Skip to main content
Key Bitcoin Facts Every Player Should Know

Key Bitcoin Facts Every Player Should Know

Chris in Bitcoin Gambling published on 4, January 2017

Bitcoin has a large advantage over traditional fiat currencies. This is due to the many qualities of the cryptocurrency. These important Bitcoin gambling facts can show the impact of cryptocurrencies in online casinos.

There are no physical or digital coins

Many people think Bitcoin consists of digital coins stored within an online or offline wallet. However, Bitcoin does not actually exist in a metaphorical or literal sense. The Bitcoin found in a digital wallet is actually a record of a transaction a person has with the digital currency.

Bitcoin transactions involve the use of two private keys. These keys fill out the blockchain ledger to record how much Bitcoin goes to an address. Bitcoin miners verify all transactions to make sure everything is in order.

Bitcoins are stored in Bitcoin wallets

Bitcoin is decentralized

There are no central offices that can control Bitcoin. The cryptocurrency instead goes through a peer-to-peer network. Unlike fiat currency, Bitcoin comes from mining and not through minting as well as printing. This makes the digital currency unaffected by inflation.

Bitcoin blockchain cannot be hacked at this time

As of this writing, it is virtually impossible to steal bitcoins by hacking and manipulating the blockchain. This is due to the use of a sophisticated cryptography method for Bitcoin. Another reason is the blockchain itself. There are thousands of miners who own a copy of the Bitcoin blockchain ledger. In order to hack the Bitcoin network, a person needs to hack all copies of the Bitcoin blockchain ledger simultaneously.

Unlike physical money stored in a physical security box, no one can easily steal a person’s Bitcoin since there is nothing to steal.

Bitcoin blockchain cannot be hacked

 

There are more than 100,000 Bitcoin transactions in a day

Bitcoin adaptability is increasing where more and more people are starting to use the cryptocurrency for different uses. The large number of Bitcoin transactions is due to the advantages an individual enjoys when using the digital currency. Bitcoin users pay for goods and services without paying any additional fees.

Bitcoin gambling players enjoy the speedy withdrawals of Bitcoin. Withdrawing a bankroll to a fiat account can take around three to five days to complete. On the other hand, Bitcoin withdrawals can take less than an hour to complete. Add to these the advantages of micro transactions.

Bitcoin wallet owners are hidden

Bitcoin transactions are generally transparent to the public. Everyone can see how much Bitcoin a wallet contains. The transactions recording are in the blockchain ledger. However, no one can see the name or identity of the owner of a certain Bitcoin address.

This allows people to buy and use bitcoins anonymously. Casino players who want to protect their identity and enjoy gambling games can benefit from this. Those who sign up to sites like Nitrogen Sports or FortuneJack are only required to use an email address to create an account.

 

Like this article? Place your comments below