Not many people have any idea of bitcoin a few years ago. Bitcoin has overwhelmed the financial landscape penetrating many sectors. Bitcoin gambling is the easy and dramatic way to enter the online gambling arena. It provides much fun and excitement and offers opportunities to win. So, let’s have look at the ins and outs of bitcoin gambling.
Evolution of bitcoin
In 1999, Milton Friedman, the Nobel laureate in Economics, spoke about the development of e-cash. He also said that it would involve internet fund transfer from one person to another without knowing each other.
The prophecy came true in 2009 with the invention of the first cryptocurrency named bitcoin. A person named Satoshi Nakamoto has invented bitcoin, but the true identity of the inventor is not yet revealed. Bitcoin was introduced soon after the collapse of the global banking sector.
Bitcoin had practically no value when it was first introduced. It rose to $0.09 in 2010, and to the time of writing this, it is $36326.46. Bitcoin has passed through many ups and downs and reached an all-time high of $67,549.14 on November 21. No other asset class could achieve such growth in a decade.
What is bitcoin?
It is the first cryptocurrency developed. It happens to be a medium of exchange and uses cryptography for creating new coins and securing their transactions. It has no connection with any central authority. It is a peer2peer digital system of transactions and functions based on blockchain technologies.
One of the vital characteristics of bitcoin is it has a limited supply. The inventor limited the bitcoin to 21 million. It takes about 10 minutes to create a new block of bitcoin. And a new bitcoin is added to the existing bitcoin supply almost every 10 minutes.
But bitcoin has a unique design. The mining of bitcoin reduces by 50% after the creation of 210,000 blocks. It happens once every four years. When bitcoin was invented, 50 new bitcoins were created per block. It has come down to 6.25 as of May 2020. At this rate, the generation of bitcoin is expected to stop in 2140.
As bitcoin uses both public and private keys, it offers a safe and secure transaction with practically no possibility of breaking.
Bitcoin and gambling
Gambling means wagering some value or stakes on an uncertain outcome for gain. It involves three elements; Consideration or amount wagered, risk or chance, and a prize. Gambling has a long existence in human history. The earliest six-sided dice were found in Mesopotamia. It dates back to about 3000 BC. It has existed in many forms in the history of humans and with the advent of the internet and mobile connectivity; it revolutionized the gambling landscape with online bitcoin gambling. Backed by blockchain technologies, it has escalated surpassing all imaginations. Now, people from almost all corners of the world are joining bitcoin casinos to play games and win.
Bitcoin gambling is growing every day. Bitcoin gamblers have wagered $4.5 billion in BTC since 2014. The global online gambling market value was $59.6 billion in 2020 and the forecast is that it will reach $127.3 billion in 2027. People are now playing online games from everywhere. The growth is due to easy accessibility and cultural approval.
Why do people do bitcoin gambling?
Gambling gives one an adrenaline rush it also helps to escape from stress. Here are the reasons why people gamble.
- Big wins: Chances to get big wins is one of the most vital reasons why people gamble. Most gamblers want to hit a jackpot. They feel high after every win.
- Financial problems: People also indulge in online gambling to resolve financial issues. Accumulating debts, loss of jobs, etc are forcing many people to resort to gambling.
- Ready availability: Online gambling sites are ubiquitous. People can play form anywhere across the globe.
- Fun and enjoyment: Some people gamble in their free time just for the excitement of gambling.
- Stress removal: Gambling is also addictive. Some people gamble to deal with their anxiety, depression, and stress.
How to choose a bitcoin casino?
Bitcoin has created a tsunami in the gaming world. The online bitcoin casinos are getting increasingly for several reasons. Here is what you should consider to choose them.
- Reputation: It ensures a safe gaming environment.
- Licensing: Licensing and compliance with regulations increase trustworthiness.
- Provably fair games: Provably fair games offer the latest technology that ensures fairness.
- Payment terms: Minimum payouts, payment modes, fees, etc. affect gaming outcome.
- Instant confirmation: It is essential to have user details and successful completion of transactions.
- Customer support: It is essential for resolving issues if something goes wrong.
- Game varieties: Extensive game varieties with a responsive interface make playing attractive.
Best Bitcoin Gambling Sites in 2023:
- Roobet – sign up with free bonus code
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- Gamdom – sign up with free affiliate code
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- Bitstarz – register with bonus code
- Daddyskins – sign up with promo code
- ThunderPick – sign up with bonus coupon
- Primedice – claim your bonus coupon
- Stake – Sign up with referral code
How bitcoin casinos attract players
Bitcoin casinos attract players through various bonuses and promo codes. These come in many shapes and sizes to lure players to gamble. However, they generally offer a welcome bonus, free deals, reloading bonus, cash-back, referral rewards, and VIP programs.
How to gamble with bitcoin
One can gamble with bitcoin through the following steps:
- Opening a bitcoin wallet: It is the first step in bitcoin gambling. Register with a bitcoin exchange to get your bitcoin wallet.
- Buying bitcoin: You need them for gambling. Once you get a wallet, buy bitcoin with fiat currency. It will go to your wallet within seconds.
- Picking a casino: Choose the casino that suits you checking all criteria for selection.
- Depositing bitcoin: Deposit bitcoin to the casino by navigating to their deposit page.
- Selecting a game: Choose a game from the list and start playing.
- Withdrawing winnings: Withdraw winnings following the payment mode.
The bottom line
Born online, bitcoin is optimized for online gambling because of the security, privacy, transparency, speed quotient, and easy accessibility. However, as the value of bitcoin fluctuates, it is associated with certain risks. So, one should do extensive research and make the most informative decision before indulging in bitcoin gambling.