Bitcoin Price Fluctuations and Online Gambling - What to Expect in 2021?
- What is Bitcoin and Other Cryptocurrencies?
- Important Things You Need to Know About Bitcoin and Other Cryptocurrencies
- Cryptocurrency Gambling
Bitcoin and other cryptocurrencies have been around for quite a while now, but it’s only recently when it’s getting more attention once again. This is because of the value of Bitcoin which is now over 49,000 US dollars. For people who have invested in cryptocurrencies a few years ago, this is good news.
It was in 2017 when the value of Bitcoin last peaked and it was only for around 20,000 US dollars. However, before 2020 ended, Bitcoin was able to surpass that amount and its value only seemed to go up these days.
What is Bitcoin and Other Cryptocurrencies?
Cryptocurrencies like Bitcoin are now more widespread that there are now many e-commerce platforms and online businesses that accept this as a payment option. Bitcoin gambling is also becoming more popular these days to many gamblers, but what exactly is it?
Bitcoin is a cryptocurrency and it is different from a digital currency or money as it runs on blockchain technology. This means that unlike digital currencies, cryptocurrencies like Bitcoin, Ethereum, Litecoin, or DogeCoin are regulated by technology itself instead of people using technology.
If you are transacting with Bitcoin, you can be sure that it’s an end-to-end transaction. Nobody else needs to be involved for that transaction to be processed. This is why many people see cryptocurrencies as an extremely safe and private online payment option.
Important Things You Need to Know About Bitcoin and Other Cryptocurrencies
Generally, you only really need to know how Bitcoin works to be also able to understand how other cryptocurrency works. Know that Bitcoin is labeled as the father of all cryptocurrencies because this is the first successful crypto out there.
Now, the current value of Bitcoin can surely make people easily excited but it’s safe to say that it is only the case if you know how it works. Here are some important things that you should know about it.
- Bitcoin is Decentralized
Since it runs on the blockchain, all transactions with Bitcoin are saved on a network and are processed without any approval of a middle person. It’s entirely different from processing a bank transaction. You have to go through a bank or a bank teller to be able to deposit money. With bitcoin, this is no longer necessary.
- It is Volatile
Bitcoin being volatile simply means that its value could rapidly and unpredictably change. It can be valued at over 49,000 US dollars today and fall to around 40,000 US dollars tomorrow. Experts are direct when it comes to saying this because we have seen this happen. It was just recently when its value rose to 34,000 US dollars and suddenly fell to 29,000 US dollars the next day.
This can either be good or bad but what it tells you is that it can be a risky investment. You’re gambling if you’ve invested in cryptocurrencies. It could pay off well but it could also be a great loss to many.
- It is Safe and Private
It’s so easy to make a transaction with Bitcoin and other cryptocurrencies. All you need is a bitcoin wallet and every time you make a transaction, you’ll only need a wallet address to proceed. You no longer have to disclose any of your personal and banking information if you’re transacting with Bitcoin.
This is why Bitcoin is the preferred payment method of many gamblers out there. Gamblers are always after their safety and privacy when gambling online and this is what Bitcoin could give them.
Speaking of gambling, one of the most popular ways that people spend their cryptocurrencies is through this. Many online casinos now accept Bitcoin as a payment option. There are even online casinos that specifically cater to cryptocurrency users.
Typically, Bitcoin casinos would offer the best promos and bonuses to their customers because they can afford it. It is generally cheaper to process cryptocurrency transactions because there is no middleman needed.
Many see the use of cryptocurrencies as the future of the online gambling sector. This is because of how the number of its users is growing and of course, the benefits that its users can get. Using cryptocurrencies when gambling allows players to bypass banking limitations as there are banks that are strict with gambling-related transactions.
The value of Bitcoin is also universal. Even if you travel to a different country, you can still use Bitcoin to gamble without the need to convert it to another form of currency.