{"id":398,"date":"2017-02-02T08:08:30","date_gmt":"2017-02-02T08:08:30","guid":{"rendered":"http:\/\/planet7\/blog\/?p=398"},"modified":"2024-02-19T09:27:03","modified_gmt":"2024-02-19T09:27:03","slug":"how-bitcoin-is-changing-online-casino-play","status":"publish","type":"post","link":"https:\/\/www.planet7casino.com\/fun-time\/how-bitcoin-is-changing-online-casino-play\/","title":{"rendered":"How Bitcoin is changing online casino play"},"content":{"rendered":"\n<p>Bitcoins are the world\u2019s most popular crypto or digital currency. They don\u2019t actually exist, like paper money and coins. You can\u2019t hold them in your hands. So what are they really? Why have they emerged from the geeky world of cryptopunks and the dark corners of the internet to be a main stream currency allowing you to buy everything from coffee, beer and subway sandwiches to real estate, cars and yachts, to pay for air tickets online, taxi rides, <a href=\"https:\/\/www.planet7casino.com\/banking.php\">play in online bitcoin casinos<\/a> and buy Powerball lottery tickets in New York? Let\u2019s find out\u2026<\/p>\n\n\n\n<p><strong>Cash. Credit. Debit. Even PayPal.<\/strong><\/p>\n\n\n\n<p>All of the above are forms of payment accepted when you\u2019re gambling, with the latter three being accepted at the majority of major <a href=\"https:\/\/www.planet7casino.com\/casino-games\/\">real money online casinos<\/a>. But, what about a form of payment that isn\u2019t linked to a bank account? Or any personal information at all?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">That, my dear reader, is where bitcoins come in.<\/h3>\n\n\n\n<p>The use of bitcoins in online gambling is growing, with <a href=\"https:\/\/gamblineers.com\" class=\"external\" rel=\"noreferrer\">bitcoin casinos<\/a> popping up everywhere and I\u2019m here to tell you everything you need to know about this electronic currency \u2013 the good, the bad, and the rest of the details so you can calculate the risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-so-what-are-bitcoins\">So, what are bitcoins?<\/h2>\n\n\n\n<p>I\u2019m glad you asked. Bitcoins are a form of digital currency \u2013 also known as \u201ccryptocurrency\u201d \u2013 created by a guy named Satoshi Nakamoto back in 2009. They\u2019re purely electronic, so no bitcoins will ever be minted, and you won\u2019t find them sitting in your wallet in your back pocket. No sir, all the bitcoins you ever own will be stored on a computer in a digital wallet, to be used for purchases made online.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-pros-and-cons-of-cryptocurrency\">The Pros and Cons of cryptocurrency<\/h3>\n\n\n\n<p><strong>What\u2019s so great about bitcoins?<\/strong><\/p>\n\n\n\n<p>Another fantastic question! Let me break down the pros of this electronic currency:<\/p>\n\n\n\n<ul>\n<li><strong>Decentralized<\/strong><\/li>\n<\/ul>\n\n\n\n<p>That\u2019s just a fancy word to say that bitcoin is the only form of currency that is not controlled by anyone. And most importantly, it means that whatever bitcoin you own is yours. The big banks don\u2019t control it, and you aren\u2019t charged fees for using your money. Plus, you can use it anywhere in the world. There\u2019s no worrying about exchange fees or whether your money will be accepted depending on the location.<\/p>\n\n\n\n<ul>\n<li><strong>Anonymous<a href=\"\/wp-content\/uploads\/2017\/04\/bitcoin-side-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" td-modal-image alignright wp-image-614 size-full\" src=\"\/wp-content\/uploads\/2017\/04\/bitcoin-side-1.jpg\" alt=\"Bitcoin's growing popularity in online gambling\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.planet7casino.com\/wp-content\/uploads\/2017\/04\/bitcoin-side-1.jpg 300w, https:\/\/www.planet7casino.com\/wp-content\/uploads\/2017\/04\/bitcoin-side-1-150x150.jpg 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><br><\/strong><\/li>\n<\/ul>\n\n\n\n<p>Bitcoin addresses aren\u2019t linked to your personal name, address, or any other private or damning information. For this reason, bitcoin is very popular for buying illegal products and services. The currency has been used to buy anything from drugs to hired hitmen. While I do NOT recommend purchasing these or other unsavory items, bitcoin is excellent for keeping you and your personal information under wraps. No one will ever know your obsession with Star Trek memorabilia unless you want them to.<\/p>\n\n\n\n<ul>\n<li><strong>Online<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Ah, the wonders of the World Wide Web. Since bitcoins are solely electronic, they are exceptionally easy to use and ridiculously fast. Money can be sent and received almost instantaneously, to and from anywhere in the world. A bitcoin account is easy to set-up and begin using. You could be spending (and receiving) coins in a matter of minutes.<\/p>\n\n\n\n<p>To sum, using bitcoins is fast, easy, anonymous, and no one controls your money but you. Pretty sweet, right?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sounds-cool-but-what-s-the-catch\">Sounds cool. But what\u2019s the catch?<\/h2>\n\n\n\n<p>Unfortunately, like all other currency, bitcoins do have their drawbacks. The most notable cons include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Limited use<\/h3>\n\n\n\n<p>You can only use bitcoins online. If you want to use your bitcoins in most physical businesses, you need to exchange them for physical currency first. So, while they\u2019re great for online use, you still can\u2019t go into H&amp;M and buy those jeans with bitcoins without turning them into real coins first. But you can buy physical products online using bitcoins \u2013 it just depends on what is convenient. To turn Bitcoins into real money you have to sell them at a Bitcoin exchange. Then you can withdraw the money from your bank account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">System transparency<\/h3>\n\n\n\n<p>While you and your personal information are anonymous, your transactions using bitcoins are not. Every single transaction made by anyone using bitcoins is recorded and stored in giant ledgers made by miners called blockchains. And if you have a public bitcoin address, anyone with a bitcoin account can see how much value your address possesses. Granted, no one really knows anything about you, but they can know pretty much everything about your bitcoin address. Makes you second-guess buying those illegal products, doesn\u2019t it?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Insurance<\/strong><\/h3>\n\n\n\n<p>This is the biggest drawback of bitcoins. Since this form of currency is decentralized, there is no insurance. So, bad news: if you lose your bitcoins, there is no way to replace them. This means that if your digital wallet is lost, a virus corrupts the data, or someone hacks into your information and steals what is rightfully yours, there is no way to recover the money that you\u2019ve lost. For example, take James Howells. In 2013, during a spring-cleaning, he threw away a hard-drive that, at the time, held over $9 million in bitcoins. And, because it\u2019s a decentralized, electronic currency, it was gone \u2013 destined to rot forever in a landfill in the United Kingdom. Anyone want to go dumpster diving?<\/p>\n\n\n\n<p>So while you do get to enjoy (some) anonymity, complete control over your coins, and ease of use, the drawbacks are pretty serious.<\/p>\n\n\n\n<p>In addition, the value of bitcoins fluctuates heavily. Bare with me, as I throw some numbers at you. As of January 4, 2017, one bitcoin was valued at $1,127.48. Less than a week later on January 10, 2017, that same bitcoin was worth $903.99. That\u2019s a decrease of $223.49, or 19.8% in just six days.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-so-what-about-gambling-with-bitcoins\">So, what about gambling with bitcoins?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><a href=\"\/wp-content\/uploads\/2017\/04\/bitcoin-side-2.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"\/wp-content\/uploads\/2017\/04\/bitcoin-side-2.jpg\" alt=\"Do online casinos accept bitcoins\" class=\"wp-image-615\" srcset=\"https:\/\/www.planet7casino.com\/wp-content\/uploads\/2017\/04\/bitcoin-side-2.jpg 300w, https:\/\/www.planet7casino.com\/wp-content\/uploads\/2017\/04\/bitcoin-side-2-150x150.jpg 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-left\">Now we get to the good stuff. The use of bitcoins in gambling is growing, not only because it\u2019s fast and easy to use. It allows players to gamble in online casinos legally in countries like the United States, where <a href=\"https:\/\/www.planet7casino.com\/fun-time\/fascinating-evolution-of-casino-gambling\/\">gambling laws<\/a> are strict and vary by state. Currently, there are laws preventing individuals from processing payments from online gambling using US banks. However, bitcoins are decentralized and not controlled by any American banks. Players using the cryptocurrency can collect payments in bitcoins with no worries.<\/p>\n\n\n\n<p>However, online bitcoin casinos still face obstacles. Security is still a big issue. If a bitcoin casino is hacked, your account password \u2013 and your coins \u2013 could be stolen. And since the coins aren\u2019t insured, you can bet that if your money is stolen, you won\u2019t get any of it back.<\/p>\n\n\n\n<p>Overall, that\u2019s a risk you have to decide whether bitcoins are a risk worth taking.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-well-how-do-i-get-my-hands-on-some-coins\">Well, how do I get my hands on some coins?<\/h3>\n\n\n\n<p>You can purchase bitcoins from an exchange or an individual. Or you can join the network of individuals known as \u201cminers\u201d who discover bitcoins. That\u2019s if you like math and computer code, of course. So if you like a reasonable degree to anonymity, fast payment and can make sure you don\u2019t lose your wallet, maybe Bitcoin is the way to go. Buy yourself some Bitcoins and get started with Bitcoin Gambling at <a href=\"https:\/\/www.planet7casino.com\/\">Planet 7 Casino<\/a> today.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.planet7casino.com\/signup\/\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"58\" src=\"\/wp-content\/uploads\/2017\/04\/button-play-for-real-money-300x58.png\" alt=\"real money casino\" class=\"wp-image-552\"\/><\/a><\/figure><\/div>","protected":false},"excerpt":{"rendered":"<p>Bitcoins are the world\u2019s most popular crypto or digital currency.<\/p>\n","protected":false},"author":5,"featured_media":613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.8 (Yoast SEO v21.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Bitcoin Is Changing Online Casinos | Planet 7 Magazine<\/title>\n<meta name=\"description\" content=\"How does bitcoin affect the world of online casinos? 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