Modern Gaming: The Basics of Bitcoin Betting

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Oh Bitcoin, we love you. You never gave up hope, and we never lost faith in your ability to pay for all sorts of cool stuff. Today, did you know that you can bet with Bitcoin? It’s true. The cryptocurrency, itself being something of a gamble, is now helping UK resident ante up. Here’s how to place your bets.


Know Thy Bitcoin

Bitcoins are a form of digital currency. It’s an online payment system that’s based entirely online, with no physical structure whatsoever. Unlike online banking schemes that you may have seen from banks, and even newer payment processing companies that accept gold or other alternative currencies, Bitcoin is completely digital.

It was created using an algorithm – a complex mathematical formula – with the hope that the new currency would be immune to things like inflation and government control (or, at least, control by a central bank).

Bitcoins were created digitally as a reward for processing work where users offered up their own computer’s resources to solve complex mathematical problems. Such processes were known as “mining.”

While anyone was allowed to mine for Bitcoins, the process was (and still is) time-intensive. Users must also be very familiar with various obscure software programs designed to “mine” for Bitcoins, and they must be willing to sacrifice valuable computer resources for the job.


How To Get Them

Today, there are enough Bitcoins in existence that almost anyone can buy them from an established Bitcoin exchange. The current value for Bitcoins changes daily, similar to how commodities’ prices fluctuate daily.


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How To Pay Using Bitcoins

If you find a website where you can play live casino games and it accepts Bitcoins as payment, the seller will advertise how to pay with the digital currency. Paying with Bitcoins, in most cases, is a relatively straightforward affair. If the seller accepts them, you simply open up your digital wallet, and transfer the appropriate amount of Bitcoins to the seller.

Transferring Bitcoins is anonymous, with neither the seller, nor anyone else, knowing what you spent the money on, or with whom. Obviously, the casino, or any other merchant, will know that you spent money with them, but no one else will know that you’ve made the transaction.

There are also no fees for the transaction, so you can deposit much more than you otherwise could with a credit card or other forms of cash-similar payments.

And, when it’s time to cash out, the casino will give you your winnings in Bitcoins or some other currency of your choosing.

If you need the currency transferred back to your native/country’s currency, then you can either request cash payment from the casino or you can exchange your Bitcoins using any number of Bitcoin exchanges.


Things To Think About Before Using Bitcoins

With all of the advantages of Bitcoin, what’s not to love about this digital currency? Well, for starters, there’s an inherent limitation to the Bitcoin system in how transactions are handled.

Because of the somewhat anonymous nature of the currency and because there are no fees associated with making transactions, there are also no reversals. Once you make a transaction, that’s it. It’s done. It cannot be undone. That’s not to say that any transaction is a lost cause. Merchants can, of course, choose to send you a transaction back, but there’s no inherent system set up for fraud and credit reversals.

So, you have to trust the people whom you do business with.

Some see this as a major disadvantage because there’s no protection from unscrupulous sellers. Another potential disadvantage is that Bitcoins are somewhat anonymous. This means that, if a seller does rip you off, there may be little or no way of proving that a transaction took place where you were involved.

It is true that all transactions are transparent in the system, but this transparency only extends to the tracking transactions back to a wallet ID. It does not identify the user, what the transaction was for, or where it took place.

This may make it difficult for law enforcement to catch criminals. It may also make it difficult to prove that you, specifically, paid someone for products or services.

There’s also an uncertainty surrounding the tax status of Bitcoin transactions. Since they are not fully recognised as currency, it’s unclear as to whether they will be taxed the same as British pound or the euro.

This means that you’re left on your own to figure out whether your taxing authority will require you to claim Bitcoin winnings as income or whether those winnings don’t “count” until your transfer the funds back into currency.

Logan Sims has been following the world of Bitcoin since the beginning. An avid blogger, he likes to share what he finds by posting on the web. You can read his informative articles on many of today’s top blogs and websites.

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About the author

Geeks4Share Administrator wrote 365 articles on this blog.

Priyangshu Borgohain is the owner of Geeks4Share. He is a 17-year-old blogger and web entrepreneur from India who loves making money on the internet. You can join him on Google+.

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