This article will guide you through using bitcoins to play at Bovada and other online casinos for those who are unfamiliar with what bitcoins are or how you can get them. I think it’s time to write an article about this because bitcoins have been in the headlines so often recently and more people are willing to begin gambling at online casinos like Bovada accepting bitcoins for deposits. Bovada offers a new player Bovada Bonus Code for all Bitcoin deposits.
Keep in mind, though, that this article will be a guide for the novice bitcoin casino player, and will assume you know nothing about bitcoins! So, even though the technology that drives the bitcoin currency might seem quite complicated to understand, the purpose of this article will be to explain what bitcoin is to regular folks, so they can know what they are getting involved in if they are considering playing at bitcoin online casinos.
Just as people on the Internet have been getting used to sending and receiving money using e-wallets like PayPal and Skrill (Moneybookers) along comes a new digital currency that works in much the same way but you’re not dealing with a traditional currency that is government issued.
Bitcoin is a digital currency that exists entirely in the virtual realm. Bitcoin was established in 2010 by a mysterious person or group, which goes under the pseudonym Satoshi Nakamoto. This e-currency really only came on the radar into the mainstream in 2013 thanks in large part due to the growing acceptance of it being a legitimate currency, helped by the extensive media coverage. A growing number of tech-savvy people have developed an interest in this alternative cyber currency, due to the many advantages over other currencies like the dollar, euro, and yen.
First and foremost, Bovada bitcoin transactions are anonymous. They are stored and transferred between electronic wallets that are identified only with a coded address and associated password. In addition to this, transactions either have no fees or very low fees. So, when sending and receiving money using bitcoin it is possible to do so electronically in a matter of seconds and it’s practically free. On the merchant side, it also protects against fraudulent charge backs.
When playing at Bitcoin casinos, which lets not forget, is the whole point of this article, depositing is instant, and withdrawals will typically require two to six confirmations before you will be able to access the money in your bitcoin wallet. The reason for this is basically because it’s ridiculously easy for anyone to create an account at an online Bitcoin casino. So all the nodes and servers have to first confirm the bitcoins have been transferred to another bitcoin address. This is a security measure in place by the casino before the casino player will receive the money. Generally, it only takes one or two hours before you can then make a withdrawal which is then instant.
When you’re sending or receiving Bitcoins (or a unit of a Bitcoin), the only requirement is that the sender and receiver stay connected on the same node. All bitcoin users contribute to the network and share all of the bitcoin transactions in the network, rendering the cost of the transaction negligible. Both the sender and receiver is required to have a bitcoin address, which is a string of 27-34 letters and numbers to identify the bitcoin user, much like a bank account or paypal email address.
Ok, Bitcoin is a decentralized digital currency, which is based on an open-source peer-to-peer network. Bitcoin is decentralized because it’s not controlled by a central bank or governing body, and being open source, the underlying code for the system has been released under a MIT creative commons license for all to view, modify, and use. Many developers are now working to improve the bitcoin technology. As part of a peer-to-peer payment system, all transactions are recorded in an online public record known as the blockchain, which enables each transaction to be verified and records every transaction. In addition to being a very secure technology, a big part of its appeal is the anonymity it provides.
Remember there are also old school online casinos, that allow you to deposit with credit cards,paypal or echecks instead, if your looking for one of these check out our Bovada Bonus Code site.
Anonymity of using Bitcoin
A lot of users have been attracted to the bitcoin cryptocurrency because of its privacy benefits. This is due to the fact that anyone using bitcoin is able to create anonymous bitcoin identities. The sender will send BTC to an address, but you aren’t to know who that address belongs to. Nor is there a database which provides a list of bitcoin addresses with associated personal information to acknowledge specific identities sending and receiving money on the network. And this is what makes the bitcoin currency so attractive because users can deposit and withdrawal at online casinos that accept bitcoin as its payment system, as it’s not necessary to reveal private information that reveals your identity, since the online casino site won’t ask for it, and you won’t have to provide a shipping address that will reveal your identity, since you’re not buying a physical product.
But what about Bitcoin’s value?
Although bitcoin is a digital currency, it can in fact be exchanged for conventional currencies using any number of bitcoin exchanges, but the bitcoin/dollar price is fluctuating daily.
How to deposit at online casinos using Bitcoins
If you are wanting to send and receive bitcoins then you will need a bitcoin wallet. This is the electronic wallet that will connect you to the bitcoin network, and then lets you buy/sell/exchange bitcoins using your unique bitcoin address. So, once you have your bitcoin wallet all set up, simply go to the cashier of any online casino accepting bitcoins, locate the bitcoin address to send the bitcoins to, and the transaction will happen instantly, and you will see your casino balance has been credited with the funds, so you can start playing your favorite casino games.
How to get Bitcoins
Once you have a bitcoin wallet, you now need bitcoins. There are various ways to get BTC. This includes mining for them, buying them from a Bitcoin exchange or selling stuff and getting the person to pay in bitcoins.
The Bitcoin mining concept may seem a bit strange at first, but considering it is a critical part of the system, it’s worth getting your head around it. Bitcoin mining is the decentralized process by which Bitcoins are created. A huge amount of computer processing power is required to solve the complex mathematical equations needed to create bitcoins and to ensure transactions that appear in the blockchain are secure. Remember this has to be provided by the users and not some central bank or government agency. There needs to be an incentive for users to provide the computer power that is needed for the system to work. There is a predetermined number of bitcoins that will be released in circulation, capped at 21 million, and there is currently 12 million in existence as of December 2013.
Due to the many advantages of Bitcoin especially with respect to online gaming, quite a few online casinos have jumped onto the Bitcoin train in 2013, and it’s expected that many new Bitcoin online casinos will appear early 2014 and beyond. When you start seeing casino sites offering Bitcoin as its primary currency to deposit and withdraw funds from the site, you really have to step back and take notice.
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