Bitcoin is a digital currency and part of a revolutionary movement towards decentralized financial systems. It has been dubbed by many as the 'father of cryptocurrency' appearing as the first proof of concept and was created by an alias profile under the name of Satoshi Nakamoto. The unknown developer, or group of developers, were the first to release a comprehensive whitepaper describing the new technology to the public in 2008.
So why is it so great?
There is no Bitcoin company, building or server that anyone can shutdown - it's completely distributed and what makes the network unique. It's the first method that enables a definitive transfer of value over the internet. It's not like sending over a file which can be shared and copied multiple times, there can only ever be 21,000,000 bitcoins circulating and the technology removes the issue of double-spending.
In the past, bitcoins have notoriously been used for moving money within the black market and underground scenes, particularly Silk Road. This was mainly due to the anonymity factor which also removed the need for physical cash trades. Up to 26,000 bitcoins were seized from the users of the platform and the marketplace consequently closed.
Today Bitcoin has become a front-runner in this technological space and in a sense, a brand in it's own right. It is most commonly used as a store of value but there are millions of users who also spend bitcoins online for gambling instead of using their debit/credit card.
Is Bitcoin Legal?
Bitcoin is 100% legal and accepted by many merchants, operators and vendors globally as official payment. There has also been a rise of properties being sold on the market who accept the cryptocurrency as payment. It is definitely slipping into mainstream use and will likely keep increasing in popularity over the years to come.
This is also the case for the gambling scene - whether it's sports betting, casinos, poker or eSports betting, all sites are beginning to accept bitcoin deposits due to high demand and ease of use.
Generally the use of bitcoins are legal, it just depends on what you're using it for which is the same case for fiat money. In the past Bitcoin was solely viewed as a way of evading tax and going under the books, but now governments such as the US and EU have created cyber investigation teams to prevent money laundering and other criminal related activities involving cryptocurrency.
Although it is legal to buy and spend bitcoins, remember we are not legal professionals and so you should check with your local experts for country or state specific laws regarding Bitcoin.
Advantages vs Fiat Money
- Decentralized System - there are no banks and you are in full control of your money.
- Faster Transactions - sending money over seas and even locally is much faster.
- Anonymity - all you need to send money is a single address, just like an email.
- Secure - in theory the blockchain can't be hacked or tampered with.
- No Limits - there's no spending cap on your money.
- Store of Value - it also acts as an investment so you will likely gain money holding bitcoins.
Value of Bitcoin
The value of Bitcoin is constantly changing on a daily basis so it's important to keep track of it at all times due to events, media and other factors such as FOMO. We always keep a Bitcoin ticker displayed on our site for your convenience so you are always updated. To get the most value from your money, keep updated with the latest Bitcoin news.
It's difficult to discuss bitcoin price predictions because there are so many factors involved, but this doesn't stop the public and famous figures such as John McAfee from making bold predictions that Bitcoin will be worth $500,000 in the future. On the other hand you have the non-believers such as Jamie Dimon, CEO of JP Morgan, who has interest in blockchain technology but has labelled Bitcoin itself as 'fraud'.
Start Gambling with Bitcoin
Now that you've got the general idea of what it is, the best way to get into it is to buy Bitcoin and try it for yourself. Whether you decide to buy a minimal amount or a larger sum, you will be in 100% control of those funds which you can deposit into any of our recommended Bitcoin gambling sites.