One of the advantages of an online casino besides the accessibility to place a bet using any modern gadget is the flexibility of the payment method. In an online casino payment option plays a big role, especially in the virtual gambling industry.
What is Bitcoin?
Bitcoin (BTC) is the pioneer of all cryptocurrencies and the most famous among all 19,000 altcoins. The majority of the top businesses in the world and notable investors trusted Bitcoin because it is well known and available in any establishment which accepts Cryptocurrency. Created by a group of people by the name of Satoshi Nakamoto in 2008, it was created during a time when many did not trust the banking system.
Bitcoin is actually a decentralized digital currency that we can use to buy products or sell goods without going through a bank. Bitcoin like any other altcoin is a digital asset that encrypts the data and is supported by the Blockchain. A blockchain is responsible for making the data and currency secure and safe.
How is it advantageous to the online casino?
It is very beneficial in virtual casinos because this industry deals with money day in and day out. Monetary transactions are very important because casino sites have clients and players from all over the world and different currencies are dealt with every day which means that the site has to protect them. Using other trusted altcoins especially Bitcoin ensures the safety of the operator and the player.
Setting up Bitcoin as the payment option
Setting up Bitcoin as a payment method is like shooting a fish in a barrel. It is an easy payment scheme to use especially if using a mobile application.
- Download Bitcoin.org then register.
- You’ll need currency for your Bitcoin which means you either buy coins from traders or mine them. How do we mine bitcoin? You have to solve a difficult mathematical problem (Algorithm) to get 1 bitcoin and it takes 10 minutes to get one.
- Look for a reliable online bitcoin casino and if you want to learn more about bitcoin casinos, this is the right place.
What are the advantages of Bitcoin casinos?
- Anonymity of the client
Instead of using the name of the client, bitcoin casinos use numbers in deposits and withdrawals to protect the identity and privacy of the player. For this reason, hackers and cyber thieves will find it impossible to steal or penetrate the user’s account.
- Faster Transactions
All altcoins including Bitcoin assure fast and reliable monetary transactions between the casino site and the player which is the reason why the cryptocurrency is preferable by most casino online operators and players as well.
- No transaction fee is required
Altcoins don’t need a transaction fee in general. All monetary transactions are free but still, it depends on the casino site you are into. It is advised to ask the casino site with regards to this matter.
What is the catch?
Cryptocurrency is not at all perfect hence mentioned here are the minimal downside of it.
- The value of the Altcoin is not stable. It depends upon the rise and fall of the supply and demand, government regulations, and other factors.
- Banks do not support cryptocurrency thus altcoin needs to be converted to fiat currency before you can transfer the money to your personal bank account which means it might require fees for it.
- Not all online casinos accept other altcoins except Bitcoin. It is advised to check the casino site first.
- Cryptocurrency is not considered money and is not recognized as one.
Depositing in a Bitcoin casino
Once you have already signed up in a bitcoin casino, rest assured that your account is secure. Here are the basic steps in financing a bitcoin account.
- Once you are already a member, click sign in and click cashier.
- Click bitcoin
- If you have any altcoins, you will be provided a wallet address which consists of numbers and letters. Use this wallet address for you to begin the verification process.
- Deposit desired amount.
- Now you can enjoy playing.
Since the birth of cryptocurrency, bitcoin casinos have already been the trend in the betting online world for it ensures the player’s money and for them to enjoy their winnings gracefully.