Bitcoin gambling came about almost immediately after the introduction of the cryptocurrency itself, making up the vast majority of its transactions for years. In 2013 alone, over half of Bitcoin transactions were gambling related, with an average investor profit of 0.811 BTC per hour.
What Is Bitcoin?
You know how cash is anonymous? You can take it out of an ATM, hand it to anyone, and a transaction has been made. Bitcoin (and cryptocurrencies in general) are a lot like that, but digital. Every transaction made can be made anonymously, but where a cash exchange may not leave a paper trail, every Bitcoin transaction is also recorded. This ensures that any and all disputes, any claims to ownership, can be quickly and easily verified by independent parties with no stake in the claim.
And you know how people mine for gold? Well, you can mine for Bitcoin too, and it can be incredibly lucrative if you know what you’re doing and willing to take an investment risk. If you want to roll up your sleeves and dive in, we highly recommend this CNBC article, which explains how you go about it to near-perfection.
But put simply, Bitcoin is a digital token that represents a value, dictated independently of middlemen or governments, and performed anonymously while presented publicly.
What is Bitcoin gambling?
If you’ve ever played at a casino, be it traditional or online, you have a pretty good understanding of Bitcoin betting. The similar odds, the same strategies and gameplay, and an enormous selection of games, it can all be enjoyed using this cryptocurrency.
Just like with regular gambling, the idea is that you’re risking a specific amount of money in the hopes that you’ll win that money back, plus an additional amount. For example, if you play with Bitcoin on Roulette, it would be a double or nothing win if you placed chips on Red.
The quality, fairness, and immersion of BTC gambling is mesmerizing, and the number of options is pretty much limitless. At Bet-Sinclair, for example, Bitcoin games range from Slot machines like five-reel Mega Moolah and its progressive jackpot, to table classics like Blackjack and Craps. You can even bet on Live Casino games, where you can bet with real dealers on real tables via a live stream. Talk about digital cash!
Bet-Sinclair also pulled a card out of the Bitcoin transparency book and introduced the Provably Fair system. It’s where players can see firsthand the true randomness of the game, and even change things up to really ensure fairness.
For those of us who prefer fun over complex math equations, gambling beats Bitcoin mining by a landslide.
Can Bitcoin Be Turned into Cash?
Just like selling a stock (but easier and more straightforward), you can easily sell your Bitcoin in an exchange for real money. Whatever currency you prefer as well. There are some fees that are a bit steeper than they would be than standard Bitcoin transactions, but if the market hits a high point and you’re looking to cash out, it’s as easy as Google searching “Bitcoin to [your currency of choice].” Verify that it’s a legitimate website, and you’ll have a fatter bank account in no time.
Your digital coins can easily be exchanged for physical coins. Don’t forget your coin belt!
What else should you know?
From here, really diving into the Bitcoin community will be up to you. Go forth, it can be very rewarding. We recommend digging into Bitcoin’s scalability issue, how more than 25% of Bitcoins have been lost for good, the big Bitcoin hack of 2016, and more. It can take up a lot of your time, but it can also fill up a lot of your Bitcoin wallet (and, subsequently, your financial worth.)
Bitcoin may be the first and most well-known cryptocurrency, but there are more. Take a look at our various pages covering some of the most common, and please reach out to Bet-Sinclair friendly and knowledgeable support staff for any and all questions or clarifications.
Good luck, have fun, and may good fortune be with you!