Bitcoins were originally used for online gambling through various casino games and sites. You could play Poker or Satoshi Slot and receive bitcoins as winnings. You can also obtain bitcoins through the competitive process of mining. Mining is a process through which you can solve math problems and receive bitcoins as the result. There are no guarantees you will always get coins because if someone else solves the problem faster, the coins are awarded to that other person.
All transactions are confirmed and shared in a public ledger called a block chain. There is some debate regarding bitcoin as real currency, but it is considered a decentralized virtual currency. Other virtual currencies, such as frequent flier miles and loyalty reward points, have been redeemed online for decades. The difference with those currencies is that they are controlled by the companies that issue them. They are centralized currency and have a consistent value. The value of bitcoins is volatile, as it is still in developmental stages. It is increasing in acceptance as more and more places allow them to be used as payment for goods and services. You can use bitcoins to purchase items online.
You can use then in exchange for services with bitcoin businesses. You ca also use them to purchase tickets on some major airlines. Some businesses and physical restaurants are also starting to accept bitcoins as payment as well. You can save bitcoins in a virtual wallet if you wish, but you should be cautious. You need to remember your security key. If you forget it, you will not be able to get your bitcoins and you will lose them. Hackers have stolen bitcoins from wallets in the past and that is still a very real possibility. Security measures are continually added as the currency progresses and matures, but the system is not there yet.
The Bitcoin.org website advices users to consider bitcoin a “high risk asset” and indicates that this virtual currency is still in experimental stages. It remains to be seen if it will survive as a virtual currency, but for now, there are many uses for your bitcoins.
Bitcoin enthusiasts have had a few good years since this virtual payment system has hit the Internet. Not only were many of the most dedicated users able to make a decent profit off their favorite currency, but they were also able to watch as the bitcoin went from something no one had ever heard of to a much more common form of payment that is steadily gaining in respect. Another benefit has been the increase in vendors which accept bitcoins, making it easier than ever to use the currency.
How easy it has become is made obvious by how much less of a news story it has become. Only a year or two ago it would make headlines when a new retailer decided to begin accepting bitcoins, but this is no longer the case. Today there are restaurants and cafes around the world that allow people to pay for their meals with bitcoins. Homes, cars and other large items have been purchased through private bitcoin transactions. Many large, national retail sites are also accepting this currency as well. In fact many places are even offering discounts for customers who use this method of payment.
The gaming world has now begun to accept bitcoins as a payment system too. It only makes sense that these virtual businesses would want to encourage the use of virtual funding, but surprisingly it has taken them longer than many others to join the bitcoin bandwagon. It is possible to now pay for apps, games and more with bitcoins. The popular online casino gaming site Satoshi Slot now accepts bitcoins as well. For users who are new to the site, there are new player bonuses that are available for users of any type of currency.
Gambling sites were once unwilling to accept virtual currencies because of their constantly fluctuating values. With new and reliable programs that allow these values to be adjusted repeatedly throughout the day, they have now decided the currency is safe enough for them and their members to make it an acceptable form of payment. Eventually it is believed that bitcoins will as commonly accepted as any other form of currency. For now its dedicated users will just have to enjoy shopping with the forward-thinking companies who are willing to learn about something new.
Whether to use bitcoins in their business or not is not an easy decision to make. Vera was for the idea while John was not, though they later came to an agreement to use bitcoins as a form of payment for their online casino games, becoming the first online casino to go this way, leaving their competitor Thrills Casino in the dust. Bitcoins make online transactions possible by transferring the cash from one player to another. They can be compared to a prepaid voucher. The first time you want to use them, or they have run out, you will have to make a purchase using the normal cash.
There are several advantages that you will experience when using bitcoins in the casino. First, you will not get any interference from a third party such as banks. Secondly, there are no extra transaction charges hence it is very cheap to use. Finally, they are totally safe as no one can withdraw them from your account as it is password protected. The transactions are also instant, and no delays are experienced whatsoever. Many online casinos and gaming sites such as Satoshi Slot are embracing the use of bitcoins for the above-mentioned advantages. Their value has gone up by over 300% in the past eight years, making them highly valuable and exciting to use in the games.
One of the casino’s goals is to promote innovation and development, which is clearly depicted by them being the first online casino to adopt this technology. Many casinos are likely to follow suit due to the many advantages that come with this payment method. The exchange rate also changes in real time as per the markets that determine the value of the bitcoin. The Vera and John online casino is totally safe as they are regulated by the Malta’s Lotteries and gaming authority. They also undergo frequent auditing.
It is important to note that only those in countries that are not against gambling can play the game. Those especially in the United States cannot play as their laws are against gambling. Moreover, the currency used is only euros. There are over one hundred employees on the site who make sure that you get the best experiences on the site too. There are over two hundred games that you can play from companies such as play’n Go, bally technologies and three pigeons among others.