Using Bitcoin as a Casino Payment Method
What is Bitcoin?
To facilitate transactions and purchases online, customers rely on traditional payment options like credit cards and cash fund transfers. But in all these, the basis for transactions and purchases are conventional currencies like dollars, yen and Euro. The transactions are digital and electronic, but customers pay for products and services using different currencies, deemed legal tenders by governments. Today, customers and business owners are given a secure and novel way to pay for products and services- through the use of Bitcoin. But compared with other payment platforms and facilities, no single entity or group of persons control the production and the monitoring of Bitcoin-related transactions.
With Bitcoins, customers and business owners can transact online, and pay for products and services anonymously. Another appeal of Bitcoins is that the use of these ‘digital currencies’ is relatively cheaper since the digital currency is not subject to control of one single corporation or entity. If credit cards and other e-wallets will charge an average of 3 percent, Bitcoin-related transactions will charge a minimal rate, or none at all. Bitcoin can be used for payment of different products and services, and a number of companies and global brands have committed to accepting Bitcoin as an alternative currency. As of 2014, Microsoft has already accepted Bitcoin as currency online, and this digital currency can be used to purchase various content like games, apps and videos from Windows Phone, Windows and Xbox. Other online sellers, companies and retailers that pledged to accept Bitcoins are Newegg, Overstock, TigerDirect, Memory Dealers, BTCTrip, Honest Brew in the United Kingdom. Also, Bitcoin is now accepted in many online casinos, allowing customers and casino enthusiasts to fund their accounts using their Bitcoin wallet.
As a digital currency, Bitcoin is a relatively new addition to the market.This was first introduced in 2009 by Satoshi Nakamoto. Although there were questions surrounding the identity of the developer, there’s no denying the fact that his research and technology on Bitcoins have revolutionized the way customers and business owners transact business online. With Bitcoins, customers no longer need to transact or coordinate with a third party merchant or banks. This means that with Bitcoin, there are no transaction fees, and in most cases, real names may not be provided to facilitate the transactions.
Under the Bitcoin system, individuals can ‘earn’ and collect the digital currencies in different ways. A popular approach is to buy these digital currencies on the Bitcoin exchange, a website that trades Bitcoin. Bitcoin exchanges allow customers to buy and sell Bitcoins in different currencies. In the history of Bitcoin trading, Mt. Gox was considered the biggest but today, the market is dominated by names like BTC-e, BTC Markets, Coinbase, Kraken and Lake BTC. Bitcoins can be transferred electronically using mobile applications and computers, similar to transferring money digitally. And finally, under the Bitcoin system, individuals can mine these coins. Coins can be earned after solving complicated math puzzles. For every problem solved, a person is rewarded with a digital currency.
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Using Bitcoin in the Virtual World
Keep in mind that there are no physical Bitcoins that are stored in banks or anywhere-only records of transactions. All transactions involving Bitcoins in the virtual world are stored in block chains or public ledgers. To use Bitcoins online, a customer will need an address, an amount to be paid and the address where the funds will be transferred. If a person needs to pay for a product or service, he needs an input, an amount and the output. The input refers to the wallet or source address, the amount of the goods, and the Bitcoin address of the receiver or merchant.
Customers need a private key and Bitcoin address to send Bitcoins. The address is randomly generated, composed of numbers and letters. The key is another set of random numbers and letters, but it’s kept secret. Transaction fees are minimal, and most of the time no fees are charged. Also, the system is working on a way to provide receipts for every Bitcoin-related virtual transaction.
Using Bitcoins in Gaming and Online Casino
Bitcoin payments are now accepted in many online casinos, expanding the use of the digital currency. Look for casinos that offer Bitcoins, and this information is often proudly displayed on its homepage, or the Terms & Conditions. Casinos will often carry a list of payment and deposit options, and will specify the limits, if required. Find an online casino allowing you to deposit via Bitcoin, today!
Funding Your Player’s Account with Bitcoins
It’s important to create a Bitcoin wallet to facilitate the funding of a player’s account in an online casino. If a player owns a wallet with Bitcoins, he will need to deposit to a specified Bitcoin address in the ‘My Account’ and deposit page of the casino. If the player does not have Bitcoins, they will be prompted to buy these coins using different platforms, including Skrill, online bank transfers, bank transfers and credit cards.
Cashing Out with Your Bitcoin Account
Bitcoin transactions are processed instantly, and the funds can be reflected in your account within the day. Also, many casinos will not charge extra fees for these transactions. To cash out, you must log into your online casino account using your details, and check the ‘Withdrawal’ tab. In this section, provide your Bitcoin address and simply type the amount.
Bitcoin Pros and Cons
Bitcoin is an emerging currency online, and many online casinos are starting to accept Bitcoins. You can easily check the casinos that offer the facility by visiting the websites, or simply using our search here at HitCasinoBonus, and by reading industry guides and reviews. But the list of casinos that accept Bitcoins is short, and some casino players will find it difficult to find a premium online casino that accepts the digital currency. Also, its use have raised some problems, including its fluctuating values. As a highly volatile currency, the value of the currency changes dramatically in a short period of time.
While many experts have written about the expected demise of Bitcoins, this digital currency is still used. It can be used to buy products and services, and can fund your casino account to play casino games.
Find an online casino allowing you to deposit via Bitcoin by using our excellent filtering and sorting system here at HitCasinoBonus.
Read our guides on all other most commonly used casino payment methods. We’ve gone through their requirements on deposits and withdraws, how to best make use of them, and their pros and cons; choose your guide below and become a better player, today!