Online casinos are nothing new. Thus, there are now more and more providers on the German market that allow a visit to the analog casino also via the Internet. Here you can virtually sit down at machines or the tables known from casinos. But despite the large offer, there is now a new group of online casinos. Thanks to Bitcoin, these offer a modern digital payment method with various advantages. Let’s take a look at the advantages of the payment method in online casinos.
General advantages of Bitcoin
The cryptocurrency Bitcoin has been the talk of the town for several years. Thus, the digital means of payment has now established itself for many as a real alternative to typical currencies. Especially on the Internet, people use the popular cryptocurrency, as its elaborate encryption ensures an extremely secure transaction. It is therefore not surprising that more and more providers on the World Wide Web rely on this modern means of payment. This now also includes online casinos.
With online casinos that rely on Bitcoin, you have to distinguish between two different types. There are pure Bitcoin casinos and hybrid Bitcoin casinos. As can already be seen from the names, providers of the first group rely on Bitcoins as the only possible means of payment. In online casinos with a hybrid Bitcoin concept, the cryptocurrency is offered as an additional means of payment alongside other established currencies. Even though Bitcoin casinos come along with a modern means of payment, they are otherwise no different from classic online casinos. Here, you get the same range of machines and tables.
Are there any differences when it comes to payment transactions?
As with the other factors, there are also in the area of payment transactions hardly any differences to classic online casinos. Everything here just seems a little more modern. As a player, you use a kind of e-wallet in which the Bitcoins are stored. As a rule, your own Bitcoin address serves as the wallet. This can be easily created in the meantime. The transactions at Bitcoin casinos are not only secure, but also fast. It usually takes only a few minutes until you receive your money on your Bitcoin account.
Advantages of a Bitcoin casino
At a Bitcoin casino like mBitCasino, you naturally benefit from the general advantages of a cryptocurrency. For example, Bitcoin is not subject to any central bank and is therefore globally neutral. No government can influence its value. In addition, the Bitcoin offers a high level of security. Thus, the account is protected from access by unauthorized persons. Even a freeze, as known from classic accounts, is not possible here. In addition, fraudsters have hardly any chance to make a profit with Bitcoin. Since a transfer of Bitcoins is irrevocable, it is virtually impossible for fraud to occur. Paid is paid. On top of that, Bitcoin convinces by its sheer speed. While you have to wait up to two days for a classic transaction from your bank, you usually receive a transfer via Bitcoin after just a few minutes. Especially in the wake of a big win in a Bitcoin casino, this is very pleasing.
In addition, the cryptocurrency convinces with its transparency. The associated software allows users to view their payment transactions at any time. The Bitcoin’s upper limit ensures a pleasant value stability. Since scooping is only possible up to the maximum limit of 21 million, a constant value is maintained. The package of advantages is rounded off by the anonymity that cryptocurrency in general and Bitcoins in particular offer. Especially in the field of online casinos, this is a decisive advantage over classic means of payment. Bitcoin is also very popular amongst sports betting providers, allthough 2020 wasn`t a good year for the sports- and betting industry.
BTC – Toys for nerds and anarchists?
Bitcoin has had a gigantic rally and made some gamblers rich. But private investors should see cyber money more as a kind of computer game – and invest only smaller sums, if at all. Last week, the value of the cryptocurrency Bitcoin only briefly surpassed the $40,000 mark, only to drop down to almost $30,000 before climbing back up to the 40,000 mark. That doesn’t look like a currency. But what is bitcoin then? And how should investors deal with it?
The pub was called Café Zapata and was located in a property occupied by artists on Oranienburger Straße in Berlin-Mitte. There you could pay for your beer with an art currency more than 20 years ago. The art currency was above all an expression of political distrust of the system.
So the impulse of mistrust has been there for a long time. So the idea of a currency that was not controlled by the state fell on fertile ground in the leftist hacker community. Allegedly, it was a Japanese computer scientist who described the code for the new cryptocurrency in 2007 – and who has not been identified to this day. The idea behind this was to be able to replace state guarantees with cryptography, open source and mutual control. To this day, anyone can donate Bitcoins to leftist projects like the Wauholland Foundation and WikiLeaks. The same goes for projects associated with the open source movement like Wikipedia. But part of the truth is that far-right projects also like Bitcoin, as do extortionists.
I myself didn’t have any in the first ten years of Bitcoin history, but the idea already fascinated me: Bitcoins, the anarchist money for young people who didn’t trust the state over the way.
In the focus of the stock market world
Then bitcoin disappeared from my view. Until 2017, when Bitcoin made a name for itself as a speculative object in the stock market world. Its value rose from $1,000 to nearly $20,000 within a year. I learned that you can produce this currency by running elaborate (cryptographic) computational work on your computer – so-called bitcoin mining. And that server farm operators focused on computer work to mine the new “currency” Bitcoin. And that the energy consumption of Bitcoin prospectors and computers reached the level of entire countries – currently, by the way, at the level of Austria. Anyone who, like me, cares about the climate was horrified by this effort. Some shook their heads at such speculation, others got really excited about it, and third parties slowly understood that the underlying idea of blockchain could also be of great value beyond this gambling.
Budding mathematicians invited me as a consumer journalist to the Humboldt University in Berlin, where they argued about the value of different blockchain methods. And a deserving “Finanztip” employee who has been studying cryptocurrencies for years sent me a few Bitcoin shares on my cell phone. “Have to take good care of it though, if you lose the key (the key) for your wallet (account), then the Bitcoin share is gone.” Fittingly, hackers at the Chaos Computer Club’s annual convention had fun cracking common encryption tricks for the cryptocurrency.
- My smartphone has been in safekeeping in my desk ever since.
- After all, you’re not supposed to give the device with the encrypted code to Bitcoin out of your hand. In everyday life, I have been using a new one for years.
- Just as quickly as the hype had come in 2017, it also seemed to end again.
- The value of bitcoin fell from $20,000 to $3500 in 2018 – a loss of 82 percent.
- The currency fluctuations between the dollar and the euro, which consumer advocates usually point out, are practically irrelevant against this backdrop.
- The British “Independent” reported on a study by two well-known US professors. The tenor: The entire price hype of 2017 was essentially due to a single speculator.
After the hype is before the hype
At the end of 2017, I wrote in this space: Blockchain is future technology and Bitcoin is unfortunately still mainly gambling. In fact, in 2019 Facebook then also wanted to launch such a currency, the Libra. The European Central Bank (ECB) and other central banks began to seriously consider the idea of their own digital currency. Insurance companies – which traditionally employ many mathematicians – discussed the benefits of blockchain for their computing processes. And then, in the fall of 2020, speculation really took off again.
It has little to do with currency, with money as a payment function. You can rarely pay with Bitcoins in everyday life because the value fluctuates so much. Even though Lieferando in Berlin now offers pizza for Bitcoins. Or for fractions of it.
If you are worried that inflation will eat up, say, five percent of your hard-saved assets year after year, you don’t want to store your 100,000 euros for your old age in such a way that it will be 100,000 one day, 15,000 at the end of the year and 200,000 again a year later. Nor do you want to put yourself in the hands of speculators like John McAfee, who expected the Bitcoin price to reach one million dollars by the end of 2020.
Who will make the race?
So the future of bitcoin is still completely open. Will it become a serious currency one day? Will it be banned? Will another cryptocurrency make the race? Facebook’s Libra project, meanwhile, is called Diem and is now reportedly set to launch this year. Or will bitcoins remain objects of speculation, with novices funding the profits of professionals?
For you, that means get involved with the technology, because it’s fascinating and can be used for very different things than payments, such as healthcare. Health insurance companies, for example, dream of using blockchain technology to control the quality of medicines. For example, the cold chain could be monitored from production, through transport, to delivery, and stored on the product. “If the cold chain is not maintained, the drug will not be delivered”. But operate your investment away from the cryptocurrency hype – quite solid, quite future-proof, so that you can fulfill wishes safely after hard work, then, when you want it and when you had planned it. For this you need a call money account, a time deposit account and gladly also a depot with market wide, worldwide ETF.
And if PayPal also allows you to pay for things with Bitcoins in the future, which are first transferred into Euros, Dollars or Crowns for this purpose, you will not change your attitude with that. Your furniture store will still not sell the leather sofa for a Bitcoin price, this price would be much too erratic for that. And they won’t succeed in buying a property at a fixed Bitcoin price with such erratic rates either.
You see dealing with the Bitcoin itself as a computer game. For this, you need clear rules and a game leader who also adheres to the rules and can keep to them. This is less trivial than it sounds. Even though some crypto exchanges are now state-regulated and it takes an official Bafin license in Germany for crypto custodians, i.e. those who hold crypto keys for other owners, such as those operated by the Stuttgart Stock Exchange. And when you gamble, i.e. gamble a little bit for money, you are betting just as much as you would for any other computer game.