You probably have heard of Bitcoin. It is a form of cryptocurrency that was once ignored by almost everyone and used to have barely any value at all. Way back in 2011, someone even auctioned 10,000 pieces of BTC for only $60. Back then, no one was interested and a sale was never closed.
Right now, a person who would own 10,000 BTC would have more than $130 million. The ever-rising value of BTC is one of the many reasons why various industries are riding along with the hype and the popularity of it, and that includes the world of gambling. From the popularity of online casinos now come what is called Bitcoin casinos.
These new types of online gambling sites are called Bitcoin casinos, and more and more people are discovering the difference in this new way of betting can bring them. There are only a handful of Bitcoin casinos that are legally active right now–there are way more illegal ones that you can end up falling victim to out there–but right now, here are some of the most recommended and top-rated ones you can go and play on.
- Switch Poker
How Does BTC Work?
As a cryptocurrency, BTC comes from a form of technology that is called the blockchain. What makes it different from real-world money is that it is completely online and does not exist outside of computers. Also, BTC can be mined or sourced using powerful computers. This is the reason why a lot of people have made it their career to mine BTC regularly, using powerful CPUs and GPUs.
There are many other forms of cryptocurrency right now, but BTC remained to be the one with the highest monetary value. From being considered as almost nothing, more and more people are now looking at BTC as the new “digital gold” of this generation–and maybe even future ones.
Why Do People Go For Bitcoin Casinos?
There are a lot of reasons why someone would opt to gamble with cryptocurrencies like BTC. One of the most common, and perhaps the most important reason, is that gambling with BTC gives you real anonymity and privacy.
A BTC wallet is not linked to any information about you, and you can even take steps in making sure that your IP and MAC address is hidden while doing any form of transactions using it. As such, Bitcoin casinos would then not have any information about you, especially those that are solely working with BTC. In the end, you play completely anonymous and private.
Another reason why people go for this new type of gambling sites is that paying and getting paid with BTC is mostly free of any transaction fees. This is one of the many burdens of online gamblers in using the most common payment and withdrawal methods–most of them would charge you for using their service, some even more than others.
What You Should Know
Technically, owning Bitcoin is not illegal. Mining is not punishable by the law, too. Trading is not illegal as well. However, gambling with it is where the lines start to get blurry.
Some countries, such as the United States, look at Bitcoin gambling as an illegal activity. Other countries, on the other hand, do not have a clear stand about this yet. The truth is that while most countries have already recognized BTC, it is still considered more as a property, not as legal tender. As such, most countries do not have laws that allow nor prohibit Bitcoin gambling–at least not yet.
If you are interested in even more entertainment-related articles and information from us here at Bit Rebels, then we have a lot to choose from.