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 online 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:
- Those that use BTC alone
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.
- Those that mix BTC with other cryptocurrencies and traditional 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.
How to deposit Bitcoins into a Player’s Casino 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.
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 a control that could see a player’s money subjected to the freeze.
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.
With Bitcoin, a player’s privacy is even more guaranteed. For starters, the currency does not reveal where one is playing from unlike, say, Canadian 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.
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.