Online casinos are great for anyone looking to enjoy casino games wherever and whenever they want, but how do you decide which one is best for you? What games they have is obviously important, but one of the major things to look at is the payment system. That means, how you find your account, and just as importantly, how you get your winnings out to spend. Today, Bitcoin is big news, and many casinos are now accepting Bitcoin payments, but how does all that work?
What is Bitcoin?
Bitcoin is a digital currency, in fact it was the very first digital currency, and works as a payment system across the internet. You can buy Bitcoins at exchanges, and send them to others as payment for goods and services. There is a lot of hype and misinformation around about digital currencies in general and Bitcoin in particular, as there is with many new technologies, but in its simplest from, Bitcoin offers cheap, secure payments over the internet.
The Bitcoin Advantage
So, why would you want to use Bitcoin? There are two crucial advantages for using Bitcoin, the first is that it is extremely secure. Transactions are recorded on the blockchain, which is an electronic ledger that forms part of the Bitcoin itself, and there is a public record of a payment from your Bitcoin wallet to the Casino’s Bitcoin wallet. There is no question about money not arriving or anything else, you send money, the system acknowledges it, and that is that. The second advantage may seem like it contradicts the public record of the transaction, but a Bitcoin payment is also very private. Because Bitcoin operates entirely separately from your bank account or bank card, payments you make on Bitcoin are only visible from your Bitcoin wallet, and feature a wallet address rather than a business or person’s name. In that way, only you will know who you paid bitcoins too.
How to get Bitcoin
To pay by Bitcoin, the first step is to actually get some Bitcoin for yourself! This is easier than many people think, and while there are several options, the most straightforward is to buy Bitcoin at a Bitcoin exchange. There are many available, such as Coinbase or other known brands that operate all over the world, and the process is simple. Open an account with the exchange, transfer some money to your account and buy Bitcoin with it. The beauty of Bitcoin is that, while you may see the value of 1 Bitcoin rising rapidly, you don’t have to buy one, and can in fact by small portions of Bitcoin, so you don’t have to invest thousands of dollars to get the Bitcoin you need.
Bitcoin and Casinos
There are a growing number of Casinos that are accepting Bitcoin as payment, and its easy to see why. With transactions being permanent, that is, once money is sent it cannot be automatically refunded as with PayPal or your card, there is much more certainty and protection from possible fraud for the business, while the traceable nature also ensures that your payments are more secure too.
In practice, using Bitcoin also makes a lot of sense, transactions take about 30 minutes to complete, and then your funds are in your account and ready to go, so from starting out you can be playing games with your money very quickly. Similarly, when its time to withdraw winnings, you can have your money back in your Bitcoin wallet very easily too.
Types of Bitcoin Casino
There are actually two kinds of Bitcoin Casino that players have access to. The first are normal casinos that take Bitcoin as funding, but all play and so in is in dollars as usual, with Bitcoin being converted into dollars as you load it into your account. Obviously here, the benefits are purely about how Bitcoin works as a payment system, with the rest of the casino experience being the same as every other.
However, there are other Bitcoin Casinos, and these are casinos built solely to take Bitcoin and nothing else. When funds are loaded, they remain as Bitcoin and bets are placed in Bitcoin. One of the benefits of these kind of casinos is that there are less requirements for ID verification and so on than with traditional casinos, and this can be beneficial for those that struggle with this.
Casino Deposits using Bitcoin
Making a deposit to your account with Bitcoin is very simple, no matter which kind of casino you are using. From your account you choose the make a payment option for funding the account and select Bitcoin. The system will ask how much you wish to deposit, and then provide a wallet address for you to send the funds.
You must copy the wallet address, because if you enter it wrong there is no way to stop the transaction, and then log into your own Bitcoin wallet. From there, initiate a payment, enter the same amount you told the casino to expect, and paste the wallet address you have been given, and press send. That’s it! In about half an hour your transaction will be confirmed, and your funds deposited.
Why do players trust Casino’s that accept Bitcoin?
One of the big things about Bitcoin is that the transactions are traceable. If you have conformation that your funds have been sent to the casinos wallet, then they have them. It’s the same when making withdrawals, there is a public record of the funds being sent back to players, so there is never any question about it. With the casinos that are purely Bitcoin, the lower requirements for ID verification can be useful too, as it lessens the chance of an identity fraud situation. When even the largest companies in the world get hit by such breaches, having the least amount of information about you out there is often one of the best defenses.
Using Bitcoin Casinos has many benefits, and some of them represent a unique casino experience that is different from what we normally expect from an online casino.