Find the most recommended Bitcoin casinos where you can use the popular crypto-currency Bitcoin.
The Dawn of Bitcoin casinos was celebrated by gamblers, as the beginning of the Golden Age of Internet gaming. The crypto currency is now used routinely by plenty of online gambling operators and the number of Bitcoin casinos is on the rise. The advantages of using this new payment method dwarfs the shortcomings and if the trend continues, Bitcoin gambling will become the norm rather than the exception
What Is the Bitcoin Network?
The crypto currency is produced, transferred and used online over the decentralized peer-to-peer payment network. Nobody controls this web and its inventor Satoshi Nakamoto went to great lengths to keep it fair and transparent. Since 2009 when they were introduced, bitcoins emerged as the currency of choice for gambling, online purchases as well as investments. The entire network that is commonly referred to as the block chain is protected by a complex digital signatures.
How Are Bitcoins Acquired and Used?
Nobody pays employees in bitcoins, but there are plenty of ways to get your hands on the crypto currency quickly. Paying traditional money to acquire the equivalent in bitcoins is the most straightforward process, but players can also mine the currency. In the beginning, it was possible for regular people to produce bitcoins at home using their computer. Now the energy and power consumption is simply too high for PC owners to produce crypto currency and the return on investment is negative.
The bottom line is that Bitcoin mining is no longer profitable for regular users who don’t own Application Specific Integrated Circuits. While it’s not possible to get rich by mining this crypto currency, users can take advantage of its value fluctuations. Speculators can buy and sell it just like they would with traditional money if they understand and accept the inherent risks. Some warn bitcoin fans of the danger posed by governments launching a 51% attack if they decide that Bitcoin is a threat. In theory, anyone who controls 51% of the available hashing power can bring the entire bitcoin change to a screeching halt.
Gamble Safely with Bitcoins Wallets
The reason for why so many people prefer to gamble in bitcoins is that the crypto currency is truly anonymous. Online casinos who cater for players from countries where Internet gambling is prohibited, find it highly reliable. On the flipside, cyber criminals are always trying to find ways to exploit bitcoins, for money laundering. Others go beyond this and try to steal bitcoins from unsuspecting users by infecting their computers with viruses.
In addition to protecting their devices with firewalls and antiviruses, players are advised to use professional bitcoin wallets. BitPanda is a shining example of a fully automated platform that facilitates the transfer of crypto currency in a secure environment. Founded in 2014, it used to go by the name of Coinimal and has a professional team of bitcoin enthusiasts behind it. They diligently work to make sure that the wallet is easy to use and has no vulnerabilities that wrongdoers might exploit at some point.
