Bitcoin has been around for a decade now and has come a long way since it was first introduced.
Back in 2008, hardly anybody took this digital form of payment seriously, however, in just a few years, this cryptocurrency has really taken off as a great way for buying items and exchanging money online.
Because it is decentralized, it is an almost entirely anonymous way to process transactions, and this has only increased its attraction to users worldwide.
One of the key areas that cryptocurrency has made an impact is on online gambling websites.
Although not every online casino offers Bitcoin as a payment option yet, the numbers are rapidly increasing, and this makes it an ideal alternative to traditional ways of making deposits.
How To Use Bitcoin
The first step to gambling using Bitcoin is to set up your own digital wallet.
There are several websites which help you out in this and provide a place where it’s easy to see at a glance just how many Bitcoins you have.
You’ll need to buy however many Bitcoins you want and then visit your chosen Bitcoin-accepting casino.
Choose Bitcoin as your preferred payment method and you can enter your digital wallet’s address into the website, authorize the fund’s transfer and you’re good to go in just a few minutes.
Why Use Bitcoin?
So, the concept of playing with virtual money might be alien to you, however, there are a surprising number of benefits to opting for this method.
Firstly, cryptocurrency payments are pretty much anonymous, as there is no name attached to any digital wallet, and that means that unless someone tries very hard to connect all the dots together, your gaming site activities will go undetected.
Bitcoin casinos are also able to freely operate in areas where gambling has been outlawed or where transactions are prevented by the government from being processed by casino sites.
Since Bitcoin doesn’t operate via traditional banking systems, it’s impossible to regulate in the same way as other currencies, and because there is no central bank to control it each coin has its own value which won’t be devalued.
Another advantage is those processing payments incurs virtually no costs, and even on those sites where fees are charged, those fees are exceptionally low.
Which Games Can Be Played?
You can play virtually all casino games using Bitcoin rather than other currencies.
While the range of games varies between different sites, the majority offer all the options you would expect such as video poker, table games and slots.
Some other sites even offer speciality games like bingo, scratchcards and even sports betting, all of which can be played using Bitcoin.
Frequently Asked Questions
- When did Bitcoin appear? – Bitcoin was invented by Satoshi Nakamoto in 2008. His real identity remains unknown. Released in 2009 into widespread circulation, Bitcoin has rapidly developed into a popular cryptocurrency, paving the way for others.
- Can Bitcoin be used to withdraw winnings? Many casinos offer the option to cash out using Bitcoin, however, some don’t so it’s important to check this out before registering.
- Is Bitcoin a secure method of payment? Yes, Bitcoin is certainly safe as long as you take precautions to keep track of your private keys. Treat them just like cash, or a prepaid voucher and keep it secure and your money will be well protected.
- How does Bitcoin keep my privacy? Since each Bitcoin transaction can only be connected to keys and addresses rather than names, it is hard to trace payments back to the person they originated from. There are no statements or bills for transactions.
- Must I always play with Bitcoin? Usually no, however, this may change depending on which casino you choose to play at. Many online casinos offer a range of withdrawal and deposit methods of which Bitcoin is only one, so you can choose the method that best suits you at the time. Some other sites will offer a number of payment methods, however, they will all be cryptocurrencies with no fiat currency accepted. This is, again, something you need to check before registering.
- Are Bitcoin casinos fair and trustworthy? Bitcoin casinos, in general, have an identical level of trustworthiness and fairness as any other reputable online operator. However, many Bitcoin casino sites actually offer an extra layer of player protection since the games can actually be proven to be fair. Players are often able to physically see all the seeding information which has been used to determine betting results, and therefore they can recreate the spin or hand conditions to reassure themselves that the results received were truly legitimate and above board.
While there are many advantages to playing at online casinos using Bitcoin, there are a few things to be aware of.
Firstly, as there is no centralised agency or bank which controls its value, this means that its value fluctuates dramatically every day.
You are therefore risking your digital portfolio’s value going up or down on a daily basis, and if there were some negative news about Bitcoins, you could find that your coins dropped in value overnight.
Of course, the opposite to this is also true, and you could well find that your value doubles in just as short a period.
Also, it’s extra important to check out the legitimacy of the casino site if it offers Bitcoin as a payment method.
Bitcoin is often the target of unscrupulous operators who are out to scam you, so checking the credentials such as the license and regulation of your chosen site is important before signing up.