What Are Bitcoins?
Bitcoins are a form of digital currency that uses a mathematical inflation in order to calculate the value of a single bitcoin. Unlike with government currency, bitcoins can't be inflated at will be simply adding in more currency, as it is set at a maximum value of 21 million coins that will never grow or shrink. With this being the case, how can inflation exist with bitcoins if there is never any new coins removed from the system or added back in? Currently, only 11 million of the total 21 million coins have been unlocked through a process known as bitcoin mining. Using highly complex mathematical computer programs, these systems are able to unlock more of the coins and add them to the owner's personal wallet. These programs take a high amount of processing power, so developers have to use a ton of hardware to run the software that unlocks more coins. This makes the process difficult, and creates a slow yet steady amount of inflation.
Bitcoins For Dummies
Let's slow things down a little bit. You might be getting a BIT confused by all of this mumbo jumbo. Bitcoins are complex with many different variables that cause this currency to work well, and so let's take a different approach at looking at them.
We can pretend that both of us are sitting on a bench at the park, and I happen to have an apple with me. Now, if I were to decide to give you this apple it's possession would change from me to you. I would no longer have control of the apple and wouldn't be able to exchange this apple to somebody else. On the other end, you would now have an apple that you are free to exchange without worrying about the apple being given to someone else outside of your control. It is yours, and it is no longer mine.
In order to process this transaction all we needed was two people. We needed a possessor to give the apple, and a receiver to take the apple. No third parties needed to be involved, we didn't need to pull in a witness or judge to verify that the transfer of the apple was legitimate. A third party is not able to forcibly take the apple and give it back to me, and a third party cannot increase the value of the apple that you have been given. It is simply an apple with the value of itself.
Now let's shift forward a little bit to digital currency. Digital currency is much different than physical currency because it can be replicated. If I were to give you a digital apple, who is to say that I don't have a copy of this digital apple that I can then give to someone else? This would increase the exchange rate that I get for my apple, while in turn diminishing the value of the apple that you received. You have no way of knowing if I have distributed this virtual apple to multiple people., just as they have no way of knowing that I distributed this apple to you. This creates a very apparent problem.
A currency that can easily be copied and adjusted is not a sustainable way to exchange. It gives exchanged currency no value. Unlike physical objects, digital objects don't necessarily have to change possession when given to someone else. This problem has been named the “double spending problem”.
In order to avoid distributing copies of the same piece of currency, there needs to be a form of tracking. With currency, this is done using ledgers. A ledger is basically a record of exchanges and currency to keep track of who owns what. However, this creates another problem of its own. If someone has control of the ledger they can freely add more and remove currency as they please. This also takes away from the one on one exchange that we experienced earlier at the park bench when handing off the physical apple. If we bring in a third party, we give them power to judge the transaction and alter it how they please.
There needs to be some form of check and balances that puts everyone on equal footing and doesn't give power of the currency over to a third party, but at the same time we need to be able to track the exchange of the bitcoins to avoid duplication. The solution is to give everyone access to the ledger so that each transaction that occurs lives on every participating computer. This creates a system that is impossible to cheat. If I were to try and send you a digital apple that was a copy of an apple I already exchanged to someone else, the ledger wouldn't match up with everyone else's and it would be an obvious copy of the original apple.
As the system grows and more and more ledgers are distributed the security system only becomes stronger and harder to bypass. This also takes away the control from a single person and makes it impossible for anyone to add more currency into the system. You can keep your own personal ledger updated and compare it with others before transactions are processed to ensure that you are receiving actual currency and not copies.
This complex apple exchange system is exactly what is used for bitcoins. Although simplified down quite a bit, this is the basics of how bitcoins are able to process as a digital currency where an actual exchange removes control of the object from one person to another. The code is open sourced so that it can continually be improved maintained, while remaining impossible to add more bitcoins into the system so that nobody has extra power.
Benefits of a Public Ledger
The public ledger system of bitcoins is quite unique. It has proven to be a successful way of handling digital currency and has allowed for bitcoins to rapidly grow in popularity. Here are some of the major benefits behind a public ledger form of management:
- Nobody gets put in control. A single third party doesn't get to regulate the exchange of currency. It puts everyone on equal ground and creates a system of checks and balances.
- Unlike a governmental system that controls the value and exchange rate of their currency, bitcoins have a set amount that cannot be increased or decreased and are monitored by the public ledger. The number of bitcoins is permanently set at 21 million, and this value will never go up or down so the value of a single bitcoin will never decrease by simply adding more into the system.
- Since it's a public system, we don't need a third party to regulate transactions. It is all done from the shared ledgers.
- It certifies that copies aren't exchanged and only the exact bitcoin. Once a bitcoin has left someone's possession it can no longer be exchanged to someone else by that same person, and now the control of the coin goes to the receiver.
Bitcoins are considered to be an anonymous currency because personal information isn't needed in order to send and receive this currency. While it is possible to link bitcoins to a specific person, it is quite difficult and will typically require some carelessness on the other person's part.
Bitcoins are pseudonymous. This means that exchanges occur under a pseudonym, or false name, instead of a real identity. The only way to figure out the real identity of a bitcoin user is to link their pseudonym with their personal information, which is quite difficult to do if they choose not to give this information out. Every exchange that occurs by this person is permanently recorded under the pseudonym. The pseudonym is basically used just to record ownership of the currency without actually giving out personal information.
Each transaction that occurs gets recorded into the blockchain. This is the name for the public ledger that is accessible for everyone. This recording is meant to exist permanently and will never be alterable. The pseudonym of each transaction gets written into the public ledger, which allows for other users to check their balance and see any activity done by that user without knowing who they actually are. About every 10 minutes a new block will be added to the blockchain once verification has been done to validate all newly recorded transactions.
A pseudonym is stuck to a specific wallet, which means that it is actually possible to own multiple pseudonym if you have access to multiple wallets. This is a common technique used to ensure anonymity and there are actual programs out there that allow for a person to manage multiple wallets from a single program. One such program is called MultiBit, which is a simple and light program that works on Windows, Linux, and MacOS.
Another popular technique is to use mixing services to retain anonymity. These are services that perform a large amount of transactions for users, and hold all the attained bitcoins in a single mixed pot. These bitcoins are then strategically sent out to their correct user's wallets in a random pattern to make it very difficult to track the transactions. There is a risk to using mixing services though. Due to the anonymity power given to all users, it is possible for a service such as this to decide to take off with all the coins and become untrackable. For this reason, finding a reliable mixing service is essential.
Even without these services users are pretty secure when it comes to remaining anonymous. Any person can create a brand new random wallet address at any time, and these addresses don't require any person information on the user's part. Control of an address is done through private keys, so whoever has the information to the private keys is able to create transactions with the user's balance. Knowledge of information instead of linking identities creates a very secure system.
By now you know that bitcoins get stored in a wallet, which power of the wallet is controlled through a user's private key. Bitcoins are not controlled by any sort of central agency, so there aren't banks or other controlled assets that can hold these funds for you. Instead, a wallet from a third party service will help you manage your bitcoins.
It should be noted that a bitcoin wallet service doesn't actually hold onto the bitcoins for you. Bitcoins are digitally stored along the blockchain, and users only have access to the private keys that connect to the public keys of the specific coin. Wallets help by managing these keys for you so that you can create transactions. Guarding the private key in a secured wallet is crucial, as anyone who gains access to this key will be able to take control of the bitcoins that are associated with it.
Since bitcoins use a key based system, it is actually possible to control a single bitcoin from multiple wallets. This can make it easy to keep a record of all coins in a central wallet while having individual control over part of the total assets in side wallets.
When choosing a wallet there are several things that have to be considered. The most important piece is the operating system that you are using. Some wallets are capable of running on all operating systems while other wallets require a specific system. The most common wallets will run on the three main operation systems – Windows, Linux, and OSX. There are also wallets that are specifically designed for mobile operating systems that can be accessed on smartphones.
Above all, the most common yet least secured way of accessing a wallet is through a web-based wallet system. These systems can work on almost all operating systems that have access to a web browser. It's a general rule to choose a wallet that runs straight from your device since it is more secure, but web-based wallets are good for small risk users. Those that choose to go with a web-based wallet system should choose one with enhanced security features such as two-factor user authorization.
Security with a bitcoin wallet is important. Unlike with a bank, if your bitcoins get stolen there is virtually nothing that can be done about it. There isn't a central agency that can return the bitcoins and remove them from the thief, and due to the anonymity there is no way to track who stole the bitcoins and even where they went. This is why the most highly recommended and most secure wallet to use are offline services. Being offline removes a hacker's ability to access your wallet from afar, and these wallets only go online to process transactions. Some users go as far as storing their wallet onto a USB thumb drive so that it isn't even sitting on their computer.
If you're interested in learning more about picking out a quality bitcoin wallet you can always head on over to Bitcoin.org, the official Bitcoin Foundation website. From here you can view side by side comparison of various wallet options and see all the unique features and security elements that come from the wide selection. For those looking into a mobile wallet, Google Play and the Apple App Store are good places to check out because they allow for user reviews that can assist in determine the quality of the bitcoin wallet program.
Why Bitcoin Gaming?
Bitcoins have taken the world of online gambling and gaming by storm. There are significant advantages to using bitcoins for gambling over traditional government currency. Here's a few of the many reasons why you might consider using bitcoins for gaming.
For starters, bitcoins are a virtual currency that only takes a few moments to transfer back and forth. This means that bitcoins users can expect faster payouts, whereas users that use government issued currency can sometimes have to wait weeks in order to have their winnings hit their bank account. Once bitcoins have been exchanged into your wallet, they can be traded for real world currency or saved for another time. The biggest worry of a new online gambling site is whether or not you are actually going to be paid your winnings. Waiting a long period of time for this transfer process is stressful and unnecessary. Most players will stop playing during this time to ensure that they are actually paid out their winnings. Don't miss out on the fun due to a long waiting period when you can use bitcoins as an alternative to traditional currency.
There are typically fees that are applied when playing on an online gambling website. These transfer fees cover the cost of the programs used to provide the transactions and cover any bank fees that are incurred by the website operator. Banks charge fees on all transactions so that they make a little bit of money for offering the convenience, but this takes away from your winnings. By using bitcoins users can avoid these transaction transferring fees and instead take their full winnings home with them. Some sites do still require a small transaction fee, but these are either heavily reduced compared to normal fees or are just a flat amount for the authorization and customer support.
For many countries gambling is either outlawed or considered a “grey area” where it's not quite legal but hard to regulate. Depending on where you live, bitcoins can bypass these laws and make it perfectly legal to gamble with them. The way they do this is through the legal definition of a bitcoin. Bitcoins are commonly referred to as a commodity rather than a currency in legal terms, whereas most laws will only prohibit the gambling of currency. In essence, this means that bitcoins are completely legal in many places that normal gambling is not. Being impossible to track, some people even choose to use bitcoins where it's illegal because it can't be traced back to them. Check your local laws before participating in a bitcoin gambling website.
Another big advantage of bitcoins is that it keeps a consistent currency for online gambling, eliminating a lot of confusion. Online gambling websites are globally used, meaning that currencies from all over the world get played. Bitcoins allows for these currencies to be converted to a single entity. This keeps consistency and helps to avoid confusion when it comes to currency exchange rate.
It's quite interesting to see that most bitcoin online casinos are more transparent than standard online casinos and keep a good public record of all transactions and risks. This is due to the fact that every bitcoin transaction is trackable to the origin address, allowing for intuitive gamblers to see how much a gambling site is raking in and putting out. These creates a situation in which fairer odds are necessary to bring in business while also keeping a transparent record to ensure that the casino isn't cheating players. Bitcoin casinos are an advantage for gamblers.
The idea of using bitcoins for gambling is still a fairly new concept that is quickly growing in popularity. As people try out the system and build faith in it we will see a growing popularity in casinos that offer it as a way of paying for the services.
“My personal take on it is that people don't view it as real money yet”, stated BitSaloon representative Justin Pincar. “We have seen people raise their bets based on the amount of time they have spent on the site, which makes sense, as they're building trust that we're legit.”
It is now a standard for probably fair technology to be used in bitcoin gambling casinos and should be watched for before choosing a site to play on. Provably fair technology eliminates the ability for both the casino and the player to cheat by requiring data from both ends to determine an outcome. Bets and winnings are publicly posted so that all users have access to this information. You can see how well other players are fairing in various parts of the casino and decide where you want to put your money.
Regulation varies from country to country when it comes to bitcoins. The problem with creating legislature around bitcoin regulation is that most people don't understand it, and even those that do understand how it works find it difficult to create laws regarding trading a commodity. Bitcoin has grown in popularity and many other virtual currencies have risen up, and so more and more countries have begun to look into trying to figure out ways to regulate it for tax implications and fraud avoidance.
Australia – Back in October of 2013 the Australian Bitcoin Bank was attacked by a hacker that led to over $1 million in bitcoin value being stolen. This brought about a bunch of attention to bitcoins in the area, and The Reserve Bank of Australia has stated that they want to begin looking into ways to place taxes on the virtual currency much like what is done with government issued currency.
Bangladesh – Bangladesh is one of the most strictest countries in regards to bitcoins and virtual currency. They have completed outlawed the usage of digital currency as it was found to violate the anti money laundering laws that have been put in place. Lawmakers made it illegal in September of 2014.
Brazil – Brazil is one of just a handful of countries that regulates the creation of new digital currencies, but currencies already implemented have no such regulations. This includes bitcoins, that doesn't have any laws restricting its usage.
Bolivia – The Central Bank of Bolivia has decided to completed ban the bitcoin currency because cryptocurrency is thought to be a way to avoid taxes and create fraud.
Canada – Bitcoins and other forms of virtual currency are not considered to be a form of legal tender, and so there aren't any laws that restrict their usage. The Canadian Revenue Agency has announced that they will be looking into ways to place taxes on these such currencies however.
China – Although most country laws will refer to digital currency in general, China has actually outlawed the usage of bitcoins. Financial institutions and banks are not allowed to invest or deal in bitcoins. Back in late December the Central Bank of China labeled bitcoins as a “virtual commodity” and have restricted it from being considered a form of currency.
Equador – Equador has taken an interesting route when it comes to virtual currency. They have completely banned the usage of bitcoin and other third party currencies, and are working on creating their own form of electronic money system. This system would be controlled and regulated by the Central Bank of Equador.
European Union – The European Union does not consider bitcoin to be a regulated currency and warns people about using it as such. There has been a lot of debate on how exactly to classify bitcoins and other virtual currencies.
Finland – Finland does not limit the usage of bitcoins, but have implemented a system to tax them. Any bitcoins transactions must be reported for capital gains tax.
Hong Kong – Hong Kong doesn't have any laws that regulate or restrict the usage of virtual currencies such as bitcoin. However, they do have an agency that specifically watches the transactions performed with these currencies to ensure that fraudulent and money laundering activities are monitored.
India – India doesn't actually have any laws that regulate the usage of bitcoins, but the Reserve Bank of India has released a notice that speaks about the security concerns that are presented with the digital currency. This caused the major India bitcoin trading platform to shut down several years ago.
Israel – The Israeli Tax Authority is actively working on a way to tax bitcoin transactions, but have no laws limiting the usage or regulation of the currency.
Kyrgyzstan – Bitcoins and other virtual currencies are considered to be “risky” and so Kyrgyzstan has banned them completed. They cite this law being made due to the lack of centralization of the currency.
Russia – Russia restricts the usage of digital currencies. It is considered to be a “money substitute” that can be used to launder money and to assist in funding terrorist organizations. As a result, there are heavy penalties imposed on those that are caught using this money system.
Taiwan – There aren't really many regulations with bitcoins in Taiwan, however it does prohibit the installation of bitcoin ATMs anywhere in the country.
United Kingdom – The United Kingdom doesn't have any regulations on the usage of bitcoins. However, it is taxed due to VAT being applicable for any goods that are sold or traded using the currency.
United States – Surprisingly, the United States is one of the most welcoming places in regards to bitcoins and digital currencies. There aren't any rules that regulate bitcoins, but there have been a few regulations tabled that would create a framework of laws for the currency. As of now, nothing has been approved or made into law.
There are so many different ways that countries have reached out to regulate bitcoins, but there isn't really a reasonable answer on regulation. Each country does things in its own way, and some countries even outright eliminate the usage of bitcoins as a simple solution to a complex issue. Most laws regarding bitcoins are created to avoid fraud and money laundering since it is impossible to track the possession of this currency and there isn't a centralized system that regulates exchange. Most countries that choose not to regulate bitcoins will have some form of tax implemented on them, but these tax laws are very difficult to enforce due to the anonymity nature of bitcoins. Laws are continually changing and you should keep an eye out on how your country regulates bitcoins before getting too deep into them. As a relatively new thing, we can expect a lot of argument and modifications made to current legislature as more people begin to understand just how it works.
Bitcoins are worth physical world currency and there are many users and investors that are continually trading in for bitcoins. Bitcoins are paid out when they have been exchanged for real money, which is typically done through an exchanging service.
An exchanging service helps you find buyers for bitcoins so that you can trade them off to other people for their physical monetary value. Exchange services allows you to accept offers and put up your bitcoins for trade, and then will collect the earnings on your behalf. From there, a person can choose to cash out their funds into their bank account. This will typically involve some sort of small fee for using the service that comes out of the final transaction. This all takes a very short amount of time since exchange services have thousands of buyers and sellers that are continually active on their sites. If you want to cash out your bitcoins fast, this is the easiest solution.
Of course, you can always directly trade bitcoins to another person. This is a bit less regulated and relies on one person trusting another to complete the exchange. There are even some services that offer to be the middle man between the transaction so that there isn't any risk on either end. Once both parties have submitted the payment, the exchange is completed. Direct trade is usually a slower way to cash out bitcoins but users can sometimes get a slightly better deal in being patient.
Finally, there is peer-to-peer bitcoin trading. Rather than cashing out bitcoins for trackable physical currency, these types of services allow people to purchase goods with bitcoins. These goods are typically sold at a discounted price to offer an incentive for paying with bitcoins. These types of places get a reward of their own as they collect bitcoins so that they can sell them off to bitcoin investors. These types of services solve a mutual problem of cashing out bitcoins and obtaining them. There are many ways that this service can work for the person wanting to cash out. Some services have a store where they directly sell goods. Some places choose to allow users to create an Amazon Wishlist, and then someone else looking to pick up bitcoins will complete the order with a debit/credit card payment and will receive a certain amount of bitcoins in exchange. The bitcoin seller can typically indicate a discount percentage that they want for doing the transaction, which won't normally go above 25 percent. On the buyer's end, this does typically mean that they have to pay some form of fee for obtaining the bitcoins but it allows for the buyer to easily obtain bitcoins using just a debit or credit card. It offers incentives for both parties.
Buying bitcoins is a relatively easy thing to do, although it may be a bit more difficult to secure the best deals. There are several ways to purchase bitcoins so that you can deposit right into your wallet and either hold onto them for an investment or use them for online transactions.
The first method of obtaining bitcoins is through cash deposits. There are exchange services that allow for bitcoin sellers to get paid physical money for their bitcoins, and then they sell them to buyers. These services charge a small fee for the exchange, offering a pretty decent price for the currency. They will generally let you choose how much physical currency you're looking to spend on bitcoins, or the amount of bitcoins that you're wanting to pick up. From there, you'll get offered several purchase options and methods of transferring. These services will generally only serve a handful of countries, so ensure that your country is on their list. Bitcoin buyers will then submit a credit or debit card payment for their bitcoins, and will be sent them through their wallet.
Another option is to use peer-to-peer exchange centers. These centers allow for sellers to create wishlists and orders of material possessions that they want, and will set a discount amount that they want the exchange for. As a buyer, you can shift through these offers and select one with a low discount amount for the best deal. Complete their order, and when it arrives they will verify it on the site and you'll receive your bitcoins. This method takes a bit of time and is kind of slow, but it is usually one of the best values.
Bitcoin ATMs are a pretty good option if they are available in your country. These ATM services allow you to buy from a secure site, but it does mean having to physically drive to an ATM rather than trade directly from your computer or smartphone. There are apps, such as Coin ATM Radar, that will indicate the closest bitcoin ATM location in your area to make it easy to find where one is at.
If you're able to directly find a seller you can avoid the exchange rate of third party services. Sellers can be found on various forums and chat rooms, or you may just know someone personally. Since there is more risk for a seller than a buyer, they will normally want the buyer to pay first before completing the bitcoin exchange. This method is the riskiest form of trading for buyers, but it comes with the smallest fee.
It's easiest to buy small amounts of bitcoins at a time to add to your wallet collection rather than a bulk amount. Most people are small sellers that are looking to cash out, and this is often how you can get the best value. Collectors with lots of bitcoins are looking to make a profit and will only offer higher rates of exchange, making them less worth it as a buyer. Even bitcoin ATMs and exchange services have set limits due to the risk that is involved with bitcoin trading. In-person trading will get a buyer the best deal, but these types of trades are hard to come by and won't allow for long-term deposits in most cases.
Benefits of Bitcoins
So what exactly are the benefits to using bitcoins as a form of online currency? With debit and credit card payments being widely accepted, it might make little sense as to why you'd want to use a new currency to handle transactions. There are quite a few reasons bitcoins are such a popular form of online exchange.
Low Inflation Risk – A major problem with working with multiple physical money currencies is the unsteady rate of inflation. Depending on how much of a currency there is in circulation and how valuable a country is among a variety of other factors will determine the actual value of a currency, and so those that have to continually trade between currencies might find this a bit irritating. Most currencies depreciate in value as countries print more money, which is basically a small tax on a person's wealth. Bitcoins have literally no risk of inflation since there is a set maximum amount of 21 million bitcoins. With 11 million already found and the rate steadily declining, the small bitcoin inflation rate has leveled out.
Low Risk of Collapse – Government issued currency relies upon the government that represents it, and these tend to fail from time to time. This is why countries go through recessions and depressions. These types of events can collapse a currency and has done so several times in the past. Since bitcoin isn't a government regulated currency it never runs the risk of collapsing due to global events.
Safe and Secure – Most online payment processors will give purchasers the option to refund their money back for almost any reason at the expense of the seller. This is done so that buyers can feel secured in making purchases, which mainly just benefits the payment processor itself. It puts the burden of the refund on the seller and can sometimes even inflict penalties for these types of transactions, even if the seller isn't at fault. With bitcoins, there are no refunds and no third parties that can force a refund. Once you own a bitcoin private key, the bitcoin is yours and yours only. It is impossible for a buyer to request a refund, or at least force a seller to give them one. Even exchange services cannot reverse transactions once it has been completed.
Easy to Carry – While this isn't a big problem that society is seeking a solution for, bitcoins are convenient and easy to carry with you. They can fit into a USB drive, which can hold literally billions of dollars in wealth.
Untraceable – Being untraceable can be considered both an advantage and a disadvantage. The biggest benefit is that no organization or government facility can track your exchanges, but this has led to many countries completely banning the currency for fear of money laundering. This also gives bitcoin holders the advantage of having noncollectable funds that an agency can't force them to payout since it's impossible to get a private key from someone who chooses not to give it out. This will protect a person's assets from these forms of collection activities.
Disadvantages of Bitcoins
Not Widely Accepted – Unlike government issued currency, bitcoins aren't widely accepted. You can't go down to your local grocery store and make a purchase. While there are dozens of online places to use bitcoins, most of the time they'll need to be exchanged for physical money in order to use them in the offline world.
Hard to Trade – It can be difficult and time consuming to trade bitcoins. Exchange services make this easy, but they'll charge a fee for such exchanges. It isn't as simple as making an easy transfer from your bank account into PayPal. There are many convenient services popping up all over the place as the market fights to offer the best solutions, but it's a work in progress.
Regulations – Some places have strict regulations on bitcoins and countries have gone as far as banning it altogether. While it is hard to actually enforce these regulations since bitcoins are untrackable, it does create inconvenience and can cause harsh penalties for those that break local laws to use bitcoins.
Still New – Bitcoins are still a new form of currency on the market as they are only a few years old. This means that it is always possible that someone will find a major flaw in the system, although highly unlikely. There are also limited services of the currency as this time, but the advantage of being a new currency is that there are very few regulations.
Growing Market Price
It should be noted that the growing market price of bitcoins has steadily increased. This is due to the rising popularity of bitcoins. As more users begin to trade bitcoins and use them, it creates less bitcoins available per person. This pull of supply and demand is causing the value of a single bitcoin to increase. As an investor, this comes as an advantage to make a lot of money. By buying bitcoins now, you may be able to sell them for a much higher face value in just a few short years. In May of 2012 a bitcoin was worth less than $10, and within a year the price rose to almost $225 a bitcoin. In the year 2016 a single bitcoin has risen to the price of $759. The value of bitcoins is expected to continue to grow.
Bitcoins are a great new way to pay for things and to invest. They serve a ton of benefits for bitcoin users and are a secure form of currency that is nearly impossible to steal. With a growing trend in value, now is a great time to invest in collecting bitcoins for a sizable profit. Many online gambling casinos have begun to accept them as a form of payment, allowing for bitcoin users to use their favorite currency in some of the highest quality casinos on the web. Join the rising bitcoin phenomenon today!