Betting Safely: Bitcoins the Digital Currency

bitcoins-what-they-are

In this era of technology, the internet has made it possible to do so much from anywhere with a data connection. On the road, on the plane even from the comfort of your home anything is possible; from ordering groceries at the local supermarket to booking tickets online. Taking into account these things, it was only a short time before gaming and to an extent gambling started linking with these technologies.

The establishment of online gambling and betting mean that a way in which to convert paper money to digital was necessary. This required persons to obtain credit cards or visa debit cards and pay exorbitant fees to change hard earned money to digital currency. Another concern was security; placing your credit card information on the World Wide Web was not endearing to most persons. Thus the advent of digital currency came. The most notable form of digital currency to date is the Bitcoin.

What is Bitcoin?

Bitcoin’s are a digital currency, plain and simple. They are used for many online transactions and have no ties whatsoever to a central bank. Bitcoin is owned and controlled by absolutely no one. The currency is decentralized and peer-to-peer so no changes can be made without the consensus of majority members who utilize it. They can be acquired via payment for goods and services, purchased, exchanged or mined. The payments are easier and safer to make than credit or debit card payments. The fees are cheaper and there are many wallet applications to choose from.

Recently, gambling has moved from shops to an online presence. As such, they have migrated to the digital age and are using digital currency. They are moving away from the cards and to the Bitcoin. As stated before acquiring Bitcoins is relatively easy and once done they are stored in a wallet app which can be accessed online or from a mobile device. Since it has the attributes of money and is used as such so it has value.

bitcoinsportsbook

Once a particular betting house known as Betvip.com which is a Bitcoin Sportsbook site, accepts them in lieu of cash the bets can be placed using the Bitcoins. The process is the same as betting regularly. In the United States where betting is still illegal, Bitcoins are regularly used to afford individuals anonymity. Bets on sports on some sites even go as low as twenty cents which are fractions of Bitcoins. The payouts are a lot quicker than traditional methods as little turnaround time as between four to twelve hours because it takes time to count the bets made with the Bitcoins and as the payouts are irreversible it makes sense to check and double check them. Here is a great list of sites provided by BitcoinGamblingSites.com. The have really offered a great alternative to traditional betting especially in the United States of America where this simple past time of betting on your favorite sports team is fast becoming a thing of the past due to the massive regulations being put into place.

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  1. The Definitive Guide to Bitcoin Mining | The Blog that Matters

    […] Miners cannot reverse previous transactions. This is because; proof of work in the network is set out to rely on the other blocks to force a well defined chain of the blocks. Thus, if a miner decides to reverse the transaction, they will be forced to recalculate proofs of activity of all the previous transactions, a process which is not easy. If a miner finds two blocks at a time, they are supposed to start working on the their first block before switching to the largest sequence of blocks when the next block appears. This procedure allows Bitcoin mining to have a universal processing power. […]