Overview
Online casinos are one of the fastest growing areas of entertainment for people all over the United States and the world. With the ease of access and use that they offer, online gambling has become one of the biggest sports in the world. Millions of people bet billions of dollars every year through these online casino mediums. One interesting niche that is coming up out of this movement is the online casinos that are run by Bitcoin. Bitcoin is a new digital online currency that is taking the world by storm. Instead of just taking typical currency, these online casinos also take Bitcoin which adds to their mystique.
What Is Bitcoin?
Bitcoin is an online digital currency that is fairly new. Basically, there are only a certain amount of Bitcoins on the open market. The idea behind this concept comes from the thought that the currencies around the world are not backed by anything and are essentially just pieces of paper. In the United States, the US dollar was once backed by the price of gold but that is no longer the case. Many times, the people that invest their money in Bitcoin are worried about currencies around the world losing their value.
There are plenty of examples from history of countries where the currency has been hit by runaway inflation. For example, in Germany after World War II people were having to fill shopping carts with their money just to buy a loaf of bread. Proponents of Bitcoin believe that their currency will help to protect people against this runaway inflation. The price of Bitcoin is still very volatile, but overall it is growing in both exposure and price over the years.
Online Gambling
Online gambling is a past time that many people around the world enjoy. There are essentially two different ways that people can use the medium of online casinos for entertainment. One of these ways is when people bet on the outcome of sporting or other events. Essentially every sporting event that is televised around the world has some sort of betting line attached to it. In addition, people can bet on the outcome of other scenarios such as who will be President or who will win a Grammy.
Online casinos also offer games of skill and chance to be played online through their website. Games of skill include things like Poker and Black Jack. Although there is an element of luck to both there is also a lot of skill involved in the process. Pure games of chance are like lottery games such as a roulette wheel. These are still offered by online casinos, but are literally just the spin of a wheel and the roll of a dice. Games like online Poker can also be played via a mobile phone or tablet now as well. This has only served to increase the popularity of the games and will continue to do so in the future.
Bitcoin and Online Gambling
One of the reasons that Bitcoin is so attractive to many online gamblers is because it does not leave a paper trail like other funds do. There are many states and countries where online gambling is still frowned upon, and people that are worried about leaving a a paper trail can rest easy when using Bitcoin. In addition, many people are worried about identity theft and other’s stealing their credit card information. When using the digital currency of Bitcoin, this is also something that no one will have to worry about.
There are many advantages to using Bitcoin to play at online casinos. However, not all online casinos or businesses currently accept transactions using Bitcoin so players will need to do their research when looking for online casinos. Overall, gambling online is one of the fastest growing forms of entertainment in the world and as more places accept Bitcoin as payment this popularity will only increase. Remember that online gambling can become addictive so if you find yourself in this boat it is a good idea to seek out help rather than trying to beat it yourself.
