Gambling at Bitcoin Casinos
What exactly is 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.
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Step #1: Locating Your Casino Deposit Address
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.
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Step #2: Depositing Bitcoin into your Casino Account
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.
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Step 3: Wait For Confirmation
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!
Withdrawing from Bitcoin Casinos…
…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:
- Simply log into your account
- Go to the cashier section and pick Bitcoin as your
- preferred option
- When prompted to provide your wallet, copy and
- paste your unique wallet’s ID to the field
- Enter the amount that you’d like to withdraw
- Confirm the details and click on submit it by
- clicking on the send button
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
Why It’s Advantageous to Play at Bitcoin Casinos
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:
Transactions are fast
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
It is a Decentralized Currency
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
Safe and Secure Form of Payment
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
Suitable For Huge Transactions
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
Provably Fair Gaming
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.
Conclusion – Join in the Revolution by Playing with Bitcoin Online
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!
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