The concept of a cryptocurrency had gone a long way since it was first introduced more than a decade ago. From being an ignored and underground form of alternative payment, it is now recognized and used in the mainstream scene and is considered by a lot of people as the digital gold of this age. Right now, the value of Bitcoin in US dollars goes from more or less $11,000. The popularity and increase in the value of Bitcoin ushered to the new acne of services opening their doors to it. Now, people are starting to use BTC as a form of investment, as an everyday payment method, and gambling sites like what you can find on Clovr.com are also accepting Bitcoins now.

But what is Bitcoin, where did it come from, and how does it work? And with Bitcoin casinos, how is it different from any other gambling site? Here are the things you need to know.

What is Bitcoin?

Bitcoin is one of the many current cryptocurrencies in online circulation, although it is considered by many people as the first of its kind. Bitcoin data is stored and recorded in a digital ledger called the blockchain. It was created by someone, or maybe a group of people called by the pseudonym Satoshi Nakamoto.

What makes Bitcoin casinos popular?

In reality, Bitcoin casinos are not very different from traditional online casinos and betting sites. Most people are already familiar with those. The growing popularity of Bitcoin casinos is linked to how Bitcoin works. It also relates to the benefits and features these sites offer. Here are some reasons why more people are drawn to this new trend:

It offers complete anonymity

Some people may not worry much about their online privacy. However, others want to stay as private as possible when going online. Most of the time, you cannot avoid giving personal and financial details, especially during online transactions. Using a BTC wallet spares you from many of these processes and requirements. All you need is your wallet address—nothing more. Since your wallet is not linked to any personal information, you remain almost completely anonymous in every BTC transaction.

It is decentralized

Although Bitcoin is recognized by a lot of countries and is accepted by most governments, it is still considered only as a property, not a currency. This means that owning Bitcoin is the same as owning a smartphone, a house, a car, or any other things, at least in the eyes of the law.

As it is not legal tender, it is not regulated and controlled by the government. Thus, any amount of BTC you may own is not part of an audit and cannot be taxed. It is also free from any kind of fees and other things that a government can do and impose on a legally recognized currency.

Is there a catch?

Bitcoin as a currency and as a form of everyday payment method is technically not illegal in most countries, although its legality also lies in the area of uncertainty. Since it is not considered as legal tender, therefore it cannot be circulated as “money,” making it technically illegal. However, laws of countries in the world are yet to have anything to say against something like a cryptocurrency. At least, not yet as more and more people are becoming aware and concerned with the growing popularity of BTC and other cryptos that stemmed from it.