Digital currencies, like Bitcoin, are forms of electronic money that effectively act as an alternative currency.
Bitcoin has thus been described as a ‘cryptocurrency’ because it uses cryptography to secure transactions. It differs from virtual money is being used in transactions with real goods and services.
Cryptocurrencies have been designed to gradually introduce new units of currency, but placing a cap on the total amount of currency in circulation, to copy the scarcity (and value) of precious metals and to avoid hyperinflation.
Let`s assume you’ve already chosen the wallet to keep your Bitcoin and bought the desired amount of BTC (learn more at FAQ section Tushpetan). Your first-time Bitcoin deposit would look like that:
P.S. Don`t forget to take Bitcoin casino bonuses for your deposits =). There is plenty of them.
Withdraw with three simple steps:
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Specialized computers, using complex systems, prevent people from copying and spending the same Bitcoin multiple times, a particular problem for cryptocurrencies.
Bitcoins are stored by associating them with cryptographically generated addresses, which themselves are stored in ‘digital wallets’ on web services, on local hard-drives and mobile devices, or even on paper print-outs.
No central control or regulation exists; hence, it is not backed by a central bank, or by gold, reducing its acceptance as a means of exchange.
For the first two years of their existence, crypto-currencies gained gradually increasing attention from the media and public, but Bitcoin has been by far the most prominent. After 2011, interest rapidly increased.
The publicity attached to Bitcoin led to its value increasing, reaching a peak for an individual ‘coin’ of US$1,242 in November 2013, having climbed from as low as US$40 in March. A month later, its value was around US$600, and hovered around US$870 in January 2014.
That rise gave Bitcoin greater positive exposure in a wider context, after a phase when some transactions were associated with illegal activities (with, in 2012, the FBI closing down one service – Silk Road – which specialized in illegal drugs), and Bitcoins have increasingly been used as payment for legitimate products and services.
Businesses have an incentive to accept the currency because transaction fees are lower than bank fees and the 2 to 3% typically imposed by credit card processors.
Bitcoin has proved particularly attractive to libertarians who dislike quantitative easing and all forms of government regulation.
Speculators have however also been attracted to Bitcoin, contributing to volatility and price swings, and critics have warned of speculative bubbles. Its supporters however believe that it could be widely adopted as a means of making payments outside traditional banking systems.
While Bitcoin is legal, it is a step back from making financial transactions traceable in an age of electronic banking.
Bitcoin gambling has been popular due to its own advantages that were rare in regular online gambling. Those advantages generated by unique features and promotions play a vital role in attracting online gamblers
As this forum quote illustrates, one of the distinctive features of cryptocurrency gambling site is that gamblers do not even have to set up an account to play game.
The alternative ways of engaging in online gambling prevent users from uncovering their private information and, therefore, enhance the anonymity:
“It is easy to make a deposit to play a game: a unique URL and deposit address is provided to you when visiting the site. From that time on, you type in the same URL to play with whatever funds you have deposited.. (forum user).”
Many users prefer sites having user chat, and this is in line with the finding that a gambling website equipped with user chat is positively correlated with the number of daily visitors.
Some Bitcoin gambling sites provide user chat that allows users to communicate with other gamblers, share their knowledge and experience, and find their judgment of an online gambling site’s credibility with other users:
“It’s pretty fun, active, and people discuss stuff in chat”.
In addition, numerous promotions in regards with cryptocurrency gambling sites were found in the forum discussions. Promotions are mainly highlighted by features that arouse desire on betting and lull the user’s suspicions.
For example, this forum quote highlights features for promotion, including relatively fast payout, low house edge, daily bonus, user chat, and credibility.
It is notable that those events hosted by Bitcoin gambling sites are normally more generous than regular counterparts in terms of prize. In fact, what makes it possible is that they are free from the government regulations, reducing operational costs associated with abiding by laws.
Without having to pay the taxes, Bitcoin gambling websites afford better services or promotions in favor of customers compared to legal counterparts:
“Bitcoin online gambling sites can provide better service for players because they don’t have to pay taxes or any bureaucratic costs, such as fees for registration, accountants, and legal advisers, etc. (forum user)”.
The borderless nature of the Internet is attractive for gambling operators. The gambling sites are able to access to their targets globally while locating their properties and server wherever they want. Besides, another feature that makes transnational operation safe is anonymous operation.
From the user aspects, some features enable anonymous gambling activities. Using encrypted currencies as deposit and withdrawal methods makes it extremely difficult to trace transactions. The conclusion is that online gambler users prefer anonymous gambling activities.
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