Bitcoin set the trend for cryptocurrencies by being the first and the most successful to date. Even though new currencies have become available, Bitcoin remains the most valuable and desired among investors, online shoppers, and casino players. The currency is a complete digital transaction method that was invented by an anonymous group of programmers or an individual, which remains a mystery.
However, the system itself was created by Satoshi Nakamoto, which is an anonymous name used by the creator(s) of Bitcoin. The peer-to-peer currency system was established in 2009 as the first blockchain currency that’s completely decentralized. Therefore, there’s no central bank or owner of the system as it operates between user computers from around the world.
The currency was originally designed to reward mining of Bitcoin, which is a system used to keep the blockchain for Bitcoin stable and for programmers to find bugs. As the value grew, these coins became popular among many others online users for its higher level of security, is completely anonymous, gains in value, and its acceptance by online retailers, casinos, and of course, the black market.
In 2015, over 100,000 merchants added Bitcoin as a payment method, which has grown at a rapid rate over the last 2 years as well. In fact, a study by Cambridge University has shown that 2.9 to 5.8 million unique users will be utilizing cryptocurrency wallets in 2017, of which most operate using Bitcoin.
Below, we look at Bitcoin and everything it offers, including its history, how it can be purchased and used, and the best online casinos for Bitcoin owners. This guide provides all the required details to get a better understanding about Bitcoin and how it’s better than regular currencies.
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The History of Bitcoin
As mentioned above, Bitcoin was created by the unknown username Satoshi Nakamoto who claims to live in Japan and was born on April 5th, 1975. Suggesting being a single person, he was the first to publish the invention of Bitcoin and has developed the first blockchain currency system while also solving the double spending issue with digital currencies. Though his identity remains unknown, the truth behind his Japanese origin has been questioned. However, as of June 2017, it’s believed that Nakamoto owns around 1 million Bitcoin with an estimated value of over $2.5 billion.
The original concept of Bitcoin was published by Satoshi on October 31st, 2008, which was shared on metzdowd.com’s cryptography mailing list. Titled “Bitcoin: a Peer-to-Peer Electronic Cash System”, the paper described the original aspect of what Bitcoin consists of.
January 9th, 2009, the first version of Bitcoin was released on Sourceforge. In reports, he claimed to have started the coding for Bitcoin in 2007 and with the nature of the designed code, it would be able to handle multiple transaction types. Satoshi remained part of the Bitcoin project till mid-2010 and had updated and solved the software and coding for the Bitcoin platform by himself before handing over all control to Gavin Andersen.
Bitcoin mining started with Satoshi himself by mining the first ever Bitcoin block for 50 Bitcoin. The system grew as more members joined, including Hal Finney who was the first member to ever download the Bitcoin software and received a 10 Bitcoin reward from Nakamoto to complete the first ever Bitcoin transaction.
On August 6th, 2010, the Bitcoin development team saw a vulnerability in the protocol system that suggested protocols weren’t verified properly before being added to the blockchain. Therefore, users could bypass the restriction and create indefinite amounts of Bitcoin. After being exploited on August 15th, 2010, when Bitcoin spotted a transaction of over 184 billion Bitcoin to 2 addresses. However, only hours later, the Bitcoin team managed to wipe out the transaction followed by the bug being fixed and by updating the protocol.
How to Purchase Bitcoin
Bitcoin is a complete decentralized cryptocurrency that doesn’t have any owner or management establishment behind it. Therefore, an online wallet is required to store owned Bitcoins, which also allows you to trade, invest, and spend Bitcoins. Since 2009, many web wallets for Bitcoin was created, including CEX.io and Coinbase. While these 2 establishments are of the most trusted and most popular in the cryptocurrency world, there are many other options to choose from, all of which provide something unique in services.
However, for those of you interested in investing with Bitcoin, trading, or spending, the above-mentioned wallets are of the best as they cover all the most important features while offering services to over 30 countries. Below, we take a closer look at both CEX.io and Coinbase and how users can obtain Bitcoin and access their other features.
Creating and Verifying Your Account
Both CEX.io and Coinbase have similar requirements when it comes to creating an account. Both require standard details such as contact information followed by a verification process when registration has been completed. The verification code can be sent via SMS or email and users need to add the code on their accounts before the email has been verified.
Once you’re ready to deposit funds from a personal bank account or credit card, additional verifications are needed. For example, CEX.io has added an additional security process where photos of the card and account holder are needed, allowing the cryptocurrency to ensure the correct user is attempting to buy Bitcoin. Once completed and verified, the account is activated and Bitcoin, Litecoin, and Ethereum can be purchased directly from your account.
Your details are kept secure, including personal details, photos and everything else shared with the wallet. In fact, both Coinbase and CEX.io have added encryption software to protect all information, making it perfectly anonymous when using cryptocurrencies for online transactions.
With a verified account and purchase method, visit their buy/sell page from the menu at the top. Here you’re presented with all the currencies available, including Bitcoin, Litecoin, Ethereum, and others. The interface on both these trading sites is easy to use and provides all the information required to buy part of Bitcoin or full units. Members can either enter the amount of Bitcoin required or the amount of money they would like to spend, giving you the exact amount you’ll receive.
Other than buying and selling Bitcoin, members also have the option to trade Bitcoin with other currencies such as USD/BTC, GBP/BTC, EUR/BTC, and others. These markets are 100% live and provide various tools that allow users to adjust the view and trade.
One of the primary functions that have made both CEX.io and Coinbase extremely popular is their immediate transaction times that allows you to purchase Bitcoin instantly. Many other sites offering the above-mentioned services require buyers to wait for sellers before the purchase can be completed.
Bitcoin started off as a strange online currency, especially to those who aren’t aware of what cryptocurrencies are or how they work. However, since 2009, millions are joined the Bitcoin world and have discovered the various benefits available for daily online transactions, investments, and of course online shopping while having a 100% secure and anonymous currency. Bitcoin has managed to provide a whole new platform for the online industry, taking us one step further to a secure and trusted online market.
Being a decentralized currency is one of the primary functions Bitcoin users benefit from as there are no third-party companies involved. Bitcoin operates only between users, allowing no access to banks or other companies. Therefore, funds in your account have nothing to do with any corporation and cannot be seized or interrupted in any way.
Since Bitcoin isn’t being run by any country or linked to your personal profile in any way, the funds obtained in Bitcoin cannot be taxed. This also means purchases and investment gains cannot be taxed.
Using Bitcoin to purchase products or services online, sending funds to other users, or simply holding onto the coins to gain value has very low fees as there are no third-party companies to apply fees or exchange rates. The only fees that could be involved are those from the wallet used, which is minimal compared to credit card charges and fees applied to only shopping.
Private Information Protection
Another great benefit from Bitcoin is the information shared when making transactions. Bitcoin wallets use an account ID to complete transactions, which doesn’t involve any of your personal details, not even an email address as seem with e-wallets such as PayPal or NETeller.
When Bitcoin first started becoming a popular payment method, each coin was worth under $10, today, these coins are worth well over $2,500, giving it huge amounts of growth within its first few years. Many investors have seen the potential growth involved and simply buy these coins and store them, allowing gains to occur as the value increases.
Bitcoin web wallets have enabled mobile transactions via various apps. These apps are also used as an additional form of verification, adding more security to transactions. These apps also make it easy to make purchases and complete transactions while on the move or in various parts of the world.
Using Bitcoin with online casinos or other online services provides a great benefit as deposits and withdrawals are carried out much faster and safer. Depending on the casino or company, withdrawals can take less than 10 minutes to be completed while deposits are just about instant.
Online Casinos Accepting Bitcoin
Since Bitcoin has become a popular online transaction option, it was only a matter of time before online casinos would see the benefit of the currency. Bitcoin has made it possible to enjoy various online games with complete security and being anonymous.
Therefore, users using VPN browsers to hide their identity can now enjoy even better security as Bitcoin also doesn’t share any of your information with the recipient.
Some online casino game developers have created more added benefits by creating games that are provably fair, such as dice games, roulette, blackjack, and more. These games can be accessed by Bitcoin players without having to activate an account or registering whatsoever while other sites simply require a basic account for players to make deposits, but don’t have all the added verification requirements as seen with regular online casinos.
FortuneJack was established in 2014 and based in Georgia to provide Bitcoin players with a range of exciting provably fair games with proprietary software. As an added advantage, they have created a range of promotions, including a match bonus of 100% for first-time depositors up to 3 Bitcoin. For Bitcoin miners, FortuneJack has added a regard program for any bugs to be pointed out, should you find an issue, simply take a screenshot and include the location to receive a reward.
Betcoin is one of the first and most popular Bitcoin casinos. The site was established in 2013 and has included a great selection of sports betting options, poker, casino games, and much more. Utilizing the proprietary software platform, members are presented with multiple provably fair games along with various promotions of up to 10 Bitcoin and VIP programs to boost your benefits as a member. With an entertaining site and various betting and gaming opportunities, Betcoin remains one of the most widespread among Bitcoin members.
Oshi Casino is one of the new Bitcoin casinos on the block and has obtained an online casino license from Curacao. The casino provides members with hundreds of titles to choose from, including video slots, table games, provably fair games, and much more. Their gaming platform is tested by iTech Labs to ensure fairness while they have also included SSL encryption system for added security. Members making Bitcoin deposits for the first time are presented with a 100% match bonus up to 2 Bitcoin allowed by another 4 match bonuses of 50%. Oshi was established in 2015 and has included a new up to date mobile version of their site in 2016. Apart from offering professional Bitcoin deposit options, the site also includes regular deposits with credit cards and e-wallets.
Playamo is one of the newest Bitcoin casinos that comes with an extensive range of titles to choose from. In fact, players are presented with well over 600 games to choose from, all of which can be enjoyed with Bitcoin. When it comes to promotions, Playamo delivers an incredible 200 free spins over the first 4 deposits along with up to 1.25 Bitcoin in bonus funds. Their support structure offers easy to use options that include live chat, FAQ, email, and telephone. In addition, members can receive support and change the site content from English to German or Russian.
mBit has been on the market since 2014 and provides gaming solutions that are more common among online casinos. Developers such as Play n Go, Pantaloo, Takisto, GameArt, Endorphia, and Ezugi can be found alongside a sports betting section. Members are permitted to make deposits and withdrawals with some of the most popular options, including e-wallets, credit cards, and of course Bitcoin. Bonuses for new members are spread over the first 3 deposits and include up to 3 Bitcoin in free cash. Furthermore, they have also added a great VIP program to boost rewards and features at the casino.
Alternative Bitcoin Options
Bitcoin might be the first to provide blockchain currencies, but as with most great inventions, many other companies followed in its footsteps to try and duplicate the rewarding results. Therefore, cryptocurrencies are now available with various values and all types of benefits. Some simply offer the same features as Bitcoin but include faster transaction times while others have added truly impressive features to the already powerful blockchain technology. While these currencies are widely available, few deliver the same impressive value increases Bitcoin has had over the last few years. Below, we look at alternative cryptocurrencies that have stood out among the rest.
Ethereum is one of the very latest cryptocurrencies to appear on the market as it was launched in 2015. While many assume the Ethereum platform provides the same benefits as Bitcoin, the new currency actually has the upper hand on Bitcoin as added functionality has been created, including a script addition called Smart Contracts. The Smart Contracts provides added applications for the currency that allows it to include various actions or information. Therefore, users can send payments, but add various other features to these funds, including anything from a will through to contracts. Ethereum has been called the new version of Bitcoin due to its added functionality that Bitcoin hasn’t included. In fact, Ethereum creator, Vitalik Buterin used to be part of the Bitcoin programming team and suggested the additional feature, but Bitcoin wasn’t interested.
Litecoin is one of the coins that provides similar functionality as seen with Bitcoin. However, the currency has been upgraded to provide faster transactions. Litecoin was also started much later than Bitcoin and is therefore worth less for the time being. Since the cryptocurrency offers pretty much the same features, the value of Litecoin is not expected to reach that of Bitcoin.