Most people have heard of bitcoin, but not everyone has a full understanding of just how revolutionary it is. Since the beginning of time, people have used various objects to exchange for goods or services, and bitcoin is the latest innovation.
Bitcoin is nothing like swapping bushels of wheat for some blacksmithing, though. The technology it runs on, blockchain, offers unique benefits that are transforming the world.
Bitcoin and real money
The most obvious difference between bitcoin and real money is that it is completely digital. You cannot go to an ATM machine and withdraw physical coins then spend them at a shop. Instead, they are transferred directly from one user to another.
Peer to peer transactions means no government can interfere, control, or set limits on bitcoin in any way. The technical term for this is ‘decentralised currency’ and offers freedom, security, and anonymity like never before.
The advantages of Bitcoin
- Commissions for bitcoin transfers are very small compared to other currencies, or are absent.
- Bitcoin transfers are unlimited. The location of the users does not matter. All you need is the internet.
- You don't even need to enter any personal information to create a bitcoin wallet.
- The reliability of the system is superior to any other system, in large part due to the fact that bitcoin cannot be counterfeited.
- Taxes are not levied on transactions in bitcoins, because the cryptocurrency is not official.
Bitcoin and altcoins
Bitcoin is by far the most popular cryptocurrency with the biggest market cap, but it is by no means the only altcoin. In fact, there are over 5,000 altcoins on the market, each offering a different function or a solution to various problems. Aside from bitcoin, ten of the most popular altcoins are:
Several things make altcoins ideal for online gambling. Number one, each transaction is recorded on a public ledger that cannot be altered. In addition, no personal details are attached to the ledger, making crypto transactions completely anonymous – no one can hack your private information when using them.
Next, transaction costs are low to nil, and payments are very fast compared to traditional banking methods. Add it all up, and you have the perfect currency for safe and secure online gambling.
The ways to get Bitcoin
The easiest way to get bitcoin is to register with one of the main crypto exchanges. There you can buy the altcoin you desire by card payment, e-wallet, or bank transfer. The process is extremely simple, and within moments, you will be the proud owner of a stack of altcoins, ready to gamble.
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If bitcoin isn’t like cash and you don’t use bank accounts you might be wondering where to store it. There are a few options, depending on your needs. The most convenient place to store crypto is at the exchange you buy it from. Many offer a wallet service that stores your bitcoin for you and where you can make deposits or withdraw winnings to.
If you plan on buying a lot of crypto, you can even store it on a physical device to keep it offline. Or, do as some players do by keeping some in an online wallet for day to day gambling and some offline as an investment.
Bitcoin in the future
There is no doubt bitcoin and its many altcoin siblings are here to stay. No longer is crypto a sideshow fad that is going to fade. Some of the biggest names in business have invested in it, such as Elon Musk’s company Tesla which bought $1.5 billion worth, as well as other institutional investors.
Major companies such as Microsoft, Virgin Galactic, and Burger also accept altcoins as payment for various services. As such, cryptocurrency has a hugely exciting future - which you can be a part of!