New cryptocurrency Bitcoin is the currency that defines the digital age. Offering casino players a safe and easy way to make deposits and withdrawals at online casinos, its elusive list of benefits is luring plenty of casinos to offer bitcoin as a payment method. Read on to learn more.
What is bitcoin?
Bitcoin replaces traditional forms of currency and gives people as well as businesses the power to complete transactions cutting out the need for banks or other payment processors. It runs on a network called the bitcoin blockchain, which records all transactions. Thanks to its simplicity, it only requires an anonymous bitcoin address for the sender and receiver. Over time, it has gained increasing popularity as it guarantees anonymity as well as fast transactions.
The rise of bitcoin casinos
Bitcoin casinos are similar to online casinos with the exception that they also accept bitcoin as a payment method. This digital cryptocurrency has been gaining more and more popularity in recent years. Since there is no central bank and works solely in the peer-to-peer marketplace, bitcoins can easily be transferred to other users via bitcoin addresses. Bitcoin addresses include a series of numbers and letters between 27 and 34 characters.
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There are some casinos that specifically deal with bitcoins. There are others that use both bitcoins and other traditional currencies which are known as hybrid casinos. Plenty of hybrid casinos accept deposits and withdrawals in bitcoins but will convert your funds into a more traditional currency once you have made a deposit.
How do you make a deposit using bitcoins into your online casino account?
Once you have signed up, you are provided with a bitcoin address, which you can use to make transactions with an online casino. Making a deposit into your casino account is quick, easy and most importantly, free. You only need to have your transaction confirmed by the blockchain, which takes less than an hour. Once these have been cleared, you are free to play the casino games of your choice.
How do you make a bitcoin withdrawal?
When you are ready to make a withdrawal through bitcoin, just send the coins to your exchange service’s address. You must sell your bitcoins and further request either a bank transfer or another withdrawal method. If you prefer to hold onto your bitcoins, you should take advantage of your free bitcoin wallet and protect it with a complicated password. Additionally, be aware that prices for bitcoins tend to fluctuate.
Benefits of using bitcoins
It comes as no surprise that bitcoin casinos are popping up everywhere, thanks to the cryptocurrency’s multiple benefits:
- Processing of payments is free of charge: Many online casinos take care of the processing fees themselves when players use traditional currencies. However, when it comes to enjoying an online casino venture and using bitcoins, there are no processing fees for either the casino or the player.
- Bitcoins aren’t tied to a bank: Since bitcoin isn’t connected in any way to a bank or the government, funds cannot be seized in the same way as it would with traditional money in a bank. This is especially important for unregulated markets. Bitcoin users have complete control over their funds so their funds are safer.
- Anonymity: Another fantastic benefit for bitcoin users is the prospect of anonymity. Bitcoin casinos only require the player’s email address. They won’t require personal information such as your name and address.
4 things to check before signing up to a bitcoin casino
As you are now aware, the benefits of bitcoin outweigh the negatives. But just because bitcoin is a safe and secure payment method, doesn’t mean you can sign up to any bitcoin casino. So what should you keep an eye out when picking your next bitcoin casino?
- Top security: This goes without saying but while bitcoin offers very secure payment, making sure that the casino you are dealing with is also safe can counteract other risks such as identity theft. Make sure that the bitcoin casino you are signing up to showcases its gaming licenses and other regulations.
- Software: Make sure that the online casino you are signing up to has the right technology to make your gaming experience go as smoothly as possible. This, in turn, will affect the range of casino slot games available.
- Casino bonuses and offers: You should also look for a top online casino that provides you with the best bonus offers. Although safety and software should be your top priorities, getting your hands on a nifty bonus with low wagering requirements can make you feel like a winner from the start.
- Funding options: Although you are looking at using Bitcoin as your primary payment method, it is always worth checking out that they have other payment methods available for deposits and withdrawals.