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To start things off, let’s do a quick background about how bitcoin works and the currency:
When we say Bitcoin currency, we mean the currency itself. Although it’s not a fiat currency, this is still an easy way to think about it. This is especially true because for people who don’t understand cryptocurrency, fiat currency simply means the currency of a country.
Like any other currency, Bitcoin uses its value to facilitate transactions. When you pay for a service, like a pizza with Bitcoin, the transaction is completed and sent over the internet. All you did was tell pizza to do the payment for you and when the pizza says it’s done, this transaction is verified by the internet. The more people use Bitcoin, the greater the number of transactions processed around the world, which provides us with a greater amount of data for the value of various cryptocurrencies.
To make this whole cryptocurrency thing more simple for you, it may be easier to just look at how you’d pay for a pizza in USD, because when you buy an pizza, you’re using fiat currency. If you are just joining us for the first time, the first thing we always recommend you do is go to Coinbase.com and start paying with Bitcoin.
At first, it may seem a bit intimidating for some of you to get all your financial affairs setup and to start being paid with Bitcoin. Bitcoin is a strange new technology that’s been created out of whole cloth. To the untrained eye, it looks like a bunch of random coins moving around in a dark room; with no real value behind it. However, by understanding Bitcoin concepts like mining, block chain technology, etc., you will be able to navigate its complexities.
Once you get comfortable with the whole Bitcoin system, however, the rewards start appearing for doing your part to build a stable economy as a whole. You will also learn to be more cautious as to how you use cryptocurrency as its popularity grows. But like all new technology that comes out of a completely new, uncharted market, Bitcoin has its share of pitfalls as well.
The biggest hurdle you probably have in your way with Bitcoin gambling is the amount of fees that are charged on top of the transaction that your cryptocurrency pays for when you play. We all know that gambling is a high-risk activity, but the more people have access to cryptocurrency, the more people will be gambling with it and the more gambling establishments will make money out of it. Unfortunately, cryptocurrency gambling is a
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