Who would have believed that someone could play in a casino without physical cash some years ago? Wouldn’t that have been the recipe for getting some jail time? The evolution in the financial sector has made it possible to bet with other types of currencies.
Online casinos now accept cryptocurrencies, and bitcoin is the most notable Cryptocurrency has since found use in online casinos.
Even though Cryptocurrencies’ price is not stable, many other benefits are attached to using them in online casinos. Here, we will take an extensive look into using bitcoins at casinos and some of the benefits that come with it.
Bitcoin at Online Casinos
As the world continues edging towards globalization, Bitcoin is one innovative method of harmonizing the currency dealings across countries. It is the leading cryptocurrency, a good reason why many bitcoin casinos are embracing it for use by customers.
The currency is loved for its safety and efficiency as it is not subjected to exchange rates across regions. This article looks at Bitcoin use in such casinos.
What Are Bitcoin Casinos?
Simply put, Bitcoin Casinos are online gaming houses that allow their users to use Bitcoin (Abbreviated as BTC) as a method to deposit and withdraw cash from their gaming accounts. There are two types of Bitcoin Casinos:
Such houses do not accept other forms of payment other than BTC. Mostly, these are new age casinos that are experimenting with the method and trying to make it catch on among users.
BTC with other currencies
Casinos that initially used dollars, pounds, euros, and other currencies are embracing Bitcoin as an evolutionary currency. Such casinos offer Bitcoin (and other digital money like Etherium) as an alternative payment method while still using the old money.
The second model is the most popular, and has led to the rise of the term ‘hybrid casinos.’ They allow the transfer of BTC, which only requires users to have a valid address to transact.
How to Get Bitcoins
The short answer is ‘on the internet.’ However, like with all other online dealings, one should be extra careful about where on the internet they buy BTC credit. There are a number of exchange services that have made a name for themselves in this line. These include Kraken and Bitstamp.
Interested buyers will be required to make a payment from their bank or e-wallets, after which the dealer transfers Bitcoins to their BTC account. Once this balance is received, the buyer can use it for transactions in places where BTC is accepted, including online casinos.
Depositing Bitcoins into Your Account
Depositing Bitcoins in a BTC casino is a transaction that happens between the user’s BTC account and their casino account. The player will be required to first set Bitcoin as their preferred method of payment in their playing account. From there, they provide the address that is linked to their BTC account.
The process of transferring funds is simple. It is similar to how one would transfer money from their PayPal or bank account. Remember that, at the end of the day, Bitcoin is a currency meant to make transactions easy. Players should therefore not shy away from the method just because they are not familiar with it. If anything, it is friendlier because it does not have the hurdles posed by currency exchange.
Cashing out Bitcoin Winnings
As earlier mentioned, using BTC does not significantly change how players transact. Cashing out winnings can be done in two ways:
Transferring to an exchanger
The player ‘sells’ their bitcoins to a third party and receives actual cash which they can withdraw to bank or e-wallets.
Withdrawing actual BTC
The player picks to hold winnings as BTC by transferring them into a password-protected wallet. This way, they can use the Bitcoins for future deposits or transact elsewhere. Like other currencies, it should be kept in mind that the value of BTC changes from time to time.
Benefits of Using Bitcoin at Casinos
There has to be a reason why Bitcoin Casinos are coming up really fast and why other casinos are moving to embrace the currency. Some of these include:
It is Stable
The centralized nature of Bitcoin is one such factor. As the currency is not a preserve of any nation, it is not controlled by any government or central bank. This means it is independent of external influence that affects the money market. In that regard, it is a safe and stable currency. It is also safe from control that could see a player’s money subjected to freezing.
No Hidden Costs
The universality of the currency means there are no hidden exchange costs when transferring money. In the event that there are any such costs, many casinos cater to them as they try to popularize the currency. This is a window that players need to take advantage of.
You stay Anonymous
With Bitcoin, a player’s privacy is even more guaranteed. For starters, the currency does not reveal where one is playing from unlike, say, New Zealand dollars which have the location written all over. Secondly, the user’s email address is the main identifier when dealing with BTC; there usually is no need for physical addresses.
Instant Confirmation of Transaction
Unlike bank transfers that could take a long while before reflecting on your account, bitcoin transfers are processed almost immediately. This makes the process of deposit and withdrawal flawless.
Safety of Funds
The cryptographic code on which bitcoin is built makes it almost impossible for hackers to access your funds.
Creating a bitcoin account doesn’t require any personal information; this protects you from the risk of data infringement by hackers. Also, you won’t have to trust the mobile casinos to keep your info safe because you won’t be sharing any personal information with them in the first place.
Most online casinos give out extra bonuses to players who make payments using bitcoins. During deposits, they usually get higher welcome bonuses than players who deposited funds using fiat currencies.
Bitcoin Casino Games
The games at casinos do not change; it is the currency that does. Lovers of table games can enjoy whatever they used to enjoy at physical or other online casinos even when they play at Bitcoin Casinos. In fact, due to their freshness, Bitcoin casinos are only likely to offer more titles in the slot games segment since they are dealing with the latest releases.
The prices of Bitcoin and other cryptocurrencies accepted as payment and withdrawal methods in online casinos are usually unstable, so you should be cautious of their volatility. That said, once you understand how it works, you can conveniently enjoy the side benefits such as anonymity, the safety of funds, and ease of use.