Bitcoin is on everyone’s lips right now. The new online currency is taking the internet by storm. Of course, the online casinos have also noticed this and more and more casinos are offering Bitcoin as a payment method to their players. That number will only increase in the future as Bitcoin is spreading. Still, there are many questions on the part of the players. And rightly so! Because whenever your hard-earned money is at stake, you should know exactly what is going on and what the security of online transactions is like. Therefore, we have compiled some facts for you here that briefly and concisely summarize Bitcoin what it is and what it is not.
Bitcoins definition
Bitcoin is a digital currency that you can use to pay online in shops or online casinos. It is used like cash and is similar in use to a mixture of Visa cards and e-wallets.
Bitcoins payment
Bitcoin has no middleman and must be bought in its own currency (euros, US dollars, British pounds, etc.) You have to set up a Bitcoin account, which you can then use to buy Bitcoins for, for example, € 200. This can also be done online, but Bitcoins can also be bought in stores.
Where do bitcoins come from?
Bitcoins are created through a process called mining. A miner is an app that you download onto your computer. All apps belong to a large Bitcoin network that generates the coins. This ensures that bitcoins are not weakened by a market flood, as we see on the stock exchange with common currencies. Bitcoins are never produced in excess or too many. The number of bitcoins that are available are always limited. Therefore, its value does not decrease. The absolute maximum that has been set for the bitcoins at the global level is 21 million. It is currently estimated that this limit will be reached in 2140. So you still have enough time to buy enough bitcoins.
Bitcoin security
Hacking your Bitcoin is next to impossible. This is because it is protected both by an app with a password and by the device itself. Of course, one should never speak of 100% security, because experience has shown that sooner or later hackers will pounce on every innovation that has to do with money. However, Bitcoin currently offers a very secure alternative to common credit cards.
Bitcoin or e-wallets?
Both are good and recommendable and are always preferable to credit card payments. Many Germans are primarily familiar with the PayPal e-wallet. Please be aware, however, that your real account details must be stored for every e-wallet account. It’s different with Bitcoin. It really doesn’t get any more anonymous than here. You don’t even have to use your real name. The only drawback? When you play bitcoin online, bitcoins are subject to fluctuation. This can go up, but also down. This means that if this goes down, you may not be able to make a payout in the actual amount, but only at the current value of the bitcoins.
Bitcoin fees
You can buy bitcoins directly without an intermediary. There are no fees for this. However, it may be that online casinos, for example, charge transaction fees. This can be found in the terms and conditions and can usually also be found directly under the means of payment section.
Bitcoin price
The price of bitcoins is not stable, but fluctuates all the time. It adapts to supply and demand.