Bitcoins – Why you need them
Bitcoin is a digital currency which uses a hidden (secret) code to generate the units of the currency. Transactions with Bitcoin are a part of a huge algorithm which sets a finite number of Bitcoin that can be in play. Frankly, Bitcoin has become so popular because you simply can’t just make more, the number is finite. Limited quantities usually increase value, it’s the law of supply and demand. Bitcoin has been around for over 10 years.
You store your Bitcoin in a Wallet and the most well-known of these is Blockchain. You get options to secure this any way you like and it’s not based on your name, it is number based. As a result of this, you enjoy total anonymity. Your wallet could be your desktop computer or even some of the available unique hardware wallets. These are incredibly secure and as a result, you only need to make sure you don’t forget your account details.
Your Bitcoins (bought or earned) are stored in your wallet (personal computer or Bitcoin Hardware) and can be used to make payments. Bitcoin can be bought via a variety of methods.
Bitcoin is a true cyber currency with the result being that you own the wallet as a number. Your transactions are numbers too so your name never actually enters the transaction equation. Once you cash out, you have left virtually no footprint on the money trail. This is huge for people who want to preserve their privacy. Online gamblers especially find this comforting because they never know whether their country of residence has a law preventing them from their activity.
We are not trying to promote cheating but we certainly believe that not everyone keeps abreast of various law changes and could end up in trouble yet innocent in their deeds. As for the true criminals, we are fortunate that the actual online casinos we promote are well known and would not entertain transactions with criminals. Transacting with Bitcoin does not change the relationship you have with your casino, they WILL still want to verify your age and so on to ensure true and honest play.
Is Bitcoin Cost Effective?
Yes, Bitcoin is cost-effective and as a result, the fees for Bitcoin are usually a fraction of those of a bank transfer or the fees on a card transaction. There is usually no delay in processing a Bitcoin payment.
This is a simple, cost-effective and speedy way to deposit and withdraw your cash to and from the casino.
Bitcoin uses SHA-256 encryption for its verification. The security of the Bitcoin protocol lies in an ongoing creation of one off events. Each transaction creates one block and once complete, the next block is created and the old one becomes history. This is referred to as the Blockchain. With you being the owner of a single transaction key, once you have completed that transaction then the key is useless. This is very cool.
The only risk lies with the skills of hackers. Far more bank robberies, scams, and hacks take place outside of the Bitcoin realm. Transactions are pretty safe and a Wallet like Blockchain is well versed in the ways of data protection.
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