Bitcoin

Bitcoin has been around for a long time now. It’s no longer the brand new kid on the block. It has shown that it is versatile, secure and extremely fast over the last few years. This means that the online casino industry spotted just how useful Bitcoin could be.

It’s no surprise, as the online gambling industry is often one of the front runners when it comes to utilising new technology. That’s why Bitcoin, and other cryptocurrencies, have suddenly become an option for both deposits and withdrawals at online casinos. Not only are they available as an option, but it’s also seen dedicated crypto online casinos appearing, giving players a completely crypto playing experience.

So, what exactly is Bitcoin, how do you use it at an online casino and what kind of benefits does it offer to players?

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What is Bitcoin?

Bitcoin is a cryptocurrency that runs on what is known as the blockchain. This is essentially a large peer to peer network that acts as a ledger that records where all Bitcoin is at any one time. Cryptocurrency is slightly different to a regular currency in that when it is transferred across the blockchain, it transfers instantly. On top of this it also requires confirmation from both ends, which means it can’t be diverted on the way.

It also can only be spent at outlets that accept Bitcoin. This means that the Bitcoin that you own isn’t worth anything unless you know where you can spend it. Fortunately, there are plenty of online casinos that allow you to use your Bitcoin and we’re going to tell you exactly how to use it.

How to use Bitcoin at an Online Casino

Using Bitcoin at an online casino is generally quite an easy process. The first thing that you need to do is sign up to a service that allows you to store Bitcoin in an e-wallet. There are a number of different e-wallets that allow this. Skrill, Neteller and Wirex are three of the most popular options available and they all have different positive and negative attributes.

Once you have an e-wallet you can fund it with some Bitcoin. You will need standard currency in order to do this, and the amount of Bitcoin that you can get fluctuates over time. There might also be an exchange rate in place, just like when exchanging any other currency. You can purchase Bitcoin in extremely small increments, this makes it much easier for players with a small budget to get hold of some.

Next you need to go to the deposit screen at your chosen online casino. There will be different methods in place at different online casinos, so it’s important to make sure you look at the instructions at your online casino carefully when making a deposit, or a withdrawal for that matter. Some online casinos will allow you to use your e-wallet to automatically make your payment choice. Some require you to send the money manually over the blockchain. Your e-wallet will have instructions available when it comes to doing this. When carrying out manual payments you may also have to send a message to the casino with the payment details to ensure that it is credited to your account. Make sure to check before making the payment.

The deposit or withdrawal will usually be completed in a matter of minutes, which is one of the biggest selling points of Bitcoin.

Advantages to using Bitcoin

There are some very big advantages to Bitcoin that has meant it has become far more popular over the last few years. While it still hasn’t overtaken traditional currency, it’s still made some big gains.

The first main advantage is that it’s a lot faster than traditional methods. This is especially the case for withdrawals. A withdrawal can take up to 7 days with a bank transfer. With Bitcoin it will take a maximum of 24 hours. This is a huge difference and makes it much more useful for players.

Next up is the level of security for Bitcoin. Because Bitcoin uses peer to peer technology it means that hackers cannot intercept a Bitcoin payment. It means that once it has been sent to another party it will definitely get there. This is different to traditional methods which can sometimes be hijacked.

Finally, Bitcoin has the opportunity to increase in value. This means your winnings can be worth more when you wake up the next day.

Disadvantages of Bitcoin

There are only two main disadvantages to Bitcoin. First up, not everyone understands the technology behind it. This means that players might be a little bit wary and unwilling to use it. As a disadvantage this is something that should vanish over time and using Bitcoin becomes normalised.

Secondly, not all online casinos allow people to use Bitcoin. This can put players off, especially if there is a particular feature at an online casino and Bitcoin isn’t allowed. This is something else that should vanish over time as Bitcoin becomes more normalised.