The Casino Bitcoin Marriage – How Long Before Divorce?
Bitcoin casino what the devil is that? Yep a little hard to comprehend but there are casinos that accept Bitcoin. Not too many at the moment to be fair but they may catch on. Casinos like Bitcoin because there’s no transaction fee for them. All fees come out of the users account. Bitcoin in itself is a bit hard to believe. What is it? You can’t see it there’s no control over it. It is completely free of central bank control, no government intervention. It’s not linked to any markets it makes no sense that anybody is taking it seriously. They are though this is not monopoly money, it is real. People have made fortunes with it and trade using it. But a Bitcoin online casino how does that work? Who can trust it? No jurisdiction covers Bitcoin casinos so they aren’t regulated that is a big red flag. But first let’s look into what Bitcoin is and how they work.
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The Brain Child Of Satoshi Nakamoto
Bitcoin is what is known as crypto-currency. There are more than one believe it or not but as yet only Bitcoin has gained any kind of recognition. So they are digital cash no physical money is made or exists. The value of Bitcoin is in data form. You can’t touch it you can’t roll around on your bed in it and you definitely can’t light a cigar with it. So that rules out the bling brigade from the start. But seriously it is hard to get your head round something that doesn’t exist. This is the bit that governments hate there’s no central bank or financial institution regulating or controlling it in any way. It’s known as a peer to peer network using mathematics to generate the currency. The algorithms involved give you a head ache just looking at them. Cryptography is a branch of maths that has some seriously smart people involved and the idea of crypto-currencies has been intellectual thought games for many years. Satoshi Nakamoto gave birth to Bitcoin in 2008 and man it went crazy. The fact that nobody knows who Satoshi Nakamoto is and whether he or she even exists is another mystery that casts doubt on the whole thing. But the decentralized concept worked and the lack of transaction fees made it an overnight sensation. The perceived value rocketed and billionaires were made. Then the inevitable crash came and it leveled out. As it stands Bitcoin are still worth a far bit of money. Yep they are traded for real cash and at the moment one Bitcoin will cost you about $430.
So How Are They ‘Made’ Where Can You Get Them And Why Is The World Not Flooded With Them
Right this is the bit that’s hard to keep up with. It’s hard enough to write about it so bear with me. The process of creating Bitcoin is called mining. This is performed by certain individuals with some serious hardware they verify transactions and record them in what is known as the public ledger. Payment for this work comes in the form of the small transaction fees that user pay and newly made Bitcoin. The processing work requires super computer levels of hardware. This is not done by the spotty school geek in his bedroom. This next bit is frankly boring to explain but here goes. The public ledger is a block chain made up of a distributed database linked via nodes that run the Bitcoin software. The software is free open source and this is the beauty of the system it creates its own staff. The process is extremely complicated and quite frankly above my understanding. But it all works because of networking some hard core computing power and some very clever people. Joe public can’t make them it’s way to complex so they are traded.
There are exchanges where Bitcoin are bought and sold. It’s pretty simple you log in and buy them from sellers. You can use just about any form of payment debit cards, e-Wallets and even the other obscure crypto-currencies are taken by some. Storing the newly purchased Bitcoin is the next headache to explain. You have address where you store them and algorithm keys to unlock them. There are online versions that act as vaults. Then you can have an app that acts as a safe and you can store them on your desktop. These come for all the major systems Linux, Windows, Mac OS for your pc then there are mobile versions as well. The safest of all is a flash drive digital safe. This is all over simplified and the complex software involved is mind bending.
So Is A Bitcoin Casino Safe To Play At?
This is the $64 000 question. The answer is most are not no. There are a few that accept Bitcoin as an option with other regular currencies. These casinos will have a license and be regulated. So they should in theory be safe. The vast majority of Bitcoin online casinos are exclusively Bitcoin. They don’t need regulating as things stand at the moment. There is a lot of discussion in government around the world about this very issue. The biggest problem is that Bitcoin is associated with serious criminal activity. It’s anonymous untraceable and is accepted worldwide now. It is black money. So the upshot is the very nature of its existence will probably hold it back in the long run. The idea of a decentralized currency is wonderful. Take the politicians out of our finances. The system is so open to abuse however it is probably doomed to failure. Governments will try their hardest to shut it down. It’s a great experiment though and who knows stranger things have happened. It has been going strong now for 8 years maybe it can weather the storm and pull through. Bitcoin casinos may become the norm. We doubt it very much though.