Hardware Bitcoin wallets or cold wallets are considered the safest. These are special hardware devices used for offline storage of private keys.
Bitcoin wallet address consists of letters and numbers that you provide when sending and receiving tokens.
The unit describing the smallest amount of Bitcoin is called “Satoshi” in honor of the BTC founder Satoshi Nakamoto. It is worth 0.00000001 BTC.
The processing of BTC transfers takes only 10 minutes.
Follow these simple steps to cash out your Bitcoins:
- Login to your account at Mirax casino.
- Go to the cashier.
- Select Bitcoin as a payment method.
- Specify the amount you want to withdraw.
- Confirm the payout request.
In case of any issues with BTC deposits, feel free to address our customer support team by filling out a contact form on the site.