Bitcoin was a beast, building up momentum like a 100-cart train hauling iron ore, it was hard to see the ride coming to an end. With its ups and downs, many looked at Bitcoin and the blockchain as dying concepts – far from the truth.
The value of Bitcoin has come back from the ‘moon’, levelling out to a point that makes it manageable for everyday use. Did you know that Bitcoin is excelling on online casinos? With our complete beginner’s Bitcoin casino guide, we will give to you a complete understanding of what the future of blockchain looks like, great tips to playing with Bitcoin through online casinos and the best way to increase your chances of a sweet payday with online Bitcoin casinos.
What is Bitcoin
Bitcoin is best understood by separating it into two easy to understand components. The first part, is seeing Bitcoin as a virtual token – think of this like a digital I.O.U. The second part, is Bitcoin as a protocol; a distributed network that maintains a ledger of the balances of the virtual token part of Bitcoin – this network is often referred to as the blockchain.
Bitcoin and the blockchain is a system that allows payments to be sent between users without passing through a central institution or authority – like a bank or payment gateway. This system and ledger are created and stored electronically, and are produced by mass amounts of computers all over the world which are processing the ledgers and transfers, otherwise referred to as ‘mining’.
Bitcoin was the first real example of what we now refer to as Cryptocurrencies and was created by a pseudonymous software developer, who went by the alias Satoshi Nakamoto. To this very day no-one knows who Satoshi Nakamoto really is, but the idea behind Bitcoin was to create a virtual currency exchange that was independent of any central authority, and was able to be transferred electronically, securely; verifiable and completely anonymous.
What happened to Bitcoin
We won’t bore you with a complete analysis of the blockchain and Bitcoin’s birth, we will keep it direct and give you what you want to hear.
Over the last few years, there had been a mad hysteria over Bitcoin. As Bitcoin took centre stage in the media, everyone begun taking notice. Everyone wanted to ride the wave and let their opinion be heard on Bitcoin, and those that weren’t against the idea or simply having a case of serious FOMO (Fear Of Missing Out) wanted to drop some cash, and get a piece of Bitcoin for themselves.
Whether it was wealthy investors, those that jumped in on the Bitcoin bandwagon back in 2008, or the average mum and dad’s that were desperately wanting to get their own Bitcoin in the hope of becoming rich – leading into Christmas 2017 the Bitcoin bandwagon was full to the brim. The consensus was that you were on the ‘inside’, and It was cool that you cared about not being left in the dust again – the first time being for anyone who didn’t purchase Bitcoin on mere dollars and cents before it blew up to $25,000 per.
And then it happened. The value of bitcoin began to haemorrhage as the media coverage continued to fear monger, and big holders began to liquidate their position in Bitcoin over a fear of losing out.
The biggest losers in all this were the small-time mum and dad investors who still didn’t know what Bitcoin was and how they got it. What they did know, was that they got in somewhere from 15 to 20 thousand and were now looking at getting out somewhere between 3 to 6 thousand – if they were lucky.
Bitcoin is still kicking away. Although the value is keeping under $10,000 Aussie dollars – the support is still there for this technology, and industries are still looking at ways to introduce the blockchain to their businesses. A great example of this is the highly competitive and lucrative online casino industry. In Australia, online casinos have become a popular source of entertainment while also providing great chances to score a jackpot.
Is Bitcoin the only cryptocurrency worth looking into?
Bitcoin may have been the first real virtual currency (No – Habbo Hotel Cash does not count as a currency – so stop wondering!), but it is not alone in the virtual jungle. As more enthusiasts and developers continue their quest for a piece of the Bitcoin market share, the technology continues to evolve with notable contenders in the race to usurp Bitcoin from the virtual throne. Check out these worthy coins.
Ethereum has the second largest market capitalisation of the Cryptocurrencies and is like Bitcoin. Ethereum is a ledger technology which allows companies to build on by creating ‘smart contract’ technology, which is the ability to include a contract and terms into the transaction over the blockchain. In layman terms, this is an improved version of the ‘escrow’ account.
Since its development and release back in 2015, Ethereum has faced quite a few controversies. In 2016 the DAO, (which is a platform for the autonomous governance of investment capital) the platform was hacked, resulting in a third of the tokens being moved to a clone DAO. This event was significant at the time, as the value of these tokens that were hacked were about $50 million.
To return the hacked funds to their owners, an irreversible change known as a “fork” was done. Disappointingly, over the last three years Ethereum has been the subject of several hacks which also resulted in further forks being made.
Currently Ethereum has a market capitalisation of approximately $16.5 billion USD.
Litecoin, created in October 2011, was the product of an ex-Google employee Charlie Lee who had a vision for a lighter version of Bitcoin – the silver to Bitcoin’s gold. Unlike Satoshi Nakamoto, Charlee Lee is very active on social media and his blog.
What Litecoin brings to the table is a faster transaction confirmation time. In short, a merchant would get 2 transaction confirmations in a 10-minute timeframe; whereas, it would only achieve 1 transaction on Bitcoin.
Litecoin has largely held steady since it initially generated value, maintaining a market capitalisation of approximately $4.5 billion USD.
Dogecoin represents everything that is great about the internet. It’s creator Billy Markus, initially created Dogecoin as a ‘joke’ cryptocurrency alongside the boom that followed Bitcoin reaching mainstream success. In typical fashion, and to the amazement of just about everyone, Dogecoin garnished a serious following.
Dogecoin is a perfect display of what you need to consider when putting money into cryptocurrency – the markets are volatile. In 2013, Dogecoin was just like Bitcoin in that it had a finite supply which was intended to be capped at 100 billion coins. It was later announced that Dogecoin would now produce an infinite supply. Following this time, the value of Dogecoin skyrocketed up 300% in 72 hours, but 3 days later it dropped 80% in value because of how easily users could mine the coin.
In a sign of true community, later that year Dogecoin was hacked and millions of coins were taken. The community, however, believed in Dogecoin and rallied together to donate coins to those who were affected!
A true tear-jerker, Dogecoin currently has a market capitalisation of $302 million USD.
Ripple followed a different path. Released in 2012, Ripple is a form of cryptocurrency specifically aimed at banks using the technology (the Ripple Consensus Ledger) as a real-time network for international payments, like a settlement system, except with proven governance and the fastest transaction confirmation of its kind.
This means that Ripple is not an independent currency like Bitcoin or Litecoin, it does have interesting features like being able to represent real cash or commodities. However, the use really is only limited at the banking industry.
Ripple has a current market capitalisation of $12.5 billion USD.
Monero can be looked at in two ways. It is a cryptocurrency that strongly resembles Bitcoin but with a greater degree of anonymity. This sounds great to most, but when things look too good to be true, they generally are – with Monero the downside comes in the shape of an alleged affiliation with the Russian Mafia.
Monero was launched in 2014 and was unknown until it was picked up by AlphaBay – which is one of the big markets on the darknet, notorious for selling stolen information like uber accounts, identities, illegal firearms and drugs.
Monero has flourished since being linked
with AlphaBay – which is the opposite of the PR damage Bitcoin’s link with another
darknet market known as Silk Road retrieved. This was prior to the platform
being shut down by the FBI in 2013. Monero. With a little bit of help from
AlphaBay, increased its market capitalisation from $5 million to $185 million
in 2016, now settling at a respectable $1 billion USD.
I am not sure – how does bitcoin stack up against other commodities?
Bitcoin is like traditional fiat currencies. Like conventional dollars, it can be traded digitally; however, it differs in these five ways:
- Decentralisation – Bitcoin and the blockchain is maintained by volunteer coders, being run by an open network of computers worldwide.
- Limited Supply – there is no printing of money like traditional fiat currencies. Each hour a small number of new bitcoins are released to the network, continuing to do so at a diminishing rate. There can never be more than 21 million Bitcoins in circulation, so in theory as the demand grows and the supply remains the same, the value will increase.
- Pseudonymity – the underlying concept was that users are not identified or anonymous, although Governments and law enforcement have found ways to identify users.
- Divisibility – the smallest unit of Bitcoin is called a Satoshi, which is one hundred millionth of a single Bitcoin (0.00000001), making microtransactions possible.
- Immutability – transactions cannot be reversed or tampered with.
What kind of casino games can be played?
We frequently see this question being asked in forums and even through our online chat support – “what kind of games can be played with Bitcoin?”. The great thing about online casinos is that they are mostly progressive and quick to offer new technology or promotions. For this reason, when you are thinking about getting into Bitcoin, consider seeing it as another currency like USD or AUD rather than as a gimmick.
Once you have decided to start using Bitcoin to play online casino games, you will find that you are able to play all the same casino games that you would normally play on Planet 7 Oz. The only difference is that as these games have an alternative currency, they are usually developed differently – which means that you won’t have the exact gaming themes you are used to.
The most common online casino games that are utilising Bitcoin are the pokies, with standard 3-reeled, 5-reeled video pokies, 3D pokies, and the big money – progressive pokies.
However, the fun does not stop there. If the pokies aren’t your thing and you are a fan of traditional casino table games, you are in luck because most online casinos that offer Bitcoin as a currency also offer popular games like blackjack, baccarat, craps, sic bo, and roulette.
You can even try your poker face with online games of poker using Bitcoin. Playing poker online is great, as there is no dealer or other players to ruin your gameplay. This is also helpful if you are trying to learn to play the game – as it removes much of the social anxiety learning to play in your local casino would bring.
Are the games the same as where I usually play?
Most online casinos offering Bitcoin as a currency have specialist games, which is mostly only noticeably different when playing the pokies. This is because there really isn’t much room for interpretation or manipulating the themes of the popular tabletop games like blackjack and roulette.
Realistically, this is not too much of an issue because even if you are comfortable with only playing your favourite games – it does get old playing the same games, day-in, day-out and you might find a new favourite. Many of the Bitcoin pokies have trendy matrix-esque themes that do shine new light into the generic animations you will have come to expect from the online casino gaming industry.
how do I bet with bitcoin?
Betting on games with Bitcoin is really easy! Now, understandably you may be worried because the entire process of obtaining your Bitcoin’s can be quite complicated. Thankfully, placing Bitcoin wagers is simple.
Betting with Bitcoins in online casino games is no different to other wagers you would make with your Aussie or American dollars. The games have been developed so that it is easy to understand and break down your Bitcoin into smaller bets and denominations – all within the accepted currency range.
Our pro tip – if you ever feel unsure about how much you are wagering, use google and search the amount of Bitcoin you are looking to wager per spin or hand with ‘to AUD’ or ‘to USD’. Just make sure that you are taking note of the number of digits that are in your Bitcoin as with so many digits it is easy to misread or mistype.
Should I try playing casino games with bitcoin?
You should try wagering with your Bitcoin as there are many reasons that make Bitcoin beneficial in online casino betting. With Bitcoin, you can make instant deposits at no extra costs. More importantly, unlike using your Aussie dollars or American dollars, you can withdraw your Bitcoin instantly, and likely without any costs.
Playing with your Bitcoin will also open you up to playing great casino games with great bonus promotions for your Bitcoin, like the offers that Planet 7 Oz are frequently offering.
Bitcoin is likely to be around well into the future, and as it continues to evolve, the technology will continue to develop. If you are already playing online casino games with your Bitcoin: you will be getting significant experience and more importantly, be generating Bitcoin. Which unlike your usual currency winnings, Bitcoin can be making you interest – as it sits in the exchanges with the value going up or down.
Our list of recommendations really could keep going on, but it is probably time you started to check out some of the great offers that online Bitcoin casinos provide. Head over to Planet 7 Oz and check out the great bonuses and promotions on offer to get you started in your Bitcoin futures, not to mention the killer bonuses Planet 7 Oz offer for the Aussie dollar!