Bitcoin is what is referred to as a “cryto-currency,” which is a slightly complicated concept because it means that the value is derived from mathematics as opposed to anything tangible. That is, Bitcoin is a purely digital currency, not backed by anything physical.
Bitcoin is not the first crypt-currency; however, it is certainly the first to take the world by storm and become a household name.
As of 2013, there are some important things that you should know about Bitcoin especially if you plan on making some serious money playing with RTG casinos in the United States. Let’s take a look at what you need to know.
How Does One Get Bitcoin(s)?
Each “coin” is “mined” from the digital earth like a piece of gold might be mined from the physical earth.
This happens through the use of high-end computer hardware, typically the graphics processor in (multiple) graphics cards, which repeatedly solve complicated algorithms in search of a Bitcoin. This process can be likened to the act of drilling in traditional mining. most common way to obtain a Bitcoin is to pay for one, or (more likely) for a fraction of one. This can be done at the Mt. Gox currency exchange, amongst others.
The cryto-logic that drives the Bitcoin system is programmed to periodically—and with increasing diminishing returns—“release” a coin from the static cache of 30 million “buried” in the digital ground.
Why Use Bitcoin(s)?
There are a couple compelling reasons to start using Bitcoin.
- It is big business — the total worth of all Bitcoins exceeds one billion dollars.
- It is fast — Bitcoins can be transferred from peer-to-peer (p2p) instantly without any use or need of a middle man.
- It is cheap — the above transfers have no third-party fees.
Bitcoin as it Relates to RTG Casinos
As was stated above, there is big money in Bitcoin. For instance, a website called SatooriDice recently sold for 11.5 million dollars. It is a basic game in which users can bet on the outcome of dice rolls.
Other establishments have jumped onto the crypto-currency train with more comprehensive gaming options. Already, there are gambling destinations for playing slots, table games, or even sports betting using Bitcoin.
Most of the RTG websites featured on our Top USA Online Casinos page do not accept Bitcoin at this time; however, some of them have addressed the possibility in the news, so be sure to check them out to see about the possibility of play in the future.