Bitcoins have become popular in recent years. One of the main attractions of the use of Bitcoins is the fact that they are a secure payment method. As a result, some online casinos have been quick to leverage the benefits offered by this digital crypto-currency. Players looking for a Bitcoin casino should have a look at the following guide and start winning more Bitcoins.
There are two main types of Bitcoin casinos – those that accept Bitcoins only and those that accept mixed currencies (hybrid casinos), which are then converted to Bitcoins. This implies that any casino that accepts or processes payments using Bitcoins can be termed as a Bitcoin casino. Bitcoins can only be transferred between users through bitcoin addresses. This means that a Bitcoin casino is also classified as a ‘user’ with a unique Bitcoin wallet.
In recent years, a growing number of online casinos have started offering casino games using Bitcoins. The fact that Bitcoin casinos are registered in different jurisdictions essentially means that they are subject to local regulations, just like any other online casino. Through Bitcoin transactions, online punters can place wagers on casino games, sporting events, and online lotteries, among other gambling activities.
The Bitcoin, being a digital currency, is different from “standard currencies” such as the US Dollar or the Euro. This implies that it is unavailable in the central bank. It is worth noting that Bitcoins can be traded with some local currencies. The easiest way to get Bitcoins is to buy them. Several Bitcoin exchange service providers such as Bitstamp, Kraken, and BTC-e have made buying Bitcoins quite straightforward. When buying Bitcoins, just like with fiat currencies, expect their value to fluctuate as the supply and demand determine it.
Players should start by choosing their preferred online casino before buying bitcoins. A key attraction towards Bitcoin trades is that they happen in an instant. The exchange is based on the prevailing market rates at that point, and the commission charged pales in comparison to that charged in other transactions.
Players are required to have a Bitcoin Wallet for them to transact using Bitcoins, and this entails making deposits into their casino accounts. Secondly, one needs to sign up with a casino that accepts Bitcoins. Thirdly, the Bitcoins should be spent at the online casino using the Bitcoin address provided while signing up. Deposits made using Bitcoins are instant. However, it might take them a bit longer, probably an hour, before reflecting on the player’s account.
Any punter using Bitcoins should think about how they intend to cash out their winning right from the time they are converting their fiat currencies for Bitcoins. The process of withdrawing Bitcoins from a casino is rather straightforward, as one only needs to send them to one’s Bitcoin Exchange address.
Players making withdrawals are often served with two main withdrawal options. Players who need cash can always sell them to Bitcoin exchanges. Those who prefer holding onto Bitcoins, for whatever reason, should download a Bitcoin wallet, which should be secured using a password.
Bitcoins have taken the gambling industry by storm owing to the variety of incentives that they offer. A key attraction to both online players and casinos is the fact that Bitcoin transactions are fast, safe, and free.
Players using Bitcoins, unlike those who prefer using fiat currencies, are shielded from the burden of having to pay processing fees. The fact that casinos do not also incur these charges when transacting using Bitcoins creates a win-win situation for both players and the casino.
Bitcoins are not regulated by the central bank, a fact which makes them ideal for gambling-related activities. What this means is that players using Bitcoins do not have to worry about the possibility of having their funds seized or frozen by authorities. The fact that Bitcoin users enjoy complete control over their finds is essential while playing in unregulated markets.
Gambling using Bitcoins has been shown to offer players anonymity, as they are only required to provide the casino with their email address, and not their details and addresses. Anonymity is an essential perk to most punters, and this makes Bitcoin casinos quite attractive.
Besides the fact that transactions in Bitcoin casinos are processed using Bitcoins, there are no significant differences in their gaming libraries. Whether you love playing online slot games, poker, roulette, or live dealer games, there will always be something to suit your gaming tastes.
As much Bitcoin casinos offer a variety of games, most games should have provably fair gaming, which is essentially a revolutionary way of ascertaining the credibility of a Bitcoin casino. Owing to its effectiveness and the stakes involved, most games at Bitcoin casinos are developed using this concept. Players, thus, can verify whether a game is provably fair using the bet Id numbers and other gaming details.