” Bitcoin ” The virtual banking currency of the internet
Bitcoin has existed for several years now and many people have questions about them. Where do they come from? Are they legal? Where can you get them? We’ve got the answers to those questions and will also tell you how you can use Bitcoin to playOnline Poker.
Over the last few years, Bitcoin has started to pop up everywhere in the tech world and it’s starting to make some serious noise in the Online Poker world.
Real money is generally considered imperative for playing poker but it’s also what keeps poker from being regulated like video games, which are accessible to almost everyone.
Meanwhile Bitcoin, in theory anyways, is the single greatest way to transfer cash to and from an online poker site. It’s digital currency basically.
There are no banks involved and it’s possible to transfer bitcoins in seconds instead of the weeks it sometimes takes to process cheques or wire transfers. On top of all that, there are virtually no transfer fees.
Bitcoin has the chance to fundamentally change the way online poker sites are run. In the following article, we’re going to take a closer look at the digital cryptocurrency and the poker sites that accept it.
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Here you find all important questions and answers about Bitcoins
What Are Bitcoins?
Bitcoins may not be as valuable in the modern world as it was in the beginning. However, it is one of the original and most valuable cryptocurrency in the world market. Bitcoin was first introduced to the financial world by Satoshi Nakamato and this caused quite a stir in the financial world. When first introduced Bitcoin was used in a number of places such as in the Amazon, Victoria’s Secret and also in some online casinos.
Bitcoins are, in essence, electricity converted into long strings of code that have money value.
Can I Use Bitcoins To Deposit At All Poker Rooms?
Till now it is not possible to deposit at every online poker room with Bitcoins. Check out our overview about about bitcoin poker sites.
Why Bitcoins Are So Controversial
Various reasons have converged to make Bitcoin currency a real media sensation.
From 2011-2013, criminal traders made bitcoins famous by buying them in batches of millions of dollars. So they could move money outside of the eyes of law enforcement. Subsequently, the value of bitcoins skyrocketed.
Ultimately, though, Bitcoins are highly controversial because they take the power of making money away from central federal banks, and give it to the general public. Bitcoin accounts cannot be frozen or examined by tax men, and middleman banks are completely unnecessary for bitcoins to move. Law enforcement and bankers see bitcoins as ‘gold nuggets in the wild wild west’, beyond the control of traditional police and financial institutions.
How Bitcoins Work
Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.
Once you own bitcoins, they behave like physical gold coins: they possess value and trade just as if they were nuggets of gold in your pocket. You can use your Bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.
Bitcoin Values and Regulations
A single bitcoin varies in value daily; you can check places like Coindesk to see today’s value. There is more than two billion dollars worth of bitcoins in existence. Bitcoins will stop being created when the total number reaches 21 billion coins, which will be sometime around the year 2040. As of 2017, more than half of those bitcoins had been created.
Bitcoin currency is completely unregulated and completely decentralized. There is no national bank or national mint, and there is no depositor insurance coverage. The currency itself is self-contained and un collateraled, meaning that there is no precious metal behind the bitcoins; the value of each bitcoin resides within each bitcoin itself.
Bitcoins are stewarded by ‘miners’, the massive network of people who contribute their personal computers to the Bitcoin network. Miners act as a swarm of ledger keepers and auditors for Bitcoin transactions.
Miners are paid for their accounting work by earning new bitcoins for each week they contribute to the network.
Banking or Other Fees to Use Bitcoins
There are very small fees to use bitcoins. However, there are no ongoing banking fees with Bitcoin and other cryptocurrencies because there are no banks involved. Instead, you will pay small fees to three groups of bitcoin services: the servers (nodes) who support the network of miners, the online exchanges that convert your bitcoins into dollars, and the mining pools you join
They are as secure as possessing physical precious metal. Just like holding a bag of gold coins, a person who takes reasonable precautions will be safe from having their personal cache stolen by hackers.
Your Bitcoin wallet can be stored online (i.e. a cloud service) or offline (a hard drive or USB stick). The offline method is more hacker-resistant and absolutely recommended for anyone who owns more than 1 or 2 bitcoins.
Reasons why you should use Bitcoins in Poker
There exist a lot of really good reasons why it makes sense to use Bitcoin. We would like to give 4 of the top reasons why you should think about it to use Bitcoin.
1) Bitcoins are not created by any central bank or regulated by any government. Accordingly, there are no banks logging your money movement, and government tax agencies and police cannot track your money. This is bound to change eventually, as unregulated money is a real threat to government control, taxation, and policing.
Indeed, bitcoins have become a tool for contraband trade and money laundering, precisely because of the lack of government oversight. The value of bitcoins skyrocketed in the past because wealthy criminals were purchasing bitcoins in large volumes.
2) Bitcoins completely bypass banks. Bitcoins are transferred via a peer-to-peer network between individuals, with no middleman bank to take a slice.
Bitcoin wallets cannot be seized or frozen or audited by banks and law enforcement. Bitcoin wallets cannot have spending and withdrawal limits imposed on them. For all intents: nobody but the owner of the bitcoin wallet decides how their wealth will be managed.
This is really threatening to banks, as you might guess.
3) Bitcoins are changing how we store and spend our personal wealth. Since the advent of printed (and eventually virtual) money, the world has handed over the power of currency to a central mint and various banks. These banks print our virtual money, store our virtual money, move our virtual money, and charge us for their middleman services.
Bitcoins are designed to put the control of personal wealth back into the hands of the individual. Instead of paper or virtual bank balances that promise to have value, Bitcoins are actual packages of complex data that have value in themselves.
4) Bitcoin transactions are irreversible. Conventional payment methods, like a credit card charge, bank draft, personal checks, or wire transfer, do have the benefit of being insured and reversible by the banks involved. In the case of bitcoins, every time bitcoins change hands and change wallets, the result is final. Simultaneously, there is no insurance protection of your bitcoin wallet: If you lose your wallet’s hard drive data or even your wallet password, then your wallet’s contents are gone forever.
The Bitcoin system is quite effective although there are some major concerns that are associated with the system. One of the major concerns is the possibility of attack where the Bitcoin currency is controlled by one or a group of individuals. This gives the group of people the rights of verifying payments to suit their own needs. Bitcoin requires the use of great power since the proof-of –work system requires the use of a great number of computers.
Bitcoin currency is by far the most acceptable method of payment in the online gambling sites. You can use the deposit option in Bitcoin to make transactions from anywhere across the globe. It is also important for you to be diligent enough when choosing a Bitcoin Casino since there are some casinos that will fake eligibility.