What is a cryptocurrency?
Cryptocurrency is a virtual currency that is mined online by machines / computers that follow algorithms and code patterns. These codes are then stored in Blockchains and sold to investors.
The value of the currency is determined purely by its popularity, as it is not tied to any resource, mineral, or rate of exchange etc. Bitcoin and the like are administered and traded by way of Bitcoin wallets that work very similarly to e-wallets. The currency is not real money but can be traded for its value in cash on a Bitcoin exchange.
Cryptocurrency is not centralised, like money is by Reserve Banks, and is therefore very volatile.
How to get cryptocurrency and start gambling online
If you are not into mining Bitcoin, then you can buy it. You will need to register a crypto wallet via a reputable exchange, like Bitstamp or BTC-e and others. You can then purchase Bitcoin (value changes all the time) via bank transfer from the exchange and have it loaded to your wallet. The trade will generally take place within minutes, if not seconds and you will probably be levied a small commission by the exchange.
When depositing at a Bitcoin online casino or a hybrid casino (accepting Bitcoin and real currency), you will need to link the casino to your wallet via your Bitcoin address. You can then log in to the wallet with your username and password. The deposit is generally instant. Once the funds appear, you can start playing.
Withdrawing funds is very similar. You just request a payout to your Bitcoin wallet address again. Should you want to redeem your coins for cash, you can sell them to exchange for the going rate in US Dollars, at the time.
Advantages of playing at Bitcoin casinos
1. Instant Deposits and Withdrawals
Depositing and withdrawing Bitcoin at online casinos has consistently proven to be the fastest form of online payment method available. As long as you have an easy to use a wallet, the payments should go off without a hitch, ensuring that there is no delay in playing your favourite Bitcoin casino games.
2. Anonymity when Gambling
Because the currency is decentralised and not tied to any banks, you can trade without identifying yourself. This is great for those who seek to remain hidden. It also works a charm for those playing in restricted areas like the USA, where they stand chance of having their monies confiscated for gambling online. In this case, your Bitcoin spends cannot be traced back to you, and the banks and the government have no access to your coins.
3. Special Bonuses
Casinos offering to wager in Bitcoin will have special bonuses and promotions available for Bitcoin players. These can prove very helpful on your way to winning big at a Bitcoin Online Casino near you.
4. Very Secure
Bitcoin Wallets acts as an enhanced layer of protection between you and the casino. Because the trade is about the transfer of codes, the casino does not require your identity. Bitcoin wallets are very secure in themselves, with multi encrypted SSL technology in place to deter fraudsters.
5. Provably Fair Technology
Several Bitcoin Casinos have “Provably Fair” technology at your disposal. This makes it impossible for random number generators to ‘cheat’. Suspicious plays can be checked using a Bitcoin cryptographic, which analyses the casino's random algorithm for authenticity.
Disadvantages of using Bitcoin when gambling
1. The currency is volatile
Bitcoin’s and other cryptocurrency’s values can rise and fall at the drop of a hat. This means that the value of each coin when making your deposit could be lower than when you make your withdrawal. You can always hold onto the coins until the value starts to climb again, before cashing in at the exchange.
Handy information about usage
The only limits implemented maybe those enforced by the Bitcoin casino, as Bitcoin Wallets have no limits to the amounts of deposits or withdrawals you can make. Be sure to understand the deposit and withdrawal limits at your selected casino accepting Bitcoin, before you make your first deposit.
Transacting via a Bitcoin wallet is essentially free, as they make their money on the exchanges. Casinos may levy certain costs towards withdrawals, so you will need to become familiar with the costs involved at each casino.
Bitcoin is available to people in most countries around the world. They are usually bought in dollars, which means that you will need to calculate your exchange rate accurately to avoid disappointment. There is also a fair share of Bitcoin Casinos available online who are more than willing to dabble with you in your crypto gambling ways.
If you have Bitcoin and are wondering where you can find a reputable casino who will accept your virtual currency, then look no further than the online casinos on the list provided by us at CasinoWow, on this very page. Each of these establishments is more than willing to offer you a world’s worth of entertainment for the price of your blockchain.Read more