What is Bitcoin for the casino players?
Gambling will probably exist always. People will never refuse from the excitement to take risks and win a lot, from the chance to become rich in the shortest time, from the hope to change everything in several minutes. To turn their hopes and dreams into reality, they often turn to casinos online.
Recently, casinos that started accepting BTC, gained popularity. Many crypto holders brag with huge wins: they say, they win more now thanks to crypto. Other players, especially youngsters and beginners envy them. They all want to repeat their success but do not yet realize what should be done. Everything is quite simple. They should get the answers to the questions: “What is Bitcoin?” and “How can it be used in a casino?”
What is Bitcoin?
When somebody asks “What is Bitcoin?” they often get the answers like: “This is a cryptocurrency. Blockchain work is used here”, etc. Beginners might never understand these definitions. Besides, the personality of the “father” of the first virtual currency, Satoshi Nakamoto, still remains unveiled. Some people say, it is a real person, others suppose that this is the name of the organization.
All in all, it was Satoshi, who invented Bitcoin in 2009. Since that time, the abbreviation of this crypto is marked as BTC. However, BTC is now thousands of times more than a dollar, so the newbie will also ask: “What unit is used to describe the smallest amount of Bitcoin?” It is Satoshi (yes, the first name of BTC inventor). As soon as BTC is a virtual currency, it must be created somehow. The process of getting it is called mining, but what is Bitcoin mining?
BTC mining in brief
The process of getting cryptocurrency is called mining as it resembles the work of the miner, digging out gold: step by step, finding tiny golden parts, miners put all of them together and get large gold bars.
In BTC mining, new blocks are created and added to the blockchain. By adding such a block, new Bitcoin parts are spread out. It is a resource-demanding process that gives a miner a reward for their efforts in the form of coins. To operate Bitcoin mining special hardware is needed. This is a long process that “eats” much electricity and computer power.
BTC in casinos
Some people, who know well the answer to the question “What is Bitcoin?” were smart enough to understand that as the popularity of the cryptocurrency is growing, as crypto mining is a long process, and Bitcoin is enough expensive to buy it, many fellows will be interested in getting Bitcoin as the award for their gambling. They simply decided to take risks and add Bitcoin to the methods of payments available in their casinos. Soon, the casinos’ profits became larger.
In 2017, when the crypto market was on the top, and the prices for Bitcoin reaches 20 thousand dollars, many casinos as well as played to earn really a lot. BTC is still one of the most beneficial methods of payments. Using it, players gamble again — due to BTC volatility, they can double their funds or lose much. However, it excites them.
The perspective of crypto casinos
Crypto experts foresee the greatest success of Bitcoin in the future. Some of these people are sure that BTC can reach 100, 200, 300 thousand dollars in the nearest time. So, the bets are very high, and both sides (casino and players) understand it. They are all interested in dealing with casinos taking BTC and alternative cryptocurrencies (Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Monero, etc). Now, young people, ready to start gambling ask: “What is Bitcoin Cash?”, “What is Bitcoin?” they are interested in all crypto infographic. Their excitement shows: the number of casinos working with crypto will be only growing.
It will be good to explain to a person asking “What is a Bitcoin?” at least the basics of cryptocurrency and blockchain and suggest them to learn more about this form of currency, which is so easy and safe, and which can let them change a life.