The online casino industry has become one of the biggest industries in the world over the last few years. One of the reasons for this success is the fact that the industry is always ahead of the various trends that emerge, such as using mobile devices and offering online casinos, or by introducing new features to the games they supply.
Another reason is because they offer a variety of payment methods which allows them to reach a wider audience, and this is what the industry has done by using bitcoin. Bitcoin can be difficult to understand, and since it is relatively new to the online casino industry, you might not know how to use it. If you are considering using it to gamble, here are a few things you should know, and what has made it so popular for online casinos.
What is Bitcoin?
Everyone seems to know the word bitcoin, but most don’t really know what it is, only that it is talked about very often and is worth quite a lot of money. Bitcoin is essentially a virtual currency that was created in 2009, and is used to buy anything from companies that accept it. It has become quite popular for many reasons; the first is that it allows for anonymous purchases, there are no banks which means there are no transaction fees, and they are worth quite a bit of money.
One of the ways that people earn bitcoins is through mining, which can be done by the use of computers to solve math puzzles which are quite complex. Another way to receive bitcoin is to buy it, which might be a bit expensive since 1 bitcoin is worth $56,984, or to have someone gift it to you.
What are Bitcoin casinos?
Bitcoin casinos are fairly new, since bitcoins have only very recently made their way into circulation in the casino industry, but there are many bitcoin casinos that have launched because of this. A bitcoin casino can be difficult to find since they are new, however Casino Reviews has some in this list of online casinos that they have recently reviewed. A bitcoin casino is basically just a casino that either only accepts bitcoins as their currency, or accepts bitcoin alongside other currencies.
Because of the popularity of bitcoin, many casinos have launched that only accept bitcoin is their currency, which is great for the industry because it means that their audience is able to expand past geographical limitations in terms of laws. This is because bitcoin is not registered as an official currency, so anyone from any country can play on these casinos, and since it is anonymous, they won’t have to face any criminal charges, unless they are discovered.
Benefits of using Bitcoin to gamble
As mentioned above, one of the biggest benefits of gambling with bitcoins is that if you live in a country where gambling online is illegal, you are still able to. Another benefit, both for players and casinos, is that bitcoins are really valuable, and some online casinos offer jackpots of over 500 BTC. This means that players are able to win jackpots amounting to over $28,375,000.
What’s more is that because it is so valuable, the bets that are allowed to be made are quite small in comparison, and are measured in mBTC (millibitcoins), which in numbers is 0.001 BTC. Bitcoins also offer security for everyone involved, and this is because of blockchain technology which ensures anonymity, as well as the fact that players will not only have the online casinos usual security measures, but also that of their bitcoin wallet provider.
How to use Bitcoin
The first step to using bitcoin in a casino is to open up a bitcoin wallet, which might sound confusing, but it is really simple. Bitcoin wallets are just online hubs for storing, buying and selling bitcoin, similar to services like PayPal, and is completely free with some providers.
The next step will depend if you already have a source of bitcoins or not; you might have to deposit money into the wallet so that it can be converted to bitcoins, which essentially means you are buying it. The other option is to deposit bitcoins into the wallet if you already have it.
Earning bitcoins on the casino works the same as if it was real money, which means that if you win some, it will reflect in your account on the online casino. Then it is just a simple matter of transferring those bitcoins to the wallet that was opened, or that needs to be opened in order to access the funds.