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Bitcoin is a digital cryptocurrency that can be transferred to anyone in the world, from anywhere in the world. It was created for the burgeoning world of internet commerce, to avoid relying on a shady and inevitable corrupt central regulating authority to handle transfers and creation. Ironically, that very maneuver has furnished Bitcoin as a somewhat shady operation in and of itself, especially when it’s described as ‘cryptocurrency’; though sinister undertones abound, all that phrase really means is that the currency utilises cryptography in the creation of new units. So how safe are Bitcoins, and for ventures like betting with bitcoins, Bitcoin casino gambling online and Bitcoin fueled MMORPGs, do they really create a safer bet?
The original software was designed in 2008 by the enigmatic Satoshi Nakamoto, who may or may not have been a real person. Regardless of its murky origins, Bitcoin has risen in popularity over the last few years, and now dominates the online currency charts. Recently, Wall Street has also recently taken an interest, which means the currency could become a surefire staple in the near future. As I mentioned, Bitcoin is attractive because of its lack of a central authority, which means costs could be cut, settlement times could be slashed, and default risks reduced. However, because users are completely responsible for their money, security has become a primary issue in the minds of its customers.
Enter wallets. It’s exactly what you’re probably thinking; a piece of software that can store, send and receive Bitcoin. For Bitcoin gambling aficionados, it is common practice to have two wallets, a ‘hot’ and a ‘cold’ one. While the ‘hot’ one is connected to the internet and used for daily limited transactions, the ‘cold’ wallet stores the bulk of the users savings (or ideally, winnings), remains largely disconnected from the net and is therefore less vulnerable to hackers. For those that play a large amount of Bitcoin casino gambling online and those who prefer to bet with Bitcoins, this tactic is a great way of ensuring the safety of their money.
While the virtue of Bitcoin being a digital currency leads to obvious threats, it also has numerous advantages. Primarily, Bitcoins are earned digitally; they have no connection to the users regular bank account or savings. For those who feel a stab of anxiety typing in their card details every time they make an online purchase, this is sure to provide a little piece of mind. Simlarly, as they only exist on the ‘net, they do not require users to hand over reams of personal information during transactions, limiting the potential for identity theft and chargeback issues. Also, recently the IRS classified Bitcoin as a ‘property’ (as opposed to a ‘currency’) for taxes purposes, paving the way for more transparency and security as Bitcoin moves forward. All in all, bitcoins are a safe bet, and getting safer by the day. For online gamblers and game-players, they represent the perfect compromise; betting with bitcoins provide real-money winnings and bets with enhanced security and virtual peace of mind.