Bitcoin is the first example of cryptocurrency, a type of virtual money that is created and stored electronically. Unlike real cash, bitcoins cannot be printed nor does it have a bank. They are produced by independent people and businesses world-wide via computers using mathematical software.
Top Bitcoin Casinos
- Launched in 2017 and licensed in Curacao
- Good selection of deposit methods, incl. Bitcoin
How it works
Once you have installed a Bitcoin Wallet on your mobile or pc, it will generate a Bitcoin address. Your Bitcoin wallet basically acts as a bank account by which you can then make and receive payments from other Bitcoin address holders. It works almost similar to email, except you should only use a Bitcoin address once. You can create more Bitcoin wallets as and when you need it.
How to set up a Bitcoin wallet
You can create your Bitcoin wallet by signing up at any of the leading Bitcoin providers. Coinbase, Armory, Hive and Blockchain.info are reputable options you can consider. The sign-up process usually doesn’t take longer than a few minutes, as you only need to provide a username, password and email address. It is very seldom that Bitcoin companies will require more personal information – so make sure they are trustworthy before you proceed with them.
How to use Bitcoin for your casino deposits
Naturally the first step required is ensuring your Bitcoin wallet contains enough funds. Topping up can be done in many different ways, the simplest of which is via a Bitcoin exchange where you enter the amount of cash you wish to spend, type in your wallet address and select your payment method. Your bitcoins will be ready for use within minutes. You can then credit your casino account by selecting Bitcoin as your preferred payment method in the cashier section of the casino’s website. There will be a few required fields to fill out which may differ from one casino to the next, but ultimately the process can be completed in under ten minutes.
Advantages of using Bitcoin
- It is decentralized, meaning it isn’t controlled by one central authority who can manipulate the system.
- Setting up only takes a few seconds.
- It is anonymous in the sense that bitcoin addresses aren’t linked to personal information, reducing the risk of identity theft.
- It is totally transparent, as all transactions are stored in what is known as a blockchain.
- Very low transaction fees.
- Payments are processed within minutes.
- Can be used for withdrawals from your casino account as well.
- Bitcoin can be backed up and encrypted to further safeguard your money.
- Bitcoin transactions cannot be reversed – meaning there’s no getting your coins back unless the recipient agrees to refund you.
- Lack of awareness and understanding due to Bitcoin still being in its infancy stage makes it a medium to high risk investment.