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Money has been around for a long time, as a way to represent value in order to exchange goods and services. At one time, people traded goods directly, the barter system, but that wasn’t very efficient. Most often the parties would have preferred something else in the trade besides what was being offered.
Then the idea emerged to use precious metals to trade for, which had intrinsic value and therefore could be traded for other goods. So if someone was selling something and wanted something else, they no longer had to depend on the buyer of their goods having what they wanted in exchange, they could instead ask for gold or silver for it, then use this to exchange for what they did want.
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So currency was invented, and later, the currency no longer needed to have any intrinsic value, provided that it was widely acceptable. Governments declared this currency legal tender, substituting the paper for something that did have intrinsic value, gold for instance, and now we had money.
Later, it was decided that money did not have to be backed by anything, its value laid on the demand for it and its universal acceptance. Different countries had their own currency which was then traded between people, determining its relative value against one another. So now we have modern currency.
Money eventually became recorded digitally, and most of the money exchanged these days is of that format, being transferred from bank accounts and credit cards between people. We still use paper of course and this digital money is still represented by paper, although this paper is often not exchanged.
So someone got the idea to create a pure digital currency, existing only in the cyber world, and allowing ownership of it to be transferred digitally. So the idea of bitcoin was born.
The Appeal of Bitcoin
Governments go to great lengths to manage the value of their currency, but this would be a completely free market instrument, being traded at whatever level the market dictated, which depended on the supply and demand of bitcoin itself. Not being a universal currency, this supply and demand has fluctuated quite a bit, and therefore isn’t anywhere near as stable as so called hard currency, but has still remained popular throughout its relative infancy.
There are quite a few people who have been taken both by the idea of using a digital currency, a cooler currency perhaps, as well as using something that is off the grid, out of the control of governments. This can be perceived as a currency of the people, pure and simple, free from any official manipulation.
This manipulation though does serve to stabilize it for the most part though, so it’s not all bad, but given the fact that we do now have the means for purely computerized money, bitcoin is certainly an interesting concept.
Another feature of bitcoin is that it does not require third party management to conduct transactions through a bank. Transactions are performed directly between parties, which some people find very appealing. Being off the grid, bitcoin also offers benefits of privacy, where what you have isn’t a matter of record, records which can be accessed, including by governments.
Bitcoin also has the benefit of lower transaction costs, especially compared to credit cards.
Bitcoin Gambling
With bitcoin gaining in popularity, some online casinos have begun taking it as deposits. So instead of depositing in dollars through a bank or credit card, which is also through a bank but with a different payment means, players can now deposit their own money so to speak, in bitcoin.
These casinos not only accept deposits in bitcoin, you can actually make bets in bitcoin, and therefore this isn’t just a matter of converting your bitcoin back and forth to hard currency, which a lot of players find desirable. That would to some degree defeat the purpose of bitcoin, as users want to transact outside the grid completely, and they are permitted to at these casinos.
So bitcoin players can experience all of the fun and excitement of playing at an online casino while using their preferred currency. Bitcoin has expanded beyond casinos now and other online gambling games such as poker now accept it at select online establishments, although it’s generally easier to play casino with this, as you aren’t limiting the field to bitcoin players as you would with poker, as long as the house takes it at a casino you are all set.
Playing casino games with bitcoin does limit the amount of choices you have as most online casinos do not accept it at this time, but there are more than enough that do in order to offer bitcoin players more than enough selection. You only really need to play at one casino and there are far more than one of these out there, to put this into perspective.
Should bitcoin become more popular, we’ll see more online casinos accepting it, but for now, there’s plenty to choose from if you are looking to gamble with bitcoin.
How Bitcoin Works
Bitcoin is difficult to understand simply because you have grown up and have grown accustomed to using currency that is tangible and able to be physically exchanged. Coins and dollar bills are so engrained into our lives that to hear about a currency that exists only on the internet is something that confuses everyone.
Bitcoin was created by a mysterious man who is still unnamed. The individual bitcoins are mined online and though this may seem confusing, all you need to understand is that there are a finite number of bitcoins that are in circulation or will ever be in circulation. The coins are exchanged online in much the same way that you exchange money via Paypal or any other e-wallet. It is really quite simple and straightforward, but the fact of the matter is that it really is easy to understand.
How You Can Trust It
The biggest complaint you hear with relation to Bitcoin is the fact that it cannot be trusted. People tend to have a lot of skepticism when it comes to anything having to deal with money and the internet, and Bitcoin is no exception.
Bitcoin is able to be trusted due to the way in which transactions take place and how they are viewed. Unlike bank transfer and any other traditional form of transferring money, bitcoin transactions are made public for everyone to see. Even the smallest bitcoin transactions are posted. Knowing this, you might wonder why anyone would want to put their personal and financial information out there for everyone to see. In all reality, though every transaction is posted, the people who took part in each transaction are kept anonymous. So while you may be able to see the amount of money that was transferred, you will never be able to know who actually took part in those transactions.
Bitcoin also employs cryptology, which is a very fancy method of security similar to what is employed by the largest banking institutions in the world. No matter what you hear, Bitcoin is easily one of the safest methods by which you can transfer funds.
The one thing that you must be aware of is that Bitcoin is volatile relative to traditional fiat currencies. While US Dollars and Euros see their value altered on a day to day basis, bitcoins can see their value change dramatically in only a single day. Over time, the day to day movement of bitcoins has not been quite as dramatic as it once was. While this is definitely something to be concerned about, you have to understand that Bitcoin is more stable now than many other currencies.
Bitcoin FAQs
If one Bitcoin is worth several hundred dollars, how can I ever gamble with them?
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If bitcoins are worth several hundred dollars, it may seem like bitcoin gambling is reserved for people who are wealthy. While that may be true, bitcoins can be bought in fractions of a bitcoin, meaning that anywhere from $10 to $10,000 can be purchased and utilized.
Can I get my money back when dealing with Bitcoins?
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If you happen across an unscrupulous character and also give them money via a Bitcoin transaction, the sad truth is that you do not have any way of getting your money back. This is something that you get with credit cards that you do not get with Bitcoins.
How quickly will Bitcoins show up in my player account?
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Bitcoin would not be revolutionary if the deposits associated with them took days on end to process. The reality of the matter is that almost every Bitcoin transaction will show up in a matter of seconds such that you can begin playing in a matter of minutes. It is really the most convenient and, in many ways, the safest way by which you can fund a player account. What’s more, most online casinos are now accepting Bitcoin deposits.