A few years ago, Bitcoin was regarded quite skeptically, and few people seriously considered investing their money in cryptocurrencies. But times are changing, and every day there are more and more people who are convinced that Bitcoin is the future of finance and a prominent revolutionary technology in the financial services sector. In fact, it can be said that no other recent invention has had as strong an impact on the global financial system as Bitcoin. The principle of this cryptocurrency is based on a unique blockchain technology, thanks to which it can exist without the influence of public authorities or banking institutions, and it can be used by anyone who has access to the World Wide Web.

Around the end of 2012, this virtual currency not only began to grow in popularity, but also its exchange rate. It is noteworthy that Bitcoin was one of the most profitable investments in the period from 2014 to 2017 inclusive.

The rapid growth in popularity and demand for Bitcoin, of course, could not go unnoticed either by ordinary users or the authoritative media. Soon, representatives of the online crypto gambling Australia sphere began to appear: online casinos, poker rooms, and betting shops added the possibility to deposit Bitcoins as well as traditional currencies (U.S. dollars, euros, pounds, etc.). Some of them also began to work exclusively with cryptocurrencies. Such virtual gambling establishments were called Bitcoin casinos.

What is Bitcoin?

So, what kind of creature is this and what does it eat? Let's start with the definition. Everybody knows Wikipedia gives quite a long and complex definition, which will contain a lot of terms that are not clear to most ordinary users. So, in simple terms, it is:

Bitcoin (Bitcoin, BTC, BTC, Bitcoin) is a decentralized anonymous payment system (digital virtual currency or simply cryptocurrency), in which all transactions are irrevocable (neither banks nor tax authorities are able to block, cancel or track the transaction) and take place without intermediaries.

This digital currency is also protected against counterfeiting, as it is an encrypted information which cannot be copied. But perhaps one of the most pleasant features for average users is that, in contrast to usual payment systems like PayPal, Skrill, Neteller, payments in Bitcoin are fast and, as a rule, with a very low commission or no commission at all.