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 have no glaring difference with the traditional online casino and betting sites that most people know and have known for quite some time. Thus, one can conclude that the reason why these new types of sites are becoming more and more popular and enjoying a continuously increasing demand is related to how Bitcoin works and the benefits and features it can deliver. Here are some of the reasons why more people are getting attracted to this new trend:

It offers complete anonymity

Some people may not give too much thought about their online privacy, but some people want to stay as private as possible even when going online. Most of the time, one cannot avoid providing personal information as well as financial details, especially when dealing with online transactions. In using a BTC wallet, you can get spared from all of these processes and requirements, as all you need is just your wallet address–nothing more. Since your wallet is not tied to any personal information, you are almost virtually anonymous in every BTC transaction that you make.

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 payment 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.