What is Bitcoin?
To put it plainly – Bitcoin is a digital currency. It is created and maintained digitally and has no physical presence (i.e. not printed). It can be traded or used to buy things online. Let’s find out if Is Bitcoin Gambling here to stay?
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What makes it so different from the conventional currency is that no single institution controls Bitcoin. The network is joined by people buying and trading Bitcoin and is maintained this way.
Bitcoin is based on Mathematics. Its creator Satoshi Nakamoto wanted to create a currency that was based on mathematical proof, independent of any institution. However, Bitcoin cannot be printed or created in larger quantities. Only 21 million bitcoins can be in the market at one time, but these can be divided into small portions of Bitcoins.
Traders worldwide use software programs to track and predict Bitcoin trends, and this software is freely available to anyone wishing to use it.
8 Characteristics of Bitcoin
Bitcoin isn’t owned by one institution or central authority. The traders, networks and machines that mine Bitcoin are all part of running the network. This way there is no central authority making decisions on the currency.
2. Ease of use
Setting up an address for Bitcoin is really easy compared to setting up a bank account for trading currency. There are no fees and the registration is done in minutes.
3. Anonymity and transparency
While you can create Bitcoin accounts without using any personal information (names, addresses etc) there is a sort of general ledger called Blockchain that records every single Bitcoin transaction and is accessible online. One can see how many Bitcoins are stored at a certain address but this address may be kept fairly anonymous with minimal personal information.
4. Tiny transaction fees
Once again, compared to bank charges, Bitcoin charges are fairly low. This way you are encouraged to trade and still retain the value of your Bitcoins.
5. Quick trading
Bitcoin transfers are almost instant and are not held in limbo. Once you trade Bitcoins, they will appear at the designated address almost instantly.
7. Difficult to commit fraud
Once Bitcoins have been sent to a certain address, you cannot call them back. This helps avoid any sort of fraud or scam where senders recall the currency sent to a buyer.
8. No inflation
Because there are only 21 million Bitcoins in circulation (with no more being created), you cannot have a government or authority flood the market with new notes or currency. This way there is no inflation within the Bitcoin market.
Using Bitcoin as a form of trading or investment is suited to those who want to be in full control of their trading. You are not subjected to any bank or institution. Having some tech-savvy will definitely help you along your Bitcoin journey. However, there are a lot of resources online that will assist you along the way.
The Reasons Behind the Rising Popularity of Bitcoin Gambling
But, what exactly led to a massive number of players adopting Bitcoin as their primary method of payment for online gambling activities? There ought to be several valuable characteristics that make Bitcoin gambling one step ahead of conventional banking methods, right?
Well, here’s a closer look at the four key virtues that paved the way for the crypto-gambling movement:
First and foremost, anonymity. Bitcoin transactions allow gamblers to deposit and withdraw money without any clear evidence that they were the ones indulging in gambling activities. When you’re using cards, Skrill, or other similar platforms, your personal details are shared throughout the transaction process. When it comes to crypto, you’re effectively anonymous.
2. Transaction Speeds
Transaction speeds need to be emphasized when talking about Bitcoin gambling. When it comes to gambling transactions, most casinos nowadays allow you to immediately access your funds. As long as you approve the transaction, you’ll have your funds waiting for you instantly.
That’s the charm of the blockchain. The transactions are irreversible as soon as you authorize them. There’s no way you can change your mind – if you approve the transaction to an online casino, even though the blockchain takes some time to process it, the casinos know that they’re irreversible so they allow you to access your funds right away.
3. Wide Selection of Casinos
It’s happening! What started out as a marginalized niche gambling market is now fully spread across the globe. The vast majority of major international casinos now fully support Bitcoin deposits. These days, people who want to use Bitcoin for gambling can do so at some of the most reputable platforms out there.
Long gone are the days when crypto gamblers had to stash their digital funds on shady gambling platforms with questionable licenses. Nowadays, things are much simpler. You can start gambling with bitcoin in a matter of minutes, even with no prior experience with the blockchain.
4. Growing Acceptance
The thing is – Bitcoin gambling is here to stay, whether you like it or not. It has already attracted the masses. Even though it’s going through one big scandal after another, online casinos still support payments through the biggest cryptocurrencies like Bitcoin, Litecoin, and Ethereum.
This growing acceptance is not going away anytime soon. Many thought the crypto bubble will pop with Bitcoin reaching record lows. But, people still gamble, trade, and invest in crypto. So yeah, it’s safe to say the crypto market is here to stay.
Reasons Why You Shouldn’t Start Bitcoin Gambling
But, 2022 was one heck of a year and I don’t mean that in a good way. The world is on the brink of an economic collapse and the crypto market might be one of the first industries to go down.
That said, I can’t really recommend you start gambling with Bitcoin in 2023. If you have no experience with how crypto gambling markets work, it’s best that you stay out of it. The primary reason is your inexperience. If you need more reasons to keep you away from Bitcoin gambling, the following three ought to help you understand the problems here:
Yep, volatility is still the main issue with Bitcoin gambling. Even though things have calmed down a bit over the last few months, the biggest cryptocurrencies are still experiencing massive oscillations. Because of high volatility, gamblers can never know how much money they’ve actually invested, lost, or won.
Market volatility isn’t just making online gambling confusing, it’s sort of deceiving. Even if you win, if the price of Bitcoin drops down, you won’t have a positive balance at the end of the day.
2. Regulatory Uncertainties
Regulatory uncertainties are another reason why you shouldn’t start gambling with Bitcoin this year. Even though 2022 paved the way for some regulatory changes, Bitcoin gambling (and gambling with other cryptocurrencies) is still considered largely unregulated.
3. Limited Accessibility
Last but not least, even though more and more online casinos accept Bitcoin and other cryptocurrencies, you will still experience limited accessibility on certain platforms. In other words, despite the fact Bitcoin gambling is on the rise, not all online casinos accept crypto payments.
The reason why probably lies in the previous section we talked about – regulatory uncertainties. Online businesses fall under strict online gambling regulations and have to adhere to the law. While crypto gambling still isn’t strictly prohibited in most places, it’s in the gray area, which is why some online casinos don’t want to take any risks.
Is Investing in Bitcoin a Good Idea?
Unfortunately, it is not suggested these days. What’s the main reason? Perhaps it’s a bit subjective. As the crypto platforms shut down left and right, the chain reaction is bound to drive Bitcoin and other bit cryptocurrencies further down.
Currently, Bitcoin is worth just over $17,250 which is just a fraction of what it was worth back in late 2021. It is expected that Bitcoin will rise from the ashes once again. But, knowing its history, the rise will be followed by a similar (or even bigger) drop.
If you already have experience with crypto trading or conventional trading, you can, test your luck while the price is at such a low point. But, if you’re coming into the crypto investment market without any experience or know-how, dreaming about 10x your stake run, run and never come back!
That’s what we would suggest as our guide on Bitcoin betting in 2023. You better search for the right Bitcoin casinos and do not forget to understand their rules before playing for bitcoin.