Bitcoin Casinos Online
What is Bitcoin?
Bitcoin represents one of the earliest cryptocurrencies that have emerged on the market. It can be described as a decentralized form of a digital currency since it doesn’t require any intermediaries (such as banks) during the money transfer process. Bitcoin can be transferred directly from one user to other thanks to the Bitcoin peer-to-peer (P2P) network.
Bitcoin was invented by Satoshi Nakamoto and released public back in 2009. This cryptocurrency is based on the technology known under the name of “blockchain”. Since this technology is based on a P2P network, this implies a higher level of security during the data transfer because all data can be transferred but not downloaded from the network. All devices included in this P2P network serve as checkpoints for validation of data (for example money) transfers and are referred to as “nodes”. Data transfers are called “transactions”. Once a transaction is verified by the nodes, it gets added to the blockchain and literally, no person can affect it. Blockchain technology keeps a record of realized transactions and this database is referred to as “ledger”.
Transactions are based on two cryptographic keys. Each and every person possesses a “Private” and a “Public” key. The combination of these keys provides a unique digital signature (like an ID). The public key represents a kind of a wallet and the other people use it to identify you. A private key, on the other hand, allows one to authorize data transactions. It’s an analogy in the conventional Internet network would be your password and it is important to keep it safe since anyone who has it gains the power to connect with your public key and authorize data transactions on your behalf.
Nowadays the number of Bitcoin casinos is on the rise because of the fact that it ensures instant transactions with no pending period and the security level is higher compared to the conventional online casino payment methods.
Deposit & Withdrawal Using Bitcoin
The first thing one has to do in order to land a deposit in BTC is to provide a bitcoin wallet. There are hundreds of different websites that provide the service of establishing a Bitcoin wallet. Some of the modern ones are even come with encryption technology for all your personal information.
The second step would be to fill the wallet with some Bitcoins. This can easily be done by purchasing Bitcoins on the Internet (or exchanging you currency for BTC).
In order to transfer the money into the casino account, one has to provide the wallet address and the desired deposit amount. Once this info is submitted, the transaction will take literally seconds to be realized.
When it comes to placing lower wagers, instead of placing for instance 0.0001 BTC, Bitcoin UK casinos mostly allow one to determine the amount in the currency he understands better and it will automatically be converted into BTC.
There is no easier process than withdrawing the money via BTC wallet. One only has to enter the desired amount and wait a couple of minutes for the operation to be completed.
Advantages and Disadvantages of Bitcoin
The main advantage of using BTC for casino transactions lies in the fact that no third party is involved in the transaction, which, combined with cryptography keys and P2P network, make the transaction absolutely safe and secure. Since it requires no bank to intermediate the process, the participants would need no credit or debit cards, or even bank accounts.
Another important advantage of Bitcoin lies in the speed of the transaction itself. Since no third party has to authorize the money transfer process, BTC transactions are instant. There are some other casino payment methods that offer instant deposits. However, neither of them can offer instant withdrawals, while they need at least 24h to be authorized. Well, withdrawing the money via BTC is an instantaneous process.
Transactions are also tax-free, while no country in the world legally recognizes BTC as a currency.
There are two current disadvantages of BTC. The first is its volatility since it often tends to vary in price. The second lies in the fact that at the moment a pretty small number of casinos allows BTC. However, given the rise in the popularity of cryptocurrencies, this will certainly change very soon.
Bitcoin FAQs
Do All Casinos Accept BTC?
Unfortunately, not yet. But there is a solid number of them that do, such as 7Bit, mBit, Fortune Jack, Bitcasino.io, BitStarz, BetChain, etc.
Is BTC Safe to Use in an Online Casino?
Yes, it is absolutely safe to use due to the blockchain technology (P2P network), cryptography keys and the absence of the third party.
What Is the Minimum/Maximum Amount I Can Deposit via BTC?
It depends on the casino, but the minimum usually takes the value of 1 mBTC, while there is usually no maximum.
Are There Any Fees Charged?
No, there are no fees for using Bitcoin.
Can I Use BTC in a Mobile Casino?
Yes, it can be used in a mobile casino that allows it as a payment method.
How to Find a Good Online Casino That Accepts BTC?
Before starting to play, it would be wise to read reviews and customer comments and opinions of several casinos before selecting one.