Table of Contents
- How bitcoin works
- Advantages of using bitcoins in casinos
- Frequent questions
- What is a Bitcoin Wallet?
- Is it safer to deposit with Bitcoin than with traditional methods?
- Is depositing with bitcoins really anonymous?
- Can I collect my winnings in bitcoins?
Casinos with Bitcoin 2021
The cryptocurrency Bitcoin has become an ideal means of exchange to operate in online casinos thanks to its privacy and the speed of its transactions.
How bitcoin works
Bitcoin is a currency like the dollar or the euro but digital. Its symbol is BTC and it trades with different pairs: BTC / USD, BTC / EUR, etc. It can be obtained by buying and selling based on peer-to-peer technology (between individuals); or through a process called mining. In both cases, Bitcoin guarantees the anonymity of transactions and the elimination of intermediaries that only make online payment methods more expensive.
How to get Bitcoins? - The first step is to create a virtual wallet on the official Bitcoin website or on Coinbase, very popular in USA. The wallet not only stores BTC, it also generates Bitcoin addresses, essential to send and receive money in this currency. Addresses are alphanumeric codes of between 27 and 34 unique characters that represent the destination of a transaction. They are the reason for secure and anonymous payments in this currency and have a nomenclature like this: 31uEbMgunupShBVTewXjtqbBv5MndwfXhb
To add BTC balance to your wallet, you just have to buy this currency by exchanging it for dollars, euros or another currency. You can do it with your own wallet, or on other websites that act as exchangers for this currency.
Mining is another way of obtaining this currency and consists of putting your computer at the service of the network to create new Bitcoins and validate and record transactions in this currency. The addition of computers (miners) reduces costs and helps keep the currency active and healthy.
Deposit at the casino - It's very easy. Select Bitcoin as the payment method, log in to your virtual wallet and choose the amount you want to deposit. The casino will indicate the BTC address to accept the deposit and the BTC exchange rate offered so that you know how much you are depositing in your local currency. Although bitcoin casinos do not charge a commission for depositing in BTC, it is possible that your wallet will charge you some (ridiculous) per transaction.
Limits - Being a decentralized currency free from the control and intervention of any government or central bank, there are no deposit limits, nor do you have to justify your money transfers. You just have to check the deposit limits set by the casino that accepts this currency.
Advantages of using bitcoins in casinos
Withdrawal of funds from the casino with bitcoin - Requesting a withdrawal in this currency is the same as depositing with it. However, and although the currency is digital, the transfer is not so immediate. Due to the transaction verification process, it may take several hours, or even days, for your money to appear visible in your wallet.
Bitcoins are generally purchased through electronic wallets, but also with credit cards or bank transfer. The most popular sites to buy bitcoins are Coinbase, Kraken and LocalBitcoins.
What is a Bitcoin Wallet?
It is a virtual wallet to store bitcoins and there are two types: digital bitcoin wallets operated by the "exchangers" themselves, and gadget format wallets.
Is it safer to deposit with Bitcoin than with traditional methods?
Totally. The very nature of the transactions carried out with bitcoin (decentralized and anonymous) makes it a safe currency against cyber fraud.
Is depositing with bitcoins really anonymous?
Yes. Given the encrypted nature of this cryptocurrency, all operations carried out with bitcoin are anonymous because personal information is never included in the transaction.
Can I collect my winnings in bitcoins?
In theory yes, but it depends on the casino's withdrawal policy. For legal and tax reasons, most casinos prefer wire transfer for these transactions.
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Internet casinos laws vary in every country all over the planet and are liable to change. Thusly, we ask our perusers to really take a look at neighbourhood laws prior to taking part in internet betting. We don't excuse betting inwards where it isn't allowed