Over the years, I’ve come to appreciate one fact; people are notoriously inflexible, and the majorities don’t want to buy into the Bitcoin concept. But it’s totally understandable. Considering all the terminology and mathematics involved, it’s natural for anyone to feel nervy, even by thought of venturing into it.
There’s some good news though; if you are planning on enjoying a casual game at Bitcoin casinos such as Betfinal, it’s not a must that you become an expert in Bitcoin. Staying updated on all the trends and mastering the basics is all that you need to get by.
So, if you are looking to have a light moment at the casinos, this Bitcoin Gambling guide is here to sort you out on the Bitcoin basics once and for all. We’ve briefly included a definition of Bitcoin as well as information on how you can deposit and withdraw using Bitcoin.
And what are some of the advantages that Bitcoin gambling poses? Read on to the end to find out why you should play slots and other games using Bitcoin!
This is a question that many people have been asking themselves! And it’s fair enough to ask yourself this question before you can start using it for gambling as understanding the working principles of Bitcoin is one step closer to having an easy time using it.
Well, by definition, Bitcoin is a digital currency, otherwise known as a Cryptocurrency. And while there are several other Cryptocurrencies online, Bitcoin is the most popular form. It was developed in 2008 by a unknown person by the name Satoshi Nakamoto.
Since its development it has steadily grown in popularity worldwide, soaring from a value of just under $100 to more than $10,000 in 2020. This popularity can widely be attributed to its state of the art and unprecedented features.
The most outstanding of these features is perhaps the fact that it is decentralized and isn’t regulated by any body or government. Additionally, it is a worldwide, open, peer-to-peer network, which functions much like the popular file sharing networks such as BitTorrent. Anyone who generated the coins remains anonymous, and they can easily manage their cash through special wallets that have unique signatures and addresses.
Once you’ve made your Bitcoin transaction, it will be recorded in a public ledger that’s known as Blockchain. You’ve probably come across this term, especially when aspects regarding online security are involved. A blockchain ensures that all transactions are transparent, safe and secure. Any transaction conducted on the blockchain is visible to anyone on it, but your identity and security remain anonymous.
Each time you try initiating a transaction in Bitcoin casinos, it’s a requirement that you wait for verification, which in most cases takes approximately ten (10) minutes to complete. This makes Bitcoin transactions one of the fastest in the internet.
One of the areas where cryptocurrencies finds use is in the bitcoin casinos. Platforms such as Betfinal have incorporated Bitcoin as one of their payment options, enabling players to deposit, play Bitcoin slots and withdraw their winning with ease.
Depositing using cryptocurrencies at the bitcoin casinos is a pretty straightforward and easy to complete procedure. Just ensure that you pay close attention to the transaction details, more specifically when it comes to the address. If you send the money to a wrong address, there’s no retrieving it back. With that said, let’s see how you can deposit at the Bitcoin casinos once you’ve created an account:
This is a question that’s perhaps bugging you. I’ve been mentioning how to use Bitcoin but briefly stated that you can get it through your wallet. That’s right, a Bitcoin wallet functions much like your eWallet or bank account. You simply create one, link your VISA/Debit card and turn your fiat currency into Bitcoin.
Once you’ve deposited your fiat cash into your wallet, buying Bitcoin is a straightforward procedure. Just click on the ‘Purchase BTC’ and follow the onscreen instructions to complete the purchase.
And while there are plenty of wallets to pick from online, the one that we highly recommend would be Coinbase. As already stated, Coinbase is a free to create, open source wallet, which offers services for both Bitcoin and Bitcoin Cash. It also has an extra advantage of enabling you to sync one account throughout your devices – Linus, iOS, Windows, or even Android.
Once you are logged into your bitcoin casinos account, you’ll find yourself on the casino’s homepage. Locate the ‘deposit’ button and click on it, then pick Bitcoin as your preferred payment option.
Clicking on Bitcoin will reveal your unique Bitcoin address. It appears to be a string of random letters and numbers.
The next step is to open your Bitcoin wallet. Just like your bank account, a Bitcoin wallet is required in order to send or receive funds across the BTC network. And just as you’d expect a bank account, these wallets come in different formats, mostly to suit your needs.
For the sake of this Bitcoin guide, we are going to use Coinbase wallet. It is an easy to use, free to use, open source and can hold both Bitcoin and Bitcoin cash.
In your Copay wallet, you’ll have to click on the ‘send’ wallet to initiate the transaction. This will present you a field where you are required to paste the Bitcoin address copied above after which you enter the amount you’d like to deposit.
Once satisfied, click on the ‘send’ button and hurray! Your Bitcoin is off to your casino account.
Usually, it takes less than 10 minutes for the transaction to be confirmed at bitcoin casinos. Refresh your casino account to see this update!
Congratulations! You are now set to play casino games!
…Is as easy as depositing it. In fact, it’s much easier when compared to depositing and involves the reverse process. To withdraw your winnings:
Usually Bitcoin withdrawals should take less than 10 minutes. However, they are usually subject to review by the online casino, so it should take between 2 to a few hours to be completed
Despite being one of the most volatile currencies in the world, Bitcoin has several advantages that outdo the disadvantages, especially when playing slots online. For instance:
Unlike the traditional fiat currencies, deposits made using Bitcoin are instant. Withdrawals on the other hand take only a few minutes as compared to hours and days for the traditional options
What this simply means is that there is no body or government that controls Bitcoin. This is the reason why the value of Bitcoin has the highest fluctuation as it depends on the demand and availability
The blockchain technology on which Bitcoin is based on adds an extra layer of security on the transactions. Each BTC (acronym for Bitcoin) transactions is safe, secure and anonymous
If you are looking to make huge deposits and withdrawals, Bitcoin is the best payment option to use. While most casinos will limit you to a maximum withdrawals of between €5,000- €10,000 for the traditional options, Bitcoin casinos can allow for withdrawals of up to €40,000
This is an advantage that’s exclusive to bitcoin casinos that use cryptocurrencies which makes it possible for players to cross-check the randomness of each spin made. This is a whole set topic on its own, but you should look for the Provably Fair logo at the bitcoin casinos homepage to identify if it offers this feature.
They say that the future is now and that we are living in it! Thanks to the futuristic Blockchain technology, we can now convert the computing power of our PCs, and smartphones into money and use it to make payments for anything. Online casino games, specifically slots, are just the beginning, but it has proven one thing so far – that the concept of Cryptocurrency works.
Some Bitcoin casinos, such as Betfinal, have achieved very high ratings at respectable watchdog platforms. This is a good sign for the online casino industry in general and proves that people are starting to trust Bitcoin backed casinos more and more.
So if you’ve read this far, don’t hesitate to give Bitcoin gambling a go while enjoying your favourite game online; be it Christmas themed slots, Vegas video slots or whatever you pick to play online! Just know that you are in safe hands!