In the last few years, among many payment methods offered to online casino players, Bitcoin has emerged and therefore allows you to deposit funds, collect winnings and withdraw them while having many advantages of use.
This currency is gaining more and more followers, both in terms of players who deposit, bet and withdraw funds in bitcoins, and in terms of operators who offer this method of the transaction while finding certain interest therein.
If you’ve been playing online for a while, you may have heard of Bitcoin casinos. It is an area of gambling that got its start a few years ago, starting as an “underground” method for gamblers to make sports bets and play casino games.
History of Bitcoin
Bitcoin is a fully virtual form of currency, using a series of characters to construct a unique identifier to make the cryptocurrency unique. It was established in 2008 by Satoshi Nakamoto (which could be a real person, an alias, or a group of people), and has become the world’s most popular virtual currency. Bitcoin is created using a process known as “mining”, where computers use their computing resources to try and find new Bitcoin, and there are many benefits to owning Bitcoin… it makes you rich!
From a popularized point of view, that it is an electronic currency that has its own transaction system. Bitcoin is not regulated by any state financial institution, the central bank, or a group of private organizations.
Bitcoin funds are hosted on users’ Bitcoin addresses, which represent their wallets or online accounts, and which their owners fund by purchasing Bitcoin units, via a conversion from their own currency.
Within a few years, its use has spread across the entire world, put in the hands of millions of users, while simply remaining stored on the web.
No transaction fees, high speed of deposits and withdrawals, anonymity, the security of operations… There are many advantages of using Bitcoin currency to play at online casinos.
Bitcoin has grown in popularity over the years thanks to its peer-to-peer use, anonymity, and the fact that the currency is decentralized, meaning that it cannot simply be confiscated from you by a government entity. Unfortunately, Bitcoin has recently been hacked by hackers, who have found a way to break into Bitcoin wallets and risk being stolen by criminals.
Conversely, Bitcoin has been seen as a front for a lot of criminal activity that is not stable in terms of inflation. The coin’s prices have fluctuated wildly, starting at just pennies when it first hit the market before climbing to over $ 1000 per coin before suffering a series of crashes and currently sits at around $ 13,000!
The ebbs and flows of this currency have brought Bitcoin to the headlines, as the 2013 financial crisis in Cyprus ended up seeing many island residents withdraw their money from banks and invest in currency, as did the country’s financial stability. was wavering. This exposure sparked the discussion as to whether Bitcoin was a fad or an enduring trend, a discussion that continues to this day.
Moving forward, it’s difficult to gauge exactly what Bitcoin will look like in the future. Bitcoin is getting harder and harder to mine, and price fluctuations are a definite concern. That being said, it seems the casino industry believes in Bitcoin and there will probably be more spots to play with this currency in the near future.
How to buy Bitcoin
It can be a bit intimidating to buy Bitcoin for the first time, but there are plenty of ways to find out how to buy this virtual currency. The registration process to buy Bitcoin looks like this:
- Create a Bitcoin wallet first. The following choices could help you Bitcoin Core, Bitcoin Wallet, Airbitz, Hive, and Electrum.
- Link the bank account to your crypto-wallet.
- Using the digital wallet solution on your card, start buying Bitcoins.
How to make a deposit using Bitcoin
Depositing at a casino using Bitcoin is a fairly straightforward process, and no different than what you would experience if you’d deposited through the e-wallet. Players will need to enter their wallet information and enter the amount they want to transfer to the casino.
Withdrawing your funds is very similar to making deposits – the casino simply pays your Bitcoin winning in the same currency.
Today, the ever-increasing number of online casinos accept Bitcoin currency. If you have already opened your Bitcoin wallet and you are passionate about casino games, you can try your luck in the online 7bitCasino casino, where many other cryptocurrencies are accepted long with Bitcoin too.
Software Developers Supporting Bitcoin
While there aren’t as many gaming software developers supporting Bitcoin casinos, there are some high-quality names that offer games to players using virtual currency.
The biggest supporters of BItcoin Gambling so far seem to be BetSoft, BGaming, Belatra, etc. Their 3D slots have popped up at more casinos than any other software. Microgaming and Aristocrat are other big names that are considered to provide Bitcoin-related gambling services.
There are a handful of small software providers who also provide their games to casinos using Bitcoin, but for the most part, these casinos lack licenses and do not make themselves open to independent audits to ensure fair play.
The advantages of using Bitcoin
- One of the main advantages of Bitcoin is that it is a secure and anonymous currency and payment solution. The cryptographic aspect of it guarantees its inviolability. The Bitcoin addresses where the user’s funds are stored are extremely secure. No banking or personal information is required when opening an address or when making a transaction, which guarantees the anonymity of users.
- In the late hour of the globalization of exchanges, when everything wants to be faster, Bitcoin offers its users speed of the transactions which translates into transfers of funds carried out in a few minutes, simply requiring the time for the network to be updated.
- Its quality of electronic money makes Bitcoin usable from anywhere in the world, as long as an internet connection allows.
- While some online casino gambling markets are not governed by regulations and are pushing certain players to payment solutions to sulk or withdraw from these markets – alternatives in terms of payment methods are becoming scarce for casino players from the areas concerned. Bitcoin is once again emerging as a reliable alternative unaffected by market regulations.
- Deposits or withdrawals made with Bitcoins can be converted into any other currency, as long as it is accepted by the online casino operator on which you are playing.
- The absence, or the very low cost of transaction fees, is an additional advantage of Bitcoin currency; this currency becomes all the more attractive for both an individual and a commercial entity, the reduction in costs being a boon for all. Online casinos using Bitcoin can thus offer promotions related to Bitcoin, or afford increased generosity (what a casino can offer its players in terms of bonuses, for example).
Conclusion
There is a lot to love about Bitcoin, but there is also great uncertainty about its value against traditional currencies such as the dollar, pound, or euro. While it is great to see big names in betting like Microgaming starting to support this cryptocurrency, it looks like it will still be some time before the Bitcoin gaming world reaches maturity.