How to Find Bitcoin Casinos?
Starting with 2011, multiple casino operators have plunged into the cryptocurrencies field. While only a few have decided to completely focus on Bitcoin by making it accessible as the only method of payment for deposits and withdrawal, others have chosen to include it as one of their payment options.
In this article, we shall be taking a closer look at Bitcoin online casinos, how to identify them, along with the advantages and disadvantages, among others. First, let’s have a look at what Bitcoin is.
What is Bitcoin?
Bitcoin is a virtual currency released in 2009 by the programmer Satoshi Nakamoto. It only took two years for the currency to come into the spotlight and has continued growing ever since.
It is a peer to peer payment system which utilizes electronic cash to make online purchases. It has become famous for its capacity to carry out transactions between two parties, without requiring a third one and for the absence of government intervention.
Because of the major explosion of Bitcoin, Dogecoin, and Ethereum among others, many online casinos have started to enable their players to make payments on their platform using cryptocurrencies.
How to Find Online Casinos that Accept Cryptocurrencies
The number of online casinos to support Bitcoin payments is ever-increasing. Most of them are for the best part safe but before committing your funds, it is always best to analyze your alternatives. If research doesn’t sound like an option to you, the good news is that you can go to this website and meet numerous reputable options packed with bonuses, thoroughly verified by the experts in this domain.
If you prefer to explore the realm of possibilities for yourself, it can be realized by doing a google search with the keyword “Bitcoin casinos”. The Bitcoin payment option can be verified by clicking on the ‘payment methods accepted’ link, ensured by the online casino, usually found at the bottom of the homepage.
How to Use Bitcoin at an Online Casino
If this is the first time using this currency, it may not be as simple as other payment methods to start with, since BTC must first be acquired. You will need a virtual wallet to safeguard your Bitcoins and after, you will be provided with a unique wallet ID. Next, you may proceed in achieving cryptocurrencies from an exchange and pay the indicated rate. Once you are in their possession, the rest is quite straightforward.
All you need to do now is select “Bitcoin” as your method for payment at your chosen casino and transfer money to the wallet ID provided. The second the connection has been established and the casino is noticed of the transfer of your deposit, your gambling account will be credited.
Keep in mind that Bitcoins cannot be used in the same way as cash deposits. There are several reasons for this, but mainly because Bitcoin deposits are shown in fractions of one Bitcoin. To solve this, online casinos will convert your deposits into credits for simplicity and transparency.
Pros and Cons of using Bitcoin:
Before you go through the signup process, placing your deposit and your initial bet, you should be aware of some of the ups and downs of Bitcoin gambling:
The Benefits of using Bitcoin:
• Safety: Compared to credit card, BTC payments are more secure. They are direct payments between the player and the gambling platform, not involving other parties.
• Anonymity: One of the best features of blockchain technology. Users are kept anonymous, therefore, whenever you carry out transactions with the casino, every banking information is kept private.
• No fees: Cryptocurrencies can be sent from your wallet straight to the casino’s wallet. They don’t need to charge any transaction fees because the casino does not need the assistance of a third-party facility for payments.
• Additional steps: While some players already have the experience to carry out Bitcoin transactions, for some other players it may seem challenging.
• Changing value: Bitcoin’s value is often very volatile. The price may be higher when you deposit then it will be worth when you come to cash out your winnings when compared to fiat currency. This aspect of volatility can introduce another risk component to your casino strategy.
Bitcoin casinos are usually safe, private, and fast. On the other hand, there are still some perils involved in connecting with the unpredictable nature of this digital currency. Players need to evaluate the benefits and downsides of tapping into a Bitcoin casino before committing to giving it a chance.