Introduction to Bitcoin Online Casinos

bitcoin-slotsBitcoin is a payment method of a new generation referred as to cryptocurrency. It was created in 2008 by Satoshi Nakamoto. Over the years, it has developed into the most popular virtual currency. Bitcoins are generated via a process called “mining”. Users who want to “dig” Bitcoins can do that through using the computing resources of their computers or by exchanging regular cash for Bitcoins.

Bitcoin has become a popular virtual currency over the last couple of years due to the Peer-to-Peer use. More and more users realize the benefits of owning Bitcoins. The currency is decentralized. In other words, no government authority can take your Bitcoins away. Currently, Bitcoin is an emerging currency and it is difficult to determine what its future will be. As for the online casinos, the majority of them still do not accept Bitcoin, but the good news is that more and more online gambling spots start accepting Bitcoin. This is a great benefit for players living in jurisdictions where the gambling legislation matters are in limbo.

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What is Bitcoin and How it works

Bitcoin is different from the “standard” currencies such as EUR, USD, GBP, etc. The Peer-to-Peer marketplace and the unavailability of a central bank made Bitcoin the most popular cryptocurrency. Its popularity grew in 2014 when hundreds of businesses and retailers worldwide started accepting it.

Although Bitcoin is defined as cryptocurrency, it works through a software wallet. This wallet is installed on the computer and the owner is enabled to make payments for purchasing goods and services online. The software is not owned by a particular company, it is absolutely free to use.

You can exchange your Bitcoins for normal currencies and purchase Bitcoins by paying with a preferred currency. If your computer is powerful enough, you can “dig” Bitcoins on your own. In order to generate Bitcoins, you have to crunch through complicated calculations. Although this is the more cost-effective option, the easier one is just to exchange cash for Bitcoins.

If you are still not sure of the difference between using Bitcoin and paying with standard currency, you have to take into account the following. First of all, Bitcoin is a new innovative payment method and you can simply regard the purchases as peer-to-peer payments that occur in a virtual reality and the transactions are immediately completed.

In addition, the majority of payment processors charge a fee, while transactions made via Bitcoin are free. In point of fact, the fees in Bitcoin are largely voluntarily. If you are willing to pay a modest fee, your transaction will be completed faster.

Even if you are required to pay a fee for depositing funds via Bitcoin to your online casino account, it will be considerably smaller than the fees imposed on paying via other payment processors.

Making payments through Bitcoin is absolutely safe. You can see who the sender is, but no sensitive personal or banking information is shared.

If you are already convinced that Bitcoin is worthy of taking advantage of and you think about switching to using Bitcoin for making deposits and withdrawals to and from your casino account, here is how to get started.

In order to make a casino deposit via Bitcoin, you don’t have to do anything different from going to the banking page and following the instructions. Depositing via Bitcoin is similar to the deposits via any other e-wallet you have previously used.

As for the withdrawals, you have to select Bitcoin from the available options and your winnings will be paid out in Bitcoins instead of regular cash.

To get started, you have to create an account with a Bitcoin wallet. You will be surprised to find out that you actually have a wide variety of options. Once you set up your account, you have to link your debit card to your Bitcoin wallet. You will be enabled to purchase Bitcoins and make online purchases and online casino deposits.

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Advantages

Bitcoin provides you with the freedom to make payments in a few seconds and the best of all is that the fees are considerably lower than what the standard e-wallets offer.

You can make a payment via your computer or mobile device and you may rest assured the highest level of security is ensured.

As mentioned earlier, Bitcoins are an excellent payment method for funding your casino account. You can convert your cash into Bitcoins and initiate deposits and withdrawals in a secure manner.

What makes companies willing to switch to Bitcoin is the fact that the fees actually do not exist.

Disadvantages

There are a few setbacks associated with using Bitcoin. The first disadvantage is related to the legitimacy of the gambling sites offering Bitcoin as a payment method. Bitcoin is the preferred payment method by players living in countries where online gambling is yet to be legalized. Some banks refuse to process transactions to and from gambling sites and in this case, Bitcoin is the best alternative. That is why it is important to make sure the casino you create an account with is a reputable one.

Another disadvantage is that online casinos seem reluctant to embrace the opportunity to start processing deposits and withdrawals via Bitcoin, but more and more operators realize the convenience Bitcoin would bring to the users.

Currently, the most popular supporters of Bitcoin are Microgaming, BetSoft, Aristocrat. There are some smaller casinos that also accept Bitcoin, but the majority of them are yet to undergo fair gaming testing by an independent agency and currently, their fairness is questionable.

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