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Cryptocurrencies, often represented by the most popular Bitcoin, are increasing in mainstream popularity and aiming to replace traditional currencies issued by governments all over the world.
In addition, it is usually faster and cheaper than the traditional banking system as well. The online gambling industry has recognized these features, resulting in multiple online casinos today that accept cryptocurrencies, including Bitcoin.
Thanks to its advantages over the traditional currencies and transactions, Bitcoin gambling has become increasingly popular as well.
So much so that between the months of February and March, for example, bets placed in Bitcoins were wagered every minute and the average amount was around thousands of dollars. Experts claim that this is just the beginning of something radical and revolutionary.
What is Bitcoin?
Bitcoin is a hybrid type of money that can be traded on special exchanges worldwide any time of the day. It is recognized as a revolutionary new way of moving money on the internet and paying for goods and services.
In fact, thousands of merchants accept it these days. Bitcoin is actually a type of digital money that acts as an alternative to traditional cash and e-banking transactions.
In addition to that, if you need some other currency to pay for commodities and services provided, you have the option to convert it back any time of day or night, 7 days a week.
The system related to Bitcoin transactions is made very intricate in order to allow maximum security and anonymity. Therefore, to many people getting involved with cryptocurrencies, it may seem very complicated and daunting at first.
However, once you find yourself in this world, it’s easy to quickly get the hang of it and enjoy all the benefits virtual money offer. These benefits include quick and cheap transactions, protected with elaborate security features.
How to Get Them?
You can get your Bitcoins through two channels: either you “dig” for them, or you buy and convert the money from your account into Bitcoins.
The “digging” or the “mining” process actually means you are helping certain transactions take place and getting a certain amount of Bitcoins in return. The first method requires investment and it may take a lot of time before you gather the amount of Bitcoins you are aiming for.
That is why the other method where you purchase and exchange your country’s currency is more popular – it is easier and you get access to cryptocurrency funds much quicker.
Experts claim that Bitcoin transactions are a safe way to wage your finances online. First of all, no personal information is required when you are placing a bet in Bitcoins, which guarantees you anonymity.
On the other hand, you can track all of your transactions with ease through a completely transparent system by setting up your online Bitcoin wallet.
The best part is:
Each party receives a certificate of payment to their account.
There are also special regulations that determine rules when it comes to Bitcoin transactions and these establish basic security measures. To comply with these rules, each gambling site must procure a license, in order to agree with the legal requirements for each individual player.
Transactions with cryptocurrencies take far less time than sending or receiving money through the traditional banking system. All Bitcoin transactions are peer-to-peer – without middlemen – and these transactions are free of charge.
Place Bets and Withdraw Winnings
To handle your bets and winnings, choose between Cloud-based or downloadable software. Then, open your account, place your Bitcoin address and choose the amount you would like to deposit or withdraw.
We suggest that you use websites with Cloud-based technology and combine two of them for these exchanges for maximum online gambling security
The first thing you need to do is sign up and create an account with a website that will link your bank account to the cryptocurrency exchange market. The account should be then verified and secured with authentication questions, passwords, or codes.
This extra precaution is much needed because the next step is providing your bank account information and linking future Bitcoin transactions to your debit or credit card. Alternatively, you may also use your Bitpay visa card.
Once you are done setting up your account, move on to your Bitcoin purchase. As another step of precaution, we advise you to send your Bitcoins to another website, which will act as your cryptocurrency e-wallet.
You should also create an account there and protect it with a password as well as security questions. Copy the Bitcoin address from the first website to another one, hit “Send,” authorize the transaction and you are good to go.
From that point on, you can place your Bitcoin bets. Once you wish to withdraw your funds, they will be sent back to your bank account with the use of your Bitcoin address as well.
Simply copy the address into the specified field on the casino’s webpage and hit “Receive Money.”
However, do not use the same Bitcoin address as the previous one you used. Instead, we recommend that for each transaction, you create a new one in order for your transactions to be completely safe.
When you receive your Bitcoins, you can exchange them back into your desired currency by hitting the “Sell Bitcoin” button on the website that is linked to your bank account.
As the digital revolution continues to dig into every aspect of our day-to-day activities, one of the people’s favorite pastimes – gambling – is not an exception either.
In fact, as cryptocurrencies get more popular, more and more casinos are interested in accepting this digital money as deposits for your bets. After all, according to some experts, the future of cryptocurrency gambling is very bright.