For those who don't know, Bitcoin is the world's number crypto currency. Currently the rage all throughout the global stock markets and major businesses, Bitcoin in many ways, is altering how money is viewed and used today. The hallmark of the Bitcoin currency is that it is completely digital. Because it is digital, it does not rely on any banks to process its transactions. The removal of banks leads to lightning quick transactions when using Bitcoin.
The key to Bitcoin is its block chain technology. There is a special encryption involved with Bitcoin technology. The block chain adds nodes to each Bitcoin link and transaction, which makes it extremely difficult to break. Because of this security, more and more people, and for that matter businesses, including stock markets, are using it more and more as a means of payment.
A Brief History Of Bitcoin
Legend has it that Satoshi Nakamoto began developing the Bitcoin technology back in 2007. In the summer of 2008, Bitcoin gets officially registered. Early in 2009, Bitcoin mines its first block. One of the main features and attraction of Bitcoin, are for users to mine, or do the work on behalf of others, to find Bitcoins. Soon after, the very Bitcoin transaction occurred between Satoshi Nakamoto and Hal Finney. In the fall of 2009, the very first exchange for Bitcoin went online. In February of 2010, the first Bitcoin market comes online. And ever since, more and more businesses continue to accept Bitcoin as a form of payment.
So What Are Some Of The Pros And Cons Involved With Bitcoin?
Well, again an immediate pro is the security that comes with Bitcoin. The block chain technology provides several layers of protection. Another positive with Bitcoin, is that you can remain totally anonymous with Bitcoin. The exchanges occur from one Bitcoin wallet to another via the Bitcoin network.
Speaking of wallets, another advantage for using Bitcoin, is that there are many Bitcoin wallets available for you to make your transactions with. Even better, many of these wallets will allow you to manage multiple Bitcoin accounts.
On the flip side of things, Bitcoin is heavily reliant on using the Bitcoin wallet for transactions. When using the Bitcoin wallet, the only currency you can use, is Bitcoin itself. This can be cumbersome if the business you wish to buy from does not support Bitcoin.
The Love Affair Between Bitcoin And Online Casinos
As the power of Bitcoin continues to impress and surge, so does the affinity for online casinos to continue to support Bitcoin. More and more online casinos continue to have Bitcoin as an option for making deposits as well as for making withdrawals. Going the extra mile, there are many Bitcoin only online casinos that are sprouting up, vying for dominance. When making your Bitcoin deposit, just head to the cashier and choose Bitcoin as your method, and the rest will automatically sync your accounts.
We mentioned that there are online casinos that only accept Bitcoin, bu they also have a strong slate of their own Bitcoin powered games. That's right, Bitcoin has evolved so much, that they are their own gaming engine in many cases.
Don't Forget About The Bitcoin Promotions
To help you get the most out of the games, including Bitcoin run games, there are promotions just for Bitcoin. If you are playing at a pure Bitcoin Casino, then all of their promotions will be for Bitcoin, including the welcome package. On the flip side of things, other online casinos maybe have a special Bitcoin promotions for those who made their first deposit with Bitcoin.