If you’ve spent any time at all online, you will have heard of Bitcoin, a currency that exists only in the virtual world and that is changing the way more and more people make transactions. So what is Bitcoin and what can it mean for a casino player?
What is Bitcoin?
Bitcoin is what is called a cryptocurrency. It is one of many such currencies – Etherium, Litcoin and Dogecoin are other – which are also called Altcoins.
At the heart of this system is a focus on anonymity and security. Bitcoin transactions are built on a process called blockchain, which creates tamper-proof records of transactions swiftly and safely. Blockchain technology is now being used by businesses in many sectors for other important functions such as organising client data and record-keeping.
Buying Bitcoin is quite straightforward. First, you will need to create a Bitcoin wallet. This is a collection of private keys that allow you to access your Bitcoin and you can also download client software to manage them. This is where you Bitcoins will reside once you purchase them.
The next stop is to visit a Bitcoin exchange. Must like fiat currency, Bitcoin’s value fluctuates over time so BTC may be more or less expensive at different times. Choose how much BTC you would like to buy and you will then be able to transfer money from GBP, EUR, USD or any other currency in exchange for those Bitcoin. You will now be able to spend your Bitcoin, using those private keys mentioned above.
What can I use it for?
A growing number of businesses are accepting Bitcoin as a payment currency. In just a few years, more online retailers and service providers have opened their doors to Bitcoin and some brick-and-mortar stores are also accepting it.
As Bitcoin is the foremost cryptocurrency in use today, it is gaining ground much more quickly than other altcoins, though it is possible that they will also soon catch up.
Aside from e-commerce stores and service providers, you can use your Bitcoin to top up your casino account with funds.
Where can I play with Bitcoin?
A growing number of top online casino sites are accepting BTC as a payment currency, in part as a reaction to the sharp increase in its use across the web. Bitcoin is fast, completely private and totally secure – factors that make it very attractive to anyone wanting to make transactions that are convenient, safe and swift.
The following casinos will allow you to deposit and withdraw in Bitcoin.
What are the pros and cons of using Bitcoin at an online casino?
The pros of Bitcoin are its speed – transactions are almost instantaneous – security and anonymity. If you are not keen on your bank knowing the details of your gambling activities, using Bitcoin means that there is no one keeping track of how and where you spend your money.
Perhaps the biggest obstacle to using Bitcoin is that it is not a completely ubiquitous currency just yet. Casinos as well as other online services are becoming more accepting of BTC as a payment method but it has not yet reached the level of GBP, EUR and USD, which are usually accepted at all kinds of online sites.