Bitcoin, as one of the most secure digital banking solutions available, has become one of the preferred methods when it comes to online monetary transactions. The main reason is that Bitcoin-related transactions are not controlled by any single corporation, entity or group, which offers a great deal of freedom and anonymity.
In case you still haven’t tried it out, we’re going to dive deeper to see what this brings to the table when it comes to casino players and their transactions.
The Decentralised Cryptocurrency
Since Bitcoin was introduced in 2009, it has revolutionised online transactions. At the core of that revolution lies the fact that it eliminates the need to coordinate with a bank or third-party merchant. Bitcoin is not simply a payment method, it is a currency the same way the Euro or Dollar is, but a decentralised cryptocurrency. This means that it’s purely digital and doesn’t exist in the form of physical cash, but also that it doesn’t have a central bank connected to it, meaning it’s strictly reserved for the peer-to-peer marketplace. So, in most cases, facilitating transactions doesn’t require real names and there are no transaction fees.
Obtaining & Using Bitcoin
To get your hands on this currency you can visit websites that trade Bitcoin such as Bitwage, Bitsquare, Coinbase, etc. You can also purchase it from a friend, accept it as a payment, or you can try your luck mining for these coins. It is transferred similarly to other digital money transfers – via computers and mobile applications.
But first, you need a wallet where to store Bitcoins and keep them secure. You can attain it on sites such as bitcoin.org where you’ll be able to choose from different types available – web, hardware, desktop, mobile, etc.
To send Bitcoins, you’ll need a Bitcoin address and a private key. The address is composed of numbers and letters and is randomly generated. The key is also a set of random letters and numbers and is kept a secret. All Bitcoin transactions are stored in public ledgers or blockchains, and soon there’ll be a way to provide receipts for each one.
Many casinos display the information that they offer Bitcoins proudly on their homepage, so it won’t be hard to find those that do. There are those establishments that accept only Bitcoin, while others like the springbok online casino have included it among other payment options available to punters. Besides the list of deposit and payment options, they’ll also specify the limits, if required.
Once you’ve created a Bitcoin wallet, you’re able to facilitate the funding of your account. As you register at the casino, you’ll receive a randomly generated Bitcoin address we’ve mentioned above. You’ll be asked to put that address on the deposit page and in your account so you can use it when making Bitcoin transactions with the casino.
Deposits into your account are basically instant. You’ll just have to wait for confirmation by the blockchain, which will take less than an hour.
You have two options when you want to cash out. You can opt for sending the coins to the address of your exchange service where you’ll be able to sell them by requesting a bank transfer or via other withdrawal methods. If you choose to keep the Bitcoins, simply send them to your wallet. You’ll do this by logging into your account and choosing the withdrawal tab. There you’ll have to provide your designated Bitcoin address, then simply choose the amount and you’re done. Much like the deposits, this transaction will occur instantly.
Since no third party is involved in the transactions, the majority of deposits and withdrawals have no fees or have very small ones. Just keep in mind that Bitcoin prices can fluctuate when choosing your withdrawal method.
Bitcoin Payment Pros & Cons
Probably the biggest con is the above-mentioned fluctuation of the cryptocurrency itself. Since it’s a highly volatile and still fairly new currency, its value can change dramatically in a short period of time. Nevertheless, it’s just a question of paying close attention and not storing away the money you can’t afford to lose since the transactions can’t be reversed.
Compared to that, the pros are quite evident: instantaneous transfers, minimal or no fees at all, and the freedom to receive and send it at any time, anywhere across the globe. There’s no need to worry about borders, bureaucracy, bank holidays, no one can take your coins away or freeze your account.
Regarding safety, there’s no question – you have complete control over your transactions. There are no third parties involved and casinos won’t ask for any personal data beyond your email address, so no one can steal your identity. On top of that, Bitcoin has many mechanisms that protect the users’ privacy such as complex encryption and backups.
It’s impossible to predict Bitcoin’s future since it’s still experimental and some fear certain issues such as slower confirmation or increased fees will appear as it’s adoption grows. But many experts have prognosticated its demise and Bitcoin is still here, closer to the mainstream than ever.