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Using Bitcoin With Online Casinos

Bitcoin is the world’s leading cryptocurrency. In a few words, a cryptocurrency is a digital asset serving as a medium of exchange. This is essentially what bitcoin is all about.

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The particularity of Bitcoin is that it is a peer-to-peer monetary system; individuals can transfer money without the need of a third party such as a bank.

The bitcoin story started when the “bitcoin.org” domain was registered in 2008. The first bitcoin network was created in January 2009, by an enigmatic individual called Satoshi Nakamoto. In less than 10 years, bitcoin has developed to become a fully fledged alternative to traditional currencies, despite its decentralized organization.

More and more online shops, casinos and trading platforms are starting to accept bitcoins. Most popular free slot machine games. This article will analyze how to pay with bitcoins and weigh the pros and cons of this payment option.

How To Start Using Cryptocurrency

Paying with bitcoin requires the creation of a Bitcoin Wallet. This wallet will act as a typical e-wallet on which you will be able to deposit and withdraw funds.

On the Bitcoin website, you will be given the choice between four different types of wallets:

• Desktop
• Hardware
• Mobile
• Web

For the purpose of casino gambling and online shopping, our team recommends creating a web wallet.

They do not require the download of any software and can be accessed from any computer. Many players will find this type of wallet quite practical!

After having created a wallet, you will need to purchase bitcoins to be able to carry out transactions. To do so, you will have the choice between many different options:

• Your very own Bitcoin Wallet: the bitcoin wallet interface allows its users to purchase bitcoins directly.
• Bitcoin exchanges: Some online and physical shops allow you to trade Bitcoins for other currencies and vice versa.
• OTC (Over the Counter): Bitcoins can also be exchanged between two consenting parties at a pre-specified price.
• Specialized ATMs: In some countries and cities, you will be able to purchase bitcoins on specialized ATMs.
• Mining: Bitcoin mining is essentially solving math problems in exchange of bitcoins.

Here also, we recommend the first option. Purchasing bitcoins from your wallet is usually the most efficient way to obtain bitcoins and start playing right away.

How To Deposit

Yes, bitcoins are fascinating in themselves. But many casino players will actually find depositing and withdrawing funds with bitcoins quite useful.

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Today, only a handful of online casinos accept bitcoins as payment method. However, following a recent trend, more and more brands are starting to seriously consider using “the currency of the future”.

Both deposits and withdrawals are extremely easy. With your bitcoin wallet, you will be able to transfer funds to and from a casino just like any e-wallet.

Select bitcoin as a payment method and follow the instructions given by the casino website. This will generally be a simple process of adding a bitcoin ‘address’ from your wallet, into the form on your casino website. That is normally all that is required.

Advantages

• Speed: Bitcoin transactions are quasi instant.
• Security: One of the reasons bitcoin has become the world’s leading crypto-currency is its extremely secure payment interface.
• No Third Party: As opposed to many e-wallets, bitcoins do not require the involvement of any third party (bank, e-wallet platform…).
• Anonymity: Bitcoin transactions are fully anonymous.
• No Fees: Powered by block-chain technology, bitcoin payments are usually exempt from any fees.

Disadvantages

• Value fluctuation: One of the main issues associated with Bitcoin payments is that the value of this currency fluctuates. This could also be seen as an advantage, who knows, the bitcoin might rise again.
• Taxes: Because the value of bitcoin fluctuates, some governments might require bitcoin users to pay specific taxes.
• No Cancellation: As opposed to credit card transactions, bitcoin payments are irreversible and cannot be cancelled.

Conclusion

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All in all, bitcoin is a very promising method of payment thanks to fast payments, a secure interface, anonymity and low fees. Even if the set-up could be scary, the bitcoin website is very well crafted and in less than a few minutes, you will be able to understand the concept of bitcoin, set up a wallet and start depositing in your favorite bitcoin casino.