To some starting to gamble online is a daunting task. It is also hard to determine Bitcoin investment. Both decisions must not be taken lightly. You need to have some basic knowledge about Bitcoin and online gambling.
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Understand Bitcoin basics and mechanism
Unlike traditional currency, Bitcoin is an unregulated and decentralized digital currency. It means there is no government or banking authority regulating Bitcoin. Digital means the currency is not visible or tangible like fiat currencies. Its operation depends totally on cryptography and algorithms. You have to trust math and get onboard. Blockchain technology is used to keep the transaction details secure. Once a block gets added, no one can penetrate it. If it is tampered then the entire blockchain collapses for security. Blockchain technology is being used in hospitals for record safety.
Understand the risks involved
There are some risks attached to owning BTC and online gambling. Online gambling sites ask for personal information, which is a concern for many people. If BTC is used as the main payment mode then the risk is reduced.
BTC is highly volatile, so its value changes several times within a day. It can plummet or spike or stay stable. People are concerned about its value falling, so when bought enforcing them to lose money. BTC transactions are uninsured and irreversible due to their unregulated nature and blockchain technology. In case you made an accidental transaction or your wallet gets hacked then you will not regain your coins. Understand the pros and cons thoroughly before you start gambling.
Learn the ways to buy and sell BTC
You can buy BTC from Bitcoin exchanges. Deposit a specific amount of fiat currency in the exchange account. You can now buy BTC from the deposit. If the exchange offers a wallet then your purchased BTC will show up there. Remember, opening an account on the exchange takes time, and make a small purchase of Bitcoin at the start. Never use the exchange wallet as the primary wallet. Consider using a more secure wallet!
Types of Bitcoin wallets
The kind of wallet you choose will depend on your usage and priorities. An easily accessible wallet means an increased risk of hacking and theft.
Online exchange wallet
It is a basic wallet with the least security. It is not offered at every exchange platform but major ones do. These are convenient for frequent users but risky as a primary wallet.
Online 3rd party wallets
A third party hosts your wallet, so when the online exchange is hacked your wallet will be safe. However, if the 3rd party website that hosts your wallet is hacked then your Bitcoins go missing. This type is also a subject of concern!
It is the safest wallet option. However, it is not convenient to access and use in comparison. The hardware wallet needs a USB drive and computer to use and gain access to your BTC. It is a good alternative for people who enjoy total control of their BTC as well as from where and when to enjoy gambling.
Check the local laws!