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Bitcoin Casino: Your Guidebook to Betting with Bitcoins

31st July 2019 Print

Technology now influences every sphere of modern life. It has improved many ways of doing things and continues introducing innovative tools to make life easier. In the gambling industry, the major shift caused by technology is the introduction of online casinos.   

A recent study projects global online gambling and betting market will reach USD 94.4 Billion by 2024. However, more tech-inspired changes continue happening within these online casinos. The main one is the use of cryptocurrency for online gambling.  Bitcoin is the most prominent cryptocurrencies used in online casinos and for a good reason.

If you like playing at online casinos, it is imperative to learn this new medium exchange. This guide explores the use of bitcoin in online casinos to help you get the most out of the experience.

Bitcoin in Brief

Bitcoin started as a peer-to-peer digital currency virtual currency. It is a decentralized digital currency with no regulator, central bank or single administrator. It is an open-source platform meaning the community of Bitcoin users owns the system. 

A blockchain is a shared public ledger on which the entire Bitcoin network relies. On this ledger, all confirmed transactions appear, thus increasing transparency in online payments. 

Like any other currencies, you can use Bitcoin to buy goods and services at any establishment that accepts this digital currency. Many people also trade in Bitcoin as an investment portfolio as its demand is always high. 

Most online casinos now accept Bitcoin as do many other online and land-based businesses. 

Bitcoin in Online Casinos

To take part in a bitcoin casino, you have to create a Bitcoin wallet.  Anyone who uses this virtual currency needs a wallet, which is the equivalent of a bank account for cryptocurrency. 

From this wallet, you can buy or sell a cryptocurrency, buy goods and services and make payments including at an online casino. This is where you will deposit your Bitcoins. 

There are different wallets available online and the sign-up process is quick and easy. Security is of paramount importance during the sign-up process. You will also need to create a profile. Once your wallet is ready, you can now buy Bitcoins through a direct bank transfer or any other accepted payment method. 

Once you have Bitcoins in your wallet, you only need to identify an online casino that accepts cryptocurrency. The best casinos accept this digital currency for all their games. 

Why Use Bitcoin for Casino Games? 

Why go to all the trouble of creating a wallet and buying Bitcoins when you can use cash? Well, cryptocurrencies such as Bitcoin offer some unique advantages including:

1. Anonymity and security: All cryptocurrency transactions are anonymous, and through encryption, all personal data is safe. With internet privacy concerns on the rise, this is the best way to protect yourself when gambling online. There’s no register for your personal details and confirmation of transactions only requires your wallet address. This protects against the risk of identity theft or other forms of fraud. 

2. Faster transactions: Unlike bank transactions that require days to go through, you can now deposit or transfer your funds instantly. Cashouts are fast, and this is one of the biggest advantages of using Bitcoin for online gambling. 

3. Cost-savings: Using cryptocurrency saves you money through lower transaction fees. These Bitcoin fees cannot compare to the huge banks and credit card charges. 

4. Zero third party oversight: Sports betting online is still restorative, and most banks and credit card companies don’t accept these payments. Many people would like to bet, but the restrictions of PASPA make this impossible. Eilers & Krejcik Gaming estimated that the regulated sports betting would generate $6.03 billion in the U.S. by 2023 assuming a full repeal of PASPA. 

5. The use of Bitcoin has helped players continue playing without worrying about the security of their winnings. 

6. Play from anywhere: Whatever your location in the world, you can still play as long as you have Bitcoins in your wallet.  Bitcoin has made the idea of online casinos even more viable for players on the move. 

Wrapping Up

If you love playing online, it is time to take your game up a notch by using Bitcoin. This is a safer, cheaper and more convenient way of playing at an online casino. This guide gives you a basic idea of how to start playing at Bitcoin casinos. Enjoy your bitcoin gaming experience.