Online casinos readily accept a broad range of currencies from around the world. Recently, a number of them have begun accepting a new type of currency: cryptocurrency. It's an entirely digital type of money and is designed to not only be very secure, but also completely anonymous in a lot of instances. It’s called ‘cryptocurrency’ because it uses cryptography, which is a process that converts easily accessible information into a code that’s close to impossible to crack. The very first form of cryptocurrency, Bitcoin, was launched in 2009. Even though hundreds of other cryptocurrencies have since been launched, Bitcoin has remained the most popular and most widely used of them all.
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The number of bitcoin online spots is on the rise. This is because there are a number of advantages associated with the cryptocurrency that you don’t get with standard currencies. However, there are also several disadvantages to it. Here’s an overview of some key reasons you may want to use Bitcoin and some reasons you may want to use alternative currencies.
When using Bitcoin, you don’t have to link any personal or banking details to your Bitcoin wallet. No such details will ever be shared with any third party. Therefore, when using Bitcoin an online casino, your details are protected. Also, because you don’t have to share your personal details, your transaction history is completely private and no one need ever know what you’re spending your money on. Transactions - that is, both deposits and withdrawals - are carried out almost instantly most of the time. No transactions are taxed since the Bitcoin system is decentralized; another advantage of it being decentralized is that your Bitcoins are entirely yours and you’re free to do with them as you please. No one can take your funds away from you, nor can they freeze your account.
While Bitcoin may seem too good to be true, it’s worth pointing out that there are some disadvantages to it, just like with any other currency. One of the main ones is the fact that bitcoin is quite a volatile currency. In other words, its price fluctuates from day to day, due to both the increasing demand for it and the limited number of Bitcoins that are actually available for purchase. Though the number of Bitcoin casinos is steadily increasing, the majority of online casinos don’t accept it as of yet.
Luckily, at AUSlots Casino you can play all your favorites casino games using the most popular cryptocurrency in the World – Bitcoin.
Bitcoin is steadily becoming more and more widely used. As such, the number of online places that accept it is also on the rise, in many countries. AUSlots Casino accepts a broad range of payment methods and has recently started accepting Bitcoins. Check out key aspects of bitcoin gambling including casino games, security, payments & mobile support.
Some might think that casinos accepting Bitcoin have different games from casinos that don’t accept Bitcoin. Well, in most cases this is actually true. But not at AUSlots! No matter if you are using fiat or bitcoin currency for deposits, you can enjoy playing over 900 casino games and bitcoin slots from the best game providers in the industry. From the latest Video Slots & Jackpot Games to the casino classics such as different versions of Roulette, Baccarat, Blackjack and Video Pokers. Prefer, BitCoin Dice Game? No problem. You name it, AUSlots Casino has it!
One of the most attractive perks of Bitcoin is the fact that it’s very safe to use. With standard currencies and payment methods, you have to give your banking and personal details to a third party; there’s always the chance of these details being hacked. E-wallets typically request lots .of information from you, including your country of residence, address, copies of household bills, phone number. With Bitcoin, you never have to hand over these details to anyone in order for transactions to be processed. Therefore when using Bitcoin, there’s no risk of things such as identity fraud because you’re not putting your details out there to potentially be hacked.
As for the fairness, it is on the top priority list at AUSlots.com. Random number generators (RNGs) ensure that all of casino games are completely fair and unbiased. On the other hand, all transaction are encrypted with 128bit SSL security providing extra safety layer.
Deposits and withdrawals with BTC currency is a straightforward process. Once you make a payment and send coins to your unique bitcoin address you will find in your AUSlots account, you will be able to convert it to the fiat currency of your choice and play your favorite slots or any other of over 900 casino games. And vice versa! When you are ready to cash your winning, simple exchange your casino chips into bitcoin currency and request a withdrawal. Simple as that!
Note: AUslots Casino doesn’t charge any additional fees related to the bitcoin payments. Only fees you will ever pay are the standard transaction miner fees in order for the transaction to be processed and included in the network.
AUSlots Online Casino is fully accessible on a broad range of mobile devices and operating systems, including iOS, Android and Windows. Nowadays, there’s a growing demand for a mobile-friendly platform that can be accessed while people are out and our bitcoin mobile casino is specially designed to fit the smaller screens that mobile devices have.
There is no need to download any kind of application which will take up space on your mobile device. Simply navigate to AUSlots website straight from your browser, log-in and you are ready to go! Our mobile-friendly version of the BTC casino got you covered on the go!
Simply visit an online exchange that allows you to sell Bitcoins. If your currency is listed as one of the available currencies, you’ll be able to sell your Bitcoins for your money currency, with the amount you’ll receive depending on the current exchange rate.
First of all, you need a Bitcoin wallet, which is where your Bitcoins are stored. All wallets offer the same basic range of features, though some have additional ones, so you may want to shop around before signing up for one.
All wallets come with an address, which is what you’ll use to make and receive payments. Once you have your wallet, you can purchase Bitcoins using your bank account or credit card. As with wallets, there are numerous places where you can purchase them and it’s therefore suggested you see which sites offer the best exchange rates before you purchase any. Once your Bitcoin wallet has funds in it, you can make and receive payments.
To make payments, Bitcoin addresses are used. Unlike emails, where the same address is used over and over again, when using Bitcoin each transaction could use a unique address. Every Bitcoin address consists of 27-34 alphanumeric characters and starts with either the number 1 or 3. You will be able to generate a new address from your Bitcoin wallet. To do so, you simply click on ‘Receive’ if you’re due to receive a payment, or ‘Create new address’/‘Send’ if you’re sending a payment.
Simply, log-in to your Bitcoin wallet and click on “Send”. Enter Bitcoin address and amount. (You will find your unique Bitcoin address in your AUSlots Casino account)
Once your transaction is confirmed, you will be able to exchange Bitcoins for fiat currency and enjoy all the casino games available at AUSlots.
It’s estimated that around 80% of regularly practice some form of gambling. Though the laws on gambling are quite convoluted, gambling online isn’t considered illegal and won’t result in anyone getting arrested. Bitcoin is treated the same as other forms of currency, despite it being entirely virtual, so using it for online gambling is also perfectly legal.
Nevertheless, what is your opinion about cryptocurrencies - in literature they are described as everything from the future of money market to Ponzi schemes - concerning their market capitalization in 2017 and despite their advantages and disadvantages, it is obvious that they are here to last for long. Will they succeed in replacing traditional, centralized, government-controlled money with decentralized alternatives, controlled only by market forces? Well, 2023 might give us some hints, but the certain answer is yet to be known.
At the time of writing, the exchange rate for Bitcoins was as follows: 1 Bitcoin = 8.940 EUR. It’s important to mention that the exchange rate fluctuates all the time. Generally speaking though, it’s on the rise: back in January 2017, you would get approximately 900 EUR for 1 Bitcoin. Remember that different services offer different rates.
Of course! Once you are ready to cash-out winnings, simply convert your casino chips into Bitcoins and request a withdrawal from your casino account.
It seems that majority of people around the globe have feeling that their yesterday’s comprehension of money as a bunch of paper that they grasped, changed today because they are awed and by one means or another confused by the remarkable idea of carefully putting away trust in something many refer to as digital currency or cryptocurrency.
Cryptocurrencies, or virtual money, are computerized methods for payment and trade - advanced currencies made and utilized by individuals or groups in e-World. Concerning the fact that most digital forms of money aren't lawfully controlled by national governments and fiscal systems, they're seen as alternative monetary forms – tools of the budgetary trade that exist outside the limits of national financial strategy.
The first and most popular cryptocurrency that has been used widely is Bitcoin. Nevertheless, every month more and more cryptocurrencies are created and now there are hundreds of them in life. New crypto services and platforms have been developed and used by retailers and shops in their exchange. The moment when we will stop underestimating cryptocurrencies is going to become reality in near future.
Cryptocurrency existed as a hypothetical idea long before the primary advanced elective money came into life. Early digital currency defenders shared the objective of applying frontline scientific and software engineering standards to illuminate what they saw as reasonable and political inadequacies of "traditional" fiat money.Cryptocurrency has many advantages such as a great tool to beat inflation, it bans government to seize your money, because it`s hidden hence it`s a great mean for tax avoidance, and free capital flows, while it has negative sides as well.
In the early 1980s, people began thinking profoundly about virtual money and digital currency, when the first ideas were transformed into tests around cash.
It all started in the Netherlands. The oil stations in the remote areas, that have been working whole night, were being robbed and the operators were forced to hire guards at risk there. Regardless, the oil stations had to remain open overnight in order to service the truck drivers that might want to refuel. Concerning all mentioned, somebody came on the brilliant idea to transfer money to the cutting edge smartcards, and the digital cash was created. These cards were provided to truck drivers, so the stations were not in danger of burglary anymore. During the same time, well-known retailer, Albert Heijn, had been persuading the banks to create the method of payment that will permit customers to pay directly from their bank accounts, and it became known as POS or point-of-sale.
David Chaum, an American cryptographer, developed in 1983 a “blinding” algorithm that is the most important for modern web-based encryption. That algorithm permitted secure, non changeable swaps of information between parties, building the foundation for future digital money transfers, and “blinded money” was created. After moving to Netherland, Chaum established DigiCash, a lucrative company that generated units of currency built on the blinding algorithm. It is important to keep in mind that DigiCash’s control wasn’t decentralized, on the contrary to Bitcoin and majority of other modern cryptocurrencies. In fact, DigiCash had a monopoly on supply control, like central banks have a monopoly on national fiat currencies.
Great media attention was attracted by this outstanding innovation and its outstanding product. Sadly, David Chaum's company made some mistakes and got into the trouble with the Central Bank of Netherland. These two parties made private settlement agreement in which was defined that DigiCash currency would only be sold to banks, and that caused serious reduction of its market potential. During that period, Microsoft put an offer of $180 million to DigiCash company. That offer would allow Microsoft to put this cryptocurrency on every Windows computer in the world, but these two could not find a mutual interest and David Chaum's company announced bankruptcy in 1998.
Wei Dai, a talented programming specialist, issued in 1998 a white paper on b-money, a digital money model that comprised of plenty of the fundamental elements of up-to-date cryptocurrencies, like decentralization and anonymity protection. However, b-money was never deployed as a tool of trade.
Nick Szabo shortly after developed a "bit gold", which was a virtual currency, such as bitcoin and others that followed, and it was obligatory for clients to finish the proof of work system with the results being cryptographically assembled and published. Hal Finney, follower of Dai and Szabo, created a money system that was built on a reusable proof of work.
As a result of the past missteps in the space came the second wave of web-based money. New companies developed payment systems as well as digital currency systems, with few problems that popped-up from time to time. PayPal was the first in that race. It grasped what clients really wanted - a cash on the common web browser. PayPal provided consistent peer-to-peer exchange system and an effective solution for getting payments for the traders. It is more than certain what is the position of PayPal today.
At the same time, e-gold, the outstanding digital currency of that period came to the scene in America. E-gold company from Florida developed and supervised the cryptocoin. The company`s main goal was to digitally buy a gold. Its buyers or clients transferred their old pieces of gold, jewelry and coins to the company`s depot, and in return, they got digital “e-gold” or money units denominated in ounces of gold. It was the environment with a couple of options for e-gold holders. Firstly, they might exchange their property with other clients, then they could get physical gold from it, or finally they might convert their holdings in e-gold to U.S. dollars.
During its best business period - the mid-2000s, e-gold company had millions of clients that were very active and made yearly transactions that worth billions of dollars. Sadly, company`s security system had serious weaknesses, so it became an easy target for attacks of phishing scammers and hackers, and furthermore, its clients were left alone to protect their investment from money loss. Greatest problems appeared in the mid-2000s, when significant number of e-gold transactions were lawfully doubtful. In fact company`s policies were lax and did not ensure legal compliance and the investments became very interesting for money laundry and small Ponzi schemes. The system finally collapsed in 2009, after it went under severe legal pressures for few years, and the public observed the e-gold`s bankruptcy. It was the collapse of a pioneer gold-backed cryptocurrency, and it demonstrated that just a gold was not any more safe tool to beat inflation and secure one's investments like it was believed by our predecessors. Finally the FEDs secured the ending of the second wave of web-based money.
The global economic crisis that happened in the US in 2008 was a turning point in world economy, and it pushed the public to be aware and cautiously attentive to any type of aggressive behavior that could jeopardize global monetary system. In the middle of the crises, a secret Good Samaritan named Satoshi Nakamoto crawl out of the woodwork. In 2009, Nakamoto, an individual or a group - the identity is still unknown, issued a white paper that explained in detail the concept, mechanism and main implementation code of a block chain. At the same time, he created Bitcoin and a group of enthusiastic supporters began trading and mining the currency.
It seems that bitcoin is generally seen as the first modern cryptocurrency, it is the 1st publicly used digital trading toll that combines decentralized control, anonymity of clients, recording and saving documents by a blockchain and integrated scarcity.
In 2010, bitcoin was traded for the real product for the first time, in fact someone decided to exchange 10,000 bitcoins for two pizzas and that was the moment when it was sold for the first time. If the pizza lover saved those digital bitcoins, he would have be richer today for $100 million.
In 2011, bitcoin became even more popular and the concept of decentralized and coded currencies appeared along with the first alternative cryptocurrencies. These virtual currencies were frequently named as altcoins and attempted to upgrade the design of bitcoin by delivering anonymity, greater speed or other improvements. Namecoin and Litecoin were first to appear. At the moment there are more than 1,000 cryptocurrencies in life, while new ones are frequently showing up.
Quickly after the bitcoin price hit $1,000 for the first time, the value started to decrease in 2013. Majority of that time investors wasted lots of money because the price of bitcoin decreased sharply to approximately $300. More than two years had to pass until the price reached $1,000 once again.
Bitcoin`s characteristics such as anonymity and lack of control attracted criminals to seize the occasion. In January 2014, the clients of the largest Bitcoin exchange Mt.Gox and owners of 850,000 Bitcoins lost all their digital coins permanently. Investigators are still trying to realize what happened. One thing is certain, the platform went offline and someone stole $450 million at that time and today that loss is estimated to $4.4 billion.
There are more than 16 milion Bitcoins at the market today, which creates total market capitalization of about $50 billion. Bitcoin is becoming more and more popular every day, and private individuals, companies and other clients are investing their money in it. In Japan and Canada some major changes have been made in order to put bitcoin under national rules of law and taxation. Bitcoin is, between some parties, now known as 'gold 2' standard, and it seems that it won`t be revolutionary just for our investments and money, but it will potentially make innovations that will bring freedom to global society as well.
Since 2009, in relation to enthusiasm toward Bitcoin and block chain, large number of cryptocurrencies have been created. At the moment, there are more than 850 cryptocurrencies trading around the World. The names of the most distinguished digital coins are Litecoin, Dash, Ripple, Stratis, ZCash, and Monero. In June 2017, all known cryptocurrencies had the total market capitalization of more than $100 billion, and it is certainly a turning point in the cryptocurrency venture.
As a result of all mentioned, a totally new business of cryptocurrency exchanges have been developed around the World. Blockchain applications will essentially make the best of cryptocurrency, while the exchange is seen as trading provider for cryptocurrencies and it will help investors to buy and sell their digital coins.
Ethereum (ETH) is relatively new competitor to bitcoin and it wants to steal its market share and world dominance. It was created by Vitalik Buterin at the end of 2013 and presented to the public in July 2015. Ethereum is distributed computing platform that is based on blockchain technology. Some of its main features are smart contracts, the Ethereum Virtual Machine and a group of programming languages that make blockchain applications.
After a short period of life, Ethereum demonstrated enormous success and gained support from clients, business partners and experts. Ethereum`s total market capitalization is already about $30 billion.
The main reasons why Ethereum is becoming so popular are: the easy development, the capacity of developers community, the highly developed technology in comparison to other blockchain platforms and company`s name Enterprise Ethereum Alliance which stands for a consortium of world’s leading businesses that use and support the Ethereum platform. On the contrary, the U.S. Securities and Exchange Commission advised moguls that the absence of Initial Coin Offerings might effortlessly be fraud or Ponzi schemes camouflaged as legal investments. Furthermore, Ethereum is banned in China by its administration and legislation.
The great number of shops, restaurants and places where Bitcoin could be used as payment tool enhanced its popularity, nevertheless its worth was underneath its maximum value. As Bitcoin has been increasingly used, more and more investments have been made in it and in cryptocurrency system in general. Throughout this period the market capitalization of all cryptocurrencies grow from $11 billion to the present value of more than $300 billion. The world leading banks like Citi Bank, Deutsche Bank, Barclays and BNP Paribas have confirmed that they are searching for options how to invest, trade and do business with Bitcoin. At the same time, blockchain, the technology on which Bitcoin is based, has started the revolution in the financial technology industry (and furthermore), and it seems it is getting bigger every day.
Bitcoin is well known and the most currently used cryptocurrency in 2017, but Ethereum, Litecoin and some other coins are becoming important as well. Alternative cryptocurrencies to bitcoin with small market capitalization are being known as altcoins.
In September 2017, there were more than 1,100 cryptocurrencies and their total market capitalization hit everlasting value exceeding $60 billion! And until December 2017, just in 2 months, the total market capitalization reached $600 billion - it multiplied ten times.
Nevertheless, what is your opinion about cryptocurrencies - in literature they are described as everything from the future of money market to Ponzi schemes - concerning their market capitalization in 2017 and despite of their advantages and disadvantages, it is obvious that they are here to last for long. Will they succeed in replacing traditional, centralized, government-controlled money with decentralized alternatives, controlled only by market forces? Well, 2023 might give us some hints, but certain answer is yet to be known.