Bitcoin is an innovative digital currency which describes itself as the world’s first decentralised currency. It has become more popular as a casino currency because of the many benefits it offers in terms of security and ease of use.
Bitcoin is often written with the symbols BTC and XBT and it also has its own symbol, the . Bitcoin is most accurately described as a digital crypto-currency and it operates based on a peer-to-peer marketplace, rather than being managed by a central bank like regular currencies. Bitcoins can only be spent and used through transfers between users and their bitcoin addresses. A bitcoin address is 27-34 characters long and made up of numbers and letters. Anybody can register and sign up for a bitcoin address and casinos offering this payment method will simply require your bitcoin address for you to be able to make deposits and withdrawals. Most casinos will recommend you have a registered (and usually free) bitcoin wallet for withdrawals as it speeds up the process.
You will find casinos out there which are bitcoin-only as they have joined in with this innovation in the currency market but you will also find it as an option as casinos who accept other currencies too. This second type of casino is likely to accept your bitcoins but they will convert them into a more traditional currency for the purposes of play. Bitcoin has become hugely popular because it’s easy and safe to use and it isn’t tied to any government or central bank which removes processing fees for both the casino and the player. Bitcoin-exclusive casinos also make it possible for casino players to play anonymously, via just their bitcoin address, an email address and password. This is something many players find particularly beneficial as their home address and name can remain private.
History of Bitcoin
Bitcoin was invented by Satoshi Nakamoto. He first published his invention in 2008 and released the related open-source software in 2009. The nature of the software means anybody is able to mine bitcoins and there are specialist firms dedicated to the process too. It is officially described as a decentralised virtual currency and it is the largest of this kind of currency on the market.
Bitcoins are broken down into smaller units including: millibitcoin, microbitcoin and satoshi, the smallest possible measurement of the currency, which is named for its creator and also equivalent to 0.00000001 bitcoin.
More and more payment processing websites and bitcoin-focused services have developed since the currency has been available. BitPay for example, were founded in 2011 and provide a global bitcoin payment service which allows site owners around the world to offer bitcoin as a currency. Other similar companies include Coinbase and Xapo. A whole industry of companies has developed off the back of the bitcoin and it has given people a new way of paying and managing their currency.
Bitcoin Conversion Rates
Compared to other currencies the price of Bitcoin fluctuates much more regularly. The conversion rates change often on this basis and at the time of writing one Bitcoin was worth the equivalent of £[convert number=1 from=”BTC” to=”GBP”].
You can explore the current range of bitcoin casinos below and find sites which are accepting this innovative and growing currency.
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