The Bitcoin payment option at online casinos can no longer be ignored because the advantages are far too many. A lot of players are still unfamiliar with this cryptocurrency and are therefore staying away despite the advantages. In this article we provide useful and necessary information about Bitcoin use.
- What are Bitcoins?
- What are the advantages of using Bitcoin at online casinos?
- How do you use Bitcoin payment option?
A Brief Introduction to Bitcoins
In 2009, a system of recording blockchain transactions was created, the payment for which was made in a virtual currency appropriately called Bitcoin. Over time, people who had earned Bitcoins began to sell them for regular currencies at peer-to-peer determined conversion rates. As volumes grew, exchanges were established where you can buy and sell Bitcoins at market determined rates. Many online merchants, including Internet casinos, now accept Bitcoins for goods and services.
Records of ownership and transactions of Bitcoins exist only in cyberspace. There are no paper records available or possible. Despite this the volume of Bitcoins in circulation grows exponentially each year and the processes involved have been tested and stabilised over a decade.
Advantages of Using Bitcoin at Online Casinos
As mentioned earlier, there are many advantages and we explain each in turn.
No National Regulation
Bitcoin is not the currency of any country, so no country has any authority over its transactions. This regulation free regime means that your transactions will never be barred by any national bank or regulator. There have been cases of credit card deposits not going through at online casinos. You will not face this situation with Bitcoin.
Speed of Transfer
The entire transaction is electronic and there is no government hinderance, so both deposits and withdrawals take place instantly.
Cost
Since there is no government regulation involved, there are no intermediate costs and Bitcoin is easily the cheapest payment option for online casinos.
Anonymity
Many players do not want information on their gambling available at any forum. Bitcoin transactions are entirely paperless and neither banks nor governments are involved, so they do not get any information about your Bitcoin deposits. Even the information on the blockchain is coded in such a manner that your personal data is not revealed.
Security
Blockchains were developed by Internet experts to enhance the security of sensitive online transactions. Since Bitcoin uses these blockchains, the transactions are more secure than in other payment options.
How to Use Bitcoin Option at Online Casinos
You will need to go through the following process.
1. Sign up with a Bitcoin wallet like CoinsPaid.
2. Sign up at an online casino recommended by us that supports Bitcoin transactions.
3. Purchase Bitcoins through any exchange and transfer them to your Bitcoin account.
4. Log in and go to the online casino Banking page and select the Deposit section.
5. Choose the Bitcoin option.
6. In the transactions page enter the amount you want to deposit and your Bitcoin wallet identification details.
7. Complete the transaction and get the credit instantly in your casino account.
8. When you want to withdraw your winnings, go to the Banking page and select the Bitcoin option in the Withdrawals section.
9. Enter the amount and your Bitcoin wallet identification details and complete the transaction.
10. The Bitcoins will be in your wallet as soon as the processing is complete.
Where to find Online Casinos that accept Bitcoin
These casinos accept Bitcoin as a deposit or withdrawal method.
