The massive technological developments in recent times have seen a surge in cryptocurrencies. Of all the cryptos, bitcoin is the most accepted coin. It is allowed for several transactions like online shopping, gambling, and making any other purchase. All the bitcoin transactions are anonymous, fast, and safe. They are also great for use in betting with most online casinos adopting it as a payment option.
Currently, most gamblers are less conversant with bitcoin casinos. They don’t understand how to get started, the benefits and potential challenges of using bitcoin, and how to choose an online bitcoin casino. That is where this guide comes in.
Here is all the essential information you need to know about bitcoin casino;
How to Get Started in Bitcoin Casinos
The only way you are going to trade in an online casino using bitcoin is when you understand how to get started. Bitcoin is a new currency, with most people still struggling with how to use it not only in gambling but in other sectors of the economy.
Here is how to get started with bitcoin in online casinos;
The first step towards using bitcoins in online casinos is to register and choosing it as a payment option. You need a bitcoin wallet to act as the carrier of your currency. Creating a bitcoin wallet is quite easy. Visit the bitcoin official website and create an account. Once you have the wallet, you can get bitcoin through either purchasing the coins using fiat currency or mining the coins.
Most people prefer buying coins. Mining for yourself is quite hectic as it requires computers with massive operational powers. It also requires you to have technical skills and expertise. Otherwise, there are several educational materials online to study to help you get started on bitcoin mining.
Deposit using Bitcoins
Now that you already have the coins in your wallet, you are free to look for a reliable online casino of your choice and deposit (More on choosing the casino later on). Depositing bitcoins into the account is quite easy. Once you have created an account, the casino prompts you for a payment method. Choose bitcoin as the preferred payment method. The site will then provide you a unique code to enter into your bitcoin wallet.
Go to your bitcoin wallet and input the unique code when sending the bitcoin. The payments reflect on your account after a few minutes.
When you are gaming in online casinos, you are likely to win, and after some time, you will need to withdraw the funds. Like any other option, withdrawing using bitcoins is quite straightforward. Head to the site’s cashier and choose the bitcoin as the withdrawal method. Input the bitcoin wallet address and confirm your details. Key in the amount you wish to withdraw and complete the transaction. It takes a few minutes for the coins to reflect in your bitcoin wallet.
Safety and Security in Bitcoin Casinos
One of the main concerns for every gamer before using a payment method is security. You have to be sure that both your financial and personal details are safe. So far, bitcoin is one of the safest baccarat payment methods. Transacting using bitcoin does not require several personal and bank details. You don’t have to be wary of your sensitive data reaching unauthorized third parties.
Bitcoin wallet performs verifications before authorizing withdrawals and deposits that means only the legal owner can access it. You need a unique code when making payments. These codes are quite long and are not easy to decode by any other third party.
The digitization of bitcoin also enhances its safety. The ability to access the wallet through your mobile device or PC allows you to create additional security features like fingerprint sensors and facial recognition. Also, transactions involving bitcoin are highly encrypted such that no unauthorized party can access and exploit your details.
Even though there have been cases of crypto hacking before, none has ever happened in an online casino. The online casino bitcoin payment method is largely anonymous, making it quite hard for targeted hacking.
So far, several online stores have approved bitcoin as an alternative payment method due to the ease and safety of transactions.
Other Benefits of Bitcoin Casinos
Other than security and safety, using bitcoin as a method comes with several benefits. Both for the gamer and the site. These benefits include;
For a long time, casinos have always had the upper hand when it comes to betting. They employ different tactics and conceal important information on winning for unsuspecting gamers. It is different from using bitcoin, where most gamers are knowledgeable and understand all the transactions. No casino is dumb enough to use tricks to deceive gamers using bitcoins.
Bitcoin transactions come with either zero or meager transaction fees. The main reason for the low fees is due to the lack of any third-party regulators or handlers’ fees. Given that no jurisdiction controls bitcoin, the money you earn from online casinos does not accrue any tax.
The digitization of bitcoin allows you access through any mobile device at your convenience. You also can use the payment method at any part of the globe, even in countries where gambling is illegal.
- Value for money
Like any other investment, you must consider the value for money when investing your money in online gambling. Unlike the other fiat currency, bitcoin is quite volatile. The money you earn from an online casino is likely to grow even further. For example, if you invest 1TB in a casino when it is worth $10000, there is a possibility of winning another 1TB when the value is $70000.
- Fast transaction
One of the main selling points of online casinos today is the fast withdrawals. Even though the casinos have improved the withdrawal speeds, financial institutions still provide slow approvals. Some payment methods require up to a week for money to reflect in the account. This is different from bitcoins that take minutes to complete transactions.
Cons of Bitcoin Casinos
Even though quite convenient and speedy, bitcoin casinos also have a fair share of challenges you need to understand. The first concern is the availability of online bitcoin casinos. Bitcoin is a new currency that some casinos are yet to embrace. The fewer casinos limit your choices in gaming using bitcoin.
Even though the volatile nature of bitcoin seems beneficial, it is quite hurtful when the value goes down. It means you have to limit the amount you keep in your bitcoin wallet. The other benefit that might also be harmful at times is the anonymous nature of bitcoin transactions. The intractability allows criminals to engage in illegal activities using the coin.
Lastly, most stores around the world are yet to embrace bitcoin as a payment method. You have to exchange the coins to fiat currency, which might be time-consuming.
How to Choose an online Bitcoin Casino
The pros of using bitcoin have seen several bitcoin casinos come up in recent times. It is quite hectic choosing the most ideal one for you. The first factor to consider when choosing a bitcoin casino is the availability of other payment options. There are times when you might run out of bitcoins, and the other payment options come in handy. The other risk that comes with casinos that don’t allow other payment methods is regulations. No jurisdiction controls bitcoin. It means a casino does not need any licensing to start bitcoin-based gaming. The lack of regulation sets you up for fraud and other malpractices.
Other than ease of payment, your gaming demands override any other factor. An ideal casino is one that offers a variety of games. Also, ensure that you are comfortable with the bonuses and rewards the site offers. Read the terms and conditions of the rewards before accepting them.
The history of the site is also important when looking for its reputation. Even though bitcoin is a new payment method, some sites have been using it for around three to four years. Look into the review of the previous gamers to determine the user experience of the site.
No matter how tech-savvy you are, there is time you might experience challenges using bitcoin casino. You, therefore, need a site that comes with dedicated customer service. The customer service agents should be in a position to resolve your issues fast and efficiently.
Lastly, your security is important when gaming online. Even though bitcoins transactions are quite safe, the site must also provide equally encrypted software for maximum safety.
The adoption of bitcoin is one of the major changes in online gambling in recent years. The payment method has improved user experience through faster and secure payments. This has seen baccarat and other sites adopt it in transactions. While it comes with several benefits, bitcoin casinos have other challenges that still need sorting. More developments are still ongoing in both the cryptocurrency and casino worlds. All signs indicate that bitcoin is the future currency of online casinos.