Cryptocurrencies Like Bitcoin Keep Conquering Online Casino
Bitcoin casinos are becoming increasingly popular, not least because cryptocurrencies are on everyone's lips today and are being used by more and more people. In short, cryptocurrencies like Bitcoin are virtual money, money that only exists in digital form.
Since the Bitcoin rate is constantly changing, it is not safe to say whether it is better for you as a player to use Bitcoin as a currency in the online casino or not. Of course, the relative value of all regular currencies also changes, but the volatility is not nearly as dramatic as Bitcoin.
You can buy Bitcoins or "make" yourself by operating the so-called Bitcoin Mining. How this works, you can read on many pages today. The basics are clearly described at Wikipedia.
Bitcoin casinos are no different from other online casinos, except that they accept Bitcoin as a means of payment.
We've looked more closely at Bitcoin casinos, exploring the pros and cons of this and what you should be careful about when signing up at one of these casinos.
The best Online Casinos that accept Bitcoin
With the increasing popularity of the Bitcoin system in the digital domain, some online casinos have decided to introduce this cryptocurrency as a payment option for their users. If you're excited about the idea of using Bitcoin online and are now looking for the right online casino, then you've come to the right place. We've made a list of the best casinos for bitcoin users, and we've studied them in great detail. You can find the list on BestBitcoinPoker.org.
How Bitcoin Casinos Work
Bitcoin casinos offer their users complete anonymity in gambling. Most of the time, the only information you ask for is just your email address. This is necessary for the sole reason that the casino can give its benefit a new password in case it gets lost.
Bitcoin's reputation for using online casinos
The first Bitcoin network was established in 2009. However, Bitcoin entered the mainstream market as a new, modern and independent currency only in 2011. This currency differs from other traditional currency types such as the US dollar, euro and sterling in that it is a so-called "crypto currency".
Unlike other currencies, there is no central bank that manages them and there is no fixed exchange rate. Bitcoin works exclusively through a peer-to-peer marketplace. Over the years Bitcoin has gained a lot of popularity and a good reputation. Since 2014, thousands of online shops have opened for Bitcoin and offer the currency as a payment option. As part of this development, numerous online casinos now offer Bitcoin.
Why choose Bitcoin Casinos?
As a modern currency of the digital information age Bitcoin offers the possibility to have absolute control over the own bankroll. But there are other advantages that other payment methods can not offer. In principle, the lack of any obsolescence of money is one of the biggest advantages - both for the online casinos and for the players who choose Bitcoin casinos.
The reason for this is simply explained: There is no institution that can simply raise or freeze the funds, as sometimes happens when using traditional currencies. Incidentally, other methods of payment are much more expensive for Bitcoin online casinos: the processing fees can be quite substantial. Who uses Bitcoin, however, has to pay nothing or almost nothing to processing fees - unlike Skrill casinos, PayPal casinos, Neteller casinos, where you have to pay fees on deposits or withdrawals.
So if you use one of the Bitcoin casinos, you do not have to worry about annoying fees. This benefits both sides, because if online casinos make losses or incur additional costs, then you change the chances of winning, to the detriment of the users. Nevertheless, we recommend reading the terms and conditions carefully before signing up, as some casinos might still try to impose costs on players. This is especially true in US markets, where customers often have to give up to 10% of their payout winnings to the casino.
What To Keep In Mind When Transferring Bitcoins:
1. Secure eWallet
Bitcoin is an e-wallet and therefore very simple to use. Bitcoin makes it incredibly easy to conduct financial transactions. If you do all the transactions correctly, you are on the safe side with Bitcoin. However, you should always remember that you must follow certain rules to protect your information.
2. The Bitcoin price fluctuates dramatically
Because Bitcoin is still a relatively new currency, the price tends to move up and down quickly. Therefore, the company itself recommends not to create savings in Bitcoin. If you pay off profits, you should tend to invest them in a "real" currency.
3. You cannot undo payments with Bitcoin
One should always keep in mind that you can not undo or cancel transfers with Bitcoins. Bitcoins can only be returned by the online casinos where you have deposited them. Therefore, you should really carry your money only where you can find trustworthy partners.
4. Bitcoin is almost, but not completely anonymous
To ensure your own safety, you must never divulge your Bitcoin address in connection with other personal information. All bitcoin transactions are stored on a public network.
Make Deposits in Bitcoin Casinos
If you're considering using Bitcoin as a payment option, you may be confused at first about how the currency is used and how to make a deposit. To reassure you, it's easy! Once you've set up your Bitcoin account and selected the type of e-wallet you want to use through the official site, you can buy some bitcoins.
Once you have decided on a Bitcoin Casino, go here to the area for the deposits and enters his personal information. Normally you only have to fill in two fields: the field that asks for the sum of the deposits, and of course the one in which you enter your own Bitcoin address. You do not have to enter any other data otherwise Bitcoin does not work like credit or debit cards.
Instead, the funds from the Bitcoin account are transferred between the users through bitcoin addresses. These are characterized as number and number series; They have between 27 and 38 digits. Who decides to Bitcoin, so at least the own address, but also the address of the online casino know, in which you deposit (or from which you want to withdraw) would like.
Withdraw Cash from Bitcoin Casino
If you're lucky enough to get a big win, then you can easily make a payoff. Of course, to start the process, you have to go back to the payment page and fill out the fields with the Bitcoin address and the sum of the payments. The money will then be directed by the selected Bitcoin casino to its own Bitcoin account.
Advantages of Bitcoin Casino
Because bitcoins are just a virtual currency and are not considered a legal means of payment - nowhere in the world - users are given a lot of freedom to deal with it the way they want. If you only accept Bitcoin deposits in your casino, and only pay Bitcoin winnings, you can easily bypass casino licenses. In other words, anyone who uses Bitcoin does not legally execute any financial transactions. Gambling laws only regulate banks and payment service providers such as credit card companies. Since Bitcoin does not need these institutions, theoretically anyone can open an online casino.
Another advantage is that casino owners and players enjoy a very high level of privacy. Because the currency is not traceable, others can not tell where the payment is coming from.
Therefore, third parties can not access personal or financial information. The registration is also accelerated, because you no longer have to confirm his identity with identity card copies or other.
Especially players from countries where gambling is illegal have the big advantage that they are not in illegal zones.
Because gambling with Bitcoins is not regulated, even American users are allowed to gamble online (or, if you take it for granted, at least not prohibited).
Since most Bitcoin casinos do not even ask for the name or the address, the problem is unnecessary. However, it explains why the currency is so popular because it bypasses the usual hurdles of money transactions.
After all, the biggest advantage is obvious: the transaction times are significant with bitcoins, both in deposits and withdrawals. Deposits can be automated so that players can instantly see the deposited value in their account and start playing.
With the payouts it runs similarly: although the casino owners still have to confirm the payout, but apart from that, the profit is immediately on the user's Bitcoin account. In traditional casinos this can take up to five business days.
Disadvantages of Bitcoin Casino
Unregulated and maybe insecure
There are also disadvantages when playing in the Bitcoin casino. As already mentioned, there is no need for an official license to start a Bitcoin casino online.
This means that the Bitcoin casinos are unregulated and perhaps uncertain. Who then plays in the wrong casino and is the victim of a fraud, has no way to get his money back.
The currency fluctuates dramatically
In addition, the value of the currency varies from day to day. If today a Bitcoin was still worth € 1000, tomorrow it can be worth ten times or only a fraction of it. Again, this is not necessarily an advantage if you want to pick up your winnings and find that they have just halved in the stock market and you have absolutely not become rich.
Choose your Bitcoin Casino
Undoubtedly, Bitcoin's global presence has left a strong mark on the online gambling industry. For players from all over the world, this means that they are now able to easily deposit and withdraw their money, and most of all, anonymously. what are you waiting for? Take a look at the list of supported Bitcoin casinos on FunSatoshis.com and find your favorite personal offer waiting for great winnings!