What the heck is a bitcoin? And how do you use these bitcoins to gamble online from India, or anywhere else in the world?
This article will answer those questions for you now.
Bitcoin is a digital currency – also referred to as virtual or cryptocurrency. They’re created as a reward for payment processing work. Whenever a (bitcoin) transaction takes place, it’s recorded in a public ledger. People use sophisticated computers and software to do this – and for every transaction they’re rewarded with 25 new bitcoins.
There are 25 bitcoins to a ‘block.’ A new block is made every 10 minutes, and it’s estimated that bitcoins will be ‘mined’ until halfway through the next century (2150 – about 21 million bitcoins).
That’s the gist of it. The ‘mining’ rabbit hole goes much deeper than that, too.
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Are Bitcoins Anything Like The Dollar?
A little bit.
They’re like the dollar in that their value increases and decreases based on supply and demand. Just a couple of years ago they weren’t worth more than $30. Then there was a short period where the value skyrocketed to more than $1,000. By the time the dust settled, each bitcoin was worth between $500 and $600.
And like the dollar you can send or receive them, and use them to pay for services and products. You can use bitcoins to pay for things like web hosting, pizza and gambling.
Bitcoins aren’t backed by any tangible asset either – just like the dollar today.
But bitcoins are different than the dollar in a few ways, too.
For one, they’re not backed or supported by any state or government. So no one has to accept bitcoins as payment. That’s one element that creates a supply/demand scenario for the dollar.
Bitcoin transactions are also anonymous. This creates a problem for the government as they’d like you to pay taxes on money earned buying, selling or investing in them.
And transactions are final too – you can’t reverse them. This creates a winning scenario for businesses that accept them. They don’t have to worry about charge backs.
One way you can get your hands on bitcoins is to mine them. I briefly described that process above. But it’s far too complicated and outside the scope of this page to explain it further. If that’s something you’re interested in, I recommend reading this PDF: https://bitcoin.org/bitcoin.pdf
For everyone else, you can buy bitcoin using the rupee, dollar, franc, peso, etc. All you need to get started is a bitcoin wallet. This is no different than an e-wallet, like PayPal, Neteller or Skrill.
One example of a wallet is Coinbase. You can create an account, link it to your bank account, then buy your bitcoin. You can then use your wallet to hold or make payments with your bitcoin.
To make purchases you’ll have a bitcoin address. This is a combination of numbers and lower/uppercase letters unique to each coin. You can either punch these numbers in, or scan them using a QR code.
Because each transaction is non-reversible and recorded manually, it can take a few minutes up to a couple of hours for a payment to go through.
There are benefits to using Bitcoin to gamble online:
And even if you’re not in a country that makes gambling online a pain in the butt, you can still benefit from the fast withdrawals and low fees.
Getting started is simple too.
From my experience many rooms will not ask for any personal information. All you’ll have to do is create a username and password.
From here you’ll want to make a deposit. Just head to the cashier, enter your bitcoin address and click submit. Or scan the QR code.
Everything else will be pretty much the same.
One thing I did notice that’s different is that your bitcoin will often be converted into ‘chips.’ Then each tournament, game or sport you bet on will require ‘x’ chips.
Other than that, everything will be the same. It’s just the currency you’re banking with – and it’s benefits – that are different.