The Internet has always been a place for technological innovation and development. It is therefore not surprising that there are now virtual currencies of their own, apart from all national currencies. The best known of these so-called digital currencies is Bitcoin. Bitcoins made the headlines, especially in the last two years. In this article, we want to take a closer look at the digital currency Bitcoin, especially in connection with online casinos. What are bitcoin non GamStop casinos? How and where can you gamble with bitcoins? What are the advantages and disadvantages? And of course, we want to first answer the question: what is bitcoin anyway?
What Are Bitcoins?
Satoshi Nakamoto is the inventor of Bitcoins. However, this name is fictitious – and to this day it is not 100% clear who is behind it. This fictional Satoshi Nakamoto created the Bitcoin currency in 2009 as an answer to the financial crisis. The idea behind it was clear. With Bitcoin, Nakamoto wanted to move away from the power of banks and international financial markets and develop its own currency that exists independently of political influences.
Bitcoins can be produced by any internet user on a computer. However, the way Bitcoins are produced is highly complex and requires intensive computer processing power, which is associated with high power consumption. In the professional world, this bitcoin digging is called mining.
The value of Bitcoins, like the value of other currencies, is determined by supply and demand. In contrast to classic currencies, the course of Bitcoin is downright breathtaking. In 2009, bitcoin was available for just three to four cents. In 2011, you could still buy bitcoin for around €7. In 2012, the value shot up to €80, and even the non-internet-savvy public began to take an interest in the currency. This had the effect that the Bitcoin price rose to an almost unbelievable 900 euros per coin at the end of 2013. Most recently you got bitcoin for about €600.
Where Can You Buy Bitcoins?
Bitcoins are best bought through bitcoin exchanges. You will receive a corresponding number of bitcoins for a certain amount of euros. Of course, you don’t have to put several hundred euros on the table right away. You can buy bitcoins at lower prices, or even buy a cheaper forked coin. After you have purchased the bitcoins, it is best to transfer them to a crypto wallet. These wallets are digital purses that are particularly secure and very impossible to hack.
Advantages of Bitcoin
Bitcoins offer, at least in theory, 100% anonymity for transactions on the Internet. While the identity of the payer is known for payments with credit cards or PayPal, Bitcoin transactions are processed completely anonymously. For advocates of anonymity and privacy, this is an important benefit. Bitcoins can also be seen as an investment or object of speculation. With the right timing and the right nose for trends, good speculative profits can therefore also be achieved. While online payments via credit card, Paypal, or other options incur transaction fees, Bitcoin payments do not have them. All transactions are carried out free of charge.
Disadvantages of Bitcoin
Despite the great success of Bitcoin, it is far from being a mainstream means of payment. Large online companies such as Amazon or Zalando do not accept bitcoins as a means of payment. It is therefore not that easy to spend bitcoins again when making a purchase. In the list of advantages, we have also included speculation about bitcoins. However, this effect can also be a disadvantage. Due to these fluctuations and the unpredictable future development of the currency, bitcoins can also lose value very quickly.
Bitcoins and Non-GamStop Casinos
As you have probably already noticed, non-GamStop casinos are very quick when it comes to implementing new trends on the Internet. So it wasn’t long before the first online casinos existed that only accept bitcoins as a currency. With which we would have answered the question “What is a Bitcoin Casino”. The problem with these early, pure non-GamStop Bitcoin casinos was that the software usually didn’t come from big providers, but was programmed in a developer’s back room. This, of course, left the possibility of all kinds of manipulations. In the meantime, however, there are already Bitcoin casinos that work with well-known software providers such as:
- Nextgen Gaming
Advantages of Bitcoin Non-GamStop Casinos
The biggest advantage of playing with bitcoins is the fact that withdrawals are made instantly. While you have to wait days or even weeks for a payout at some online casinos, you can transfer bitcoins back into your bitcoin wallet immediately. If you value anonymity, you should also deal with Bitcoin Casinos. In many “normal” non-GamStop casinos you have to send a copy of your passport and an invoice that lists your home address before you can make a withdrawal.
Bitcoin casinos work completely anonymously and do not ask you for personal information. Bitcoin casinos also save on transaction fees when making deposits. Classic online casinos have to pass on fees of around 2% to 4% to the credit card company or any other company that processes deposits.
What Are the Disadvantages of Non-GamStop Bitcoin Casinos?
As already mentioned above, bitcoins are still not a mainstream currency, but rather a niche product. Therefore, many firmly-established non-GamStop casinos do not yet offer Bitcoins as a payment option. Therefore, if you are a player at a larger online casino, there is a good chance that bitcoins will not be offered as a deposit option. Another disadvantage is the constant price fluctuations. You therefore never really have a fixed euro amount available. Your casino balance can be the equivalent of €200 one day, but only €150 the next day – or vice versa!
Another disadvantage is a large number of dubious providers. Many bitcoin casinos do not have licenses from national gaming authorities.