The Bitcoin casino industry is always finding new ways of staying in touch with the times. This means it’s constantly changing and evolving to suit the needs of its customers. It follows all the advancements in the IT industry, but it’s also paying attention to the financial side of things.
Unless you’ve been living under a rock, you probably know what Bitcoin is. The cryptocurrency has completely reinvented the way we look at transactions.
Even though it’s still a taboo for many countries, the market is generally more open to Bitcoin Casino now than it was in the past. This signals that the times are changing, and if the trend continues, we’re looking at the possibility of it replacing common currencies in the future.
Online casinos accept a large number of e-wallets. You can use Skrill, Neteller, and other methods aside from standard debit and credit cards to deposit and withdraw money. You can also use Bitcoins if you own them, as a large number of Bitcoin casinos have recently flooded the market.
Gambling with Bitcoins is a simple affair – you just need a web wallet that accepts cryptocurrencies. It’s not illegal like some people think. In fact, the blockchain stores all the transactions made between two Bitcoin parties. However, unlike credit card records, it won’t disclose any other data except for the amount transferred.
To get started, you’ll need a cryptocurrency web-wallet. Get one for free and store your Bitcoins and you’ll be on your way to new gambling adventures.
The biggest question regarding Bitcoin casinos is why use the cryptocurrency instead of other payment methods. It’s easy – a Bitcoin casino will allow you to gamble without the need to pay additional fees. Payment delays are impossible with Bitcoin, so you’ll get your winnings as soon as your request is approved. Some people use it for the privacy alone.
Although the blockchain stores your transactions, it won’t publish any personal data. The anonymity is probably the biggest reason why many players will choose Bitcoin over other methods.
When choosing a Bitcoin online casino, it’s good to pay attention to the withdrawals. Some Bitcoin casinos allow deposits and withdrawals in Bitcoins, while others will instantly convert it to USD. We suggest going for the first option as you don’t have to worry about transaction fees. Checking the table limits is also a good idea. Most casinos have minimum limits as small as 1 mBTC, or something a bit higher. Whatever the cost, you surely won’t have to burn through a whole Bitcoin – the limits are properly adjusted.
Although it’s not a rule, sometimes a Bitcoin casino tend to provide higher odds for their games. If you can play with the cryptocurrency at increased odds, we suggest going for it.
Most online casinos nowadays accept a huge number of banking methods, including latest e-wallets and all the popular options. Recently, the industry has seen many casinos turn to Bitcoin, the one cryptocurrency that rules them all.
There are two types of Bitcoin operators – BTC-exclusive and hybrid casinos. It’s worth knowing where you’re playing, as Bitcoin-exclusive casinos have a mostly limited selection of games. Bitcoin exclusive games will probably evolve in the near future, but right now, it’s best to stick to regular online casinos that accept the cryptocurrency as payment.
Hybrid casinos offer the best of both worlds. They have a wide selection of games and are a more polished product than BTC-exclusives. All in all, they should be your choice for Bitcoin gambling as the alternative is still raw.
The whole process is even easier than depositing via bank transfer, Visa or MasterCard. Whenever you want to deposit money, the cashier section will provide you with a Bitcoin e-wallet link where you can send the desired amount. That’s it.
It’s the same with withdrawals, which we have to say are blazing fast. Well, unless the casino has a pending approval period, which can range between a few hours and a few days.
Bitcoin is a type of electronic cash known as a cryptocurrency. This means it’s a digital currency which is decentralized, meaning it’s not administrated by a bank. Instead, Bitcoins can be sent from peer to peer without the need for third-party involvement.
If you’re wondering how the transactions work, they’re stored in a ledger known as blockchain. You can’t buy Bitcoin as it is digital. The cryptocurrency is instead obtained through a process called mining, which involves the use of computer processing power.
The cryptocurrency was invented in 2009 by a person or group calling themselves Satoshi Nakamoto. Nakamoto’s identity is still a mystery. This has sparked the imagination of many conspiracy theorists who claim that Nakamoto may be different people, with Elon Musk mentioned in the mix.
Since its invention, Bitcoin has been highly controversial. Criticized for its use in illegal transactions and being a bubble, Bitcoin is still not accepted by the majority of countries. However, it did inspire many other cryptocurrencies which are recognized by large organizations.
Once mined, you can exchange the Bitcoins to other currencies or use them to buy products and services online. Aside from buying stuff from eBay, the cryptocurrency has found its use in online gambling. The market has seen a great influx of Bitcoin casinos recently, although not all of them are good or legal.
Bitcoin casinos are still making baby steps, so it’s bound to evolve a lot in the near future. At the moment, it’s an attractive option that Bitcoin owners who like to gamble every now and then should explore. It will even get better in the future as more casinos adopt it and see all the benefits of adding the cryptocurrency to their list of payment options.
On the other hand, the controversy surrounding Bitcoin and the exchanges hacked in recent years add a cloud of uncertainty. Unless you’re sure of what you’re getting into, we’d suggest staying out of it.