In the last decade, new currencies have appeared on the gambling scene. Currently there are more than 1000 kinds of online cryptocurrencies with different values. Some of the most popular crypto currencies are: Bitcoin, Etherium, Litecoin, Ripple (XRP), Dash and more. In a short time, Bitcoin has established itself as a valid method of payment in online casino sites, sports betting, poker games and more. Transactions with this virtual type of currency are speedy, safe and cost-effective.
More facts about Cryptocurrency
As a volatile online currency, Cryptocurrencies work independently of ordinary banking institutions and financial systems. Cryptocurrencies, like Bitcoin have real value and are traded on independent registers called blockchains. Gamblers can exchange with these currencies just like they can with normal money.
Cryptocurrencies are developed by highly sophisticated computer systems which search for unique coded digital algorithms. The coins are verified and then added to the blockchain. Various server nodes maintain the blockchain online and authorize the circulation of the currency worldwide. The virtual coins are at the base of the blockchain. The market leaders in this category include Bitcoin, Litecoin, Dash and Ethereum.
There are other cryptocurrencies that operate on top of the coin-based registers and work as virtual tokens. They are minted and distributes by sale or airdrops. Other cryptocurrencies operate with centralized servers. Typical example of this kind of currency are the XRP. They use virtual mechanisms to track any payments and transactions. Some banks use the Ripple owned currency as a payment option and asset exchanges. To validate each transaction the Ripple network does not use a blockchain registry. They use a unique consensus mechanism through a network of servers.
In general, with the different types of cryptocurrencies the concept remains the same, but the mechanisms, protocols and uses differ. As a whole, decentralized currencies like Bitcoin provide a more efficient and alternative way to transfer funds across the digital space. The electronic Bitcoin wallets have the perfect capacity to replace normal currencies and enable funds circulation when needed.
Get Bitcoins and start gambling online
Where to get Bitcoin from? - you can simply buy it. The first step is to register a crypto wallet through an exchange, like Bitstamp, BTC-e or others. Then buy Bitcoin from the exchange via bank transfer and load your wallet with it. The procedure usually takes several minutes and you will be charged by the exchange with a small fee for the commission.
Then find a Bitcoin online casino or a hybrid one (casino which accepts Bitcoin and normal currency). To make your first deposit you will need to make the connection between the casino and your wallet using your Bitcoin address. Insert your username and password to log in to the wallet. The depositing will be done instantly, without obstructions or limitations. Once the funds appear you are pretty much ready to get started with any bitcoin casino games.
Withdrawing with BTC is very similar to depositing. Remember that if you deposited through Bitcoin, you can only cash out in Bitcoin. Once you win big you visit your Bitcoin wallet address and request a payout. You will be in possession of your winnings as soon as possible. Additionally to this you can withdraw massive jackpot wins in one transaction. If you want to exchange your Bitcoins for cash, you can sell them to exchange at the running rate.
Benefits of playing at Bitcoin Casinos
Bitcoin carries many benefits, which easily match with the needs of the online gambler.
- Instant Deposits and Withdrawals: Using Bitcoin has appeared to be the fastest way available for depositing and withdrawing online. Once the payment from your wallet is done, you can start playing your favourite Bitcoin casino games without any delay.
- No currency conversion fees: The main plus of gambling online with Bitcoin is that there are no fees when converting to your own currency. Things are nice, quick and easy without losing any money for exchanging the coins into cash.
- Complete anonymity: As the Bitcoin currency works independently and is not regulated by banks or money institutions, players can gamble and trade in complete anonymity. You won't be required to identify yourself. This is another plus for those playing in restricted areas like the USA. In such areas players meet the risk to have their money confiscated for gambling online. Neither banks, nor government have access to your coins.
- Extra security: The anonymity gives you some extra safety and security. When using Bitcoin you keep your personal banking details safe and you can maintain online privacy. The trade is performed by transfer of codes and the casino does not require your personal details. With their multi encrypted SSL technology Bitcoin wallets are very secure to deter fraudsters.
- Special Bonuses: You have the real chance to win big for playing at a Bitcoin Casino because you will be offered special bonuses and promotions for Bitcoin players.
Disadvantages of using Bitcoin when gambling online
There are not many disadvantages with this method of payment. The values of Bitcoin and other cryptocurrencies tend to be rather volatile. They are liable to change rapidly and unpredictably. This means the value of the coins when making a deposit can differ from when you make your withdrawals. It is recommended to check the rate before cashing in at the exchange.
- Limits - In general Bitcoin Wallets have no limits to the amounts of the deposits or withdrawals you can make. The only limits you could meet are those enforced by the Bitcoin casino.
- Fees - Making transactions using Bitcoin wallet is actually free of charge. The only costs may be enforced by the casino about withdrawals.
Summary – Why to play at Bitcoin Casinos
If you like experimenting, and you are ready to meet the challenge to play at a Bitcoin casino, you can find a reputable casino from our list with Bitcoin casinos. Each of these sites offers online Bitcoin as one of your payment options. They provide the players with a handy guide on how to deposit and play with Bitcoin. Bitcoin casinos are very cool. They are always equipped with cool features. They usually offer fantastic bonuses. Several Bitcoin jackpots are available to be won. Bitcoin transactions are fast, easy and completely secure.