With talks of the Bitcoin halving event rapidly picking up, and even becoming one of the most searched terms on Google, people are starting to get worried about their Bitcoin.
People are fearing the halving could do something nasty to their Bitcoin, especially if it’s currently sat in a Bitcoin casino or sportsbook account.
But you need not worry, we’ve got your back and we’re going to put your mind at ease by walking you through the Bitcoin halving process in the simplest possible way.
There’s Nothing to Fear
Let’s begin by quashing any fear you might have. The halving event doesn’t involve you doing anything such as updating your wallet, using a new provider or creating a new address.
You carry on using Bitcoin exactly as you always have been – simply buy and send to your Bitcoin casino account.
Nothing scary will happen to Bitcoin, the code isn’t changing, meaning the way you interact with Bitcoin will remain exactly the same.
So, what is Happening
Every time you make a transaction using Bitcoin, for example sending Bitcoin to your favorite Bitcoin casino, your transaction will go into a transaction queue.
People using massive arrays of computers, known as miners, will then algorithmically place transactions into what is known as a block, and for doing this, they get a reward, known as a block fee.
When the blocks are complete, your transaction will be broadcast to the whole blockchain, allowing the Bitcoin to appear in your Bitcoin casino account.
As a reward, the miners get a fee from the Bitcoin code, known as a block fee. As it stands, this fee is 12.5 Bitcoin, but after the halving, this fee will be half as much – it’s that simple.
Will This Impact My Bitcoin’s Value?
As a Bitcoin casino player, it sure is frustrating when the price of Bitcoin swings wildly as it means your account balance can be worth more or less every few minutes, in terms of fiat currencies.
Many in the Bitcoin trading world believe that this halving event will cause the price of Bitcoin to rise to a new all-time high, which would be amazing for you and your account balances.
However, on the more practical side, and following historical trends from previous halvings, the price won’t suddenly spike or drop.
It will slowly increase over time as less fresh Bitcoin from the block rewards is sold by miners to cover their costs.
Carry on Playing Your Favorite Games Without Fear
So, our best advice to you is simply carry on like normal. Unless you’re a Bitcoin miner, nothing is going to change for you.
Whether you like to play Bitcoin slots, Bitcoin table games or you prefer betting on sporting events with your Bitcoin, you can carry on doing so without anything changing.
Simply sit back, relax and enjoy your Bitcoin becoming more valuable, with that win you just landed potentially worth millions in a few months – we hope!