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Using Bitcoin With Online Casinos

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Bitcoin is the world’s leading cryptocurrency. In a few words, a cryptocurrency is a digital asset serving as a medium of exchange. This is essentially what bitcoin is all about.

The particularity of Bitcoin is that it is a peer-to-peer monetary system; individuals can transfer money without the need of a third party such as a bank.

The bitcoin story started when the “bitcoin.org” domain was registered in 2008. The first bitcoin network was created in January 2009, by an enigmatic individual called Satoshi Nakamoto. In less than 10 years, bitcoin has developed to become a fully fledged alternative to traditional currencies, despite its decentralized organization.

More and more online shops, casinos and trading platforms are starting to accept bitcoins. This article will analyze how to pay with bitcoins and weigh the pros and cons of this payment option.

How To Start Using Cryptocurrency

Paying with bitcoin requires the creation of a Bitcoin Wallet. This wallet will act as a typical e-wallet on which you will be able to deposit and withdraw funds.

On the Bitcoin website, you will be given the choice between four different types of wallets:

  • Desktop
  • Hardware
  • Mobile
  • Web

For the purpose of casino gambling and online shopping, our team recommends creating a web wallet.

They do not require the download of any software and can be accessed from any computer. Many players will find this type of wallet quite practical!

After having created a wallet, you will need to purchase bitcoins to be able to carry out transactions. To do so, you will have the choice between many different options:

  • Your very own Bitcoin Wallet: the bitcoin wallet interface allows its users to purchase bitcoins directly.
  • Bitcoin exchanges: Some online and physical shops allow you to trade Bitcoins for other currencies and vice versa.
  • OTC (Over the Counter): Bitcoins can also be exchanged between two consenting parties at a pre-specified price.
  • Specialized ATMs: In some countries and cities, you will be able to purchase bitcoins on specialized ATMs.
  • Mining: Bitcoin mining is essentially solving math problems in exchange of bitcoins.

Here also, we recommend the first option. Purchasing bitcoins from your wallet is usually the most efficient way to obtain bitcoins and start playing right away.

How To Deposit

Yes, bitcoins are fascinating in themselves. But many casino players will actually find depositing and withdrawing funds with bitcoins quite useful.

Today, only a handful of online casinos accept bitcoins as payment method. However, following a recent trend, more and more brands are starting to seriously consider using “the currency of the future”.

Both deposits and withdrawals are extremely easy. With your bitcoin wallet, you will be able to transfer funds to and from a casino just like any e-wallet.

Select bitcoin as a payment method and follow the instructions given by the casino website. This will generally be a simple process of adding a bitcoin ‘address’ from your wallet, into the form on your casino website. That is normally all that is required.

Advantages

  • Speed: Bitcoin transactions are quasi instant.
  • Security: One of the reasons bitcoin has become the world’s leading crypto-currency is its extremely secure payment interface.
  • No Third Party: As opposed to many e-wallets, bitcoins do not require the involvement of any third party (bank, e-wallet platform…).
  • Anonymity: Bitcoin transactions are fully anonymous.
  • No Fees: Powered by block-chain technology, bitcoin payments are usually exempt from any fees.

Disadvantages

  • Value fluctuation: One of the main issues associated with Bitcoin payments is that the value of this currency fluctuates. This could also be seen as an advantage, who knows, the bitcoin might rise again..
  • Taxes: Because the value of bitcoin fluctuates, some governments might require bitcoin users to pay specific taxes.
  • No Cancellation: As opposed to credit card transactions, bitcoin payments are irreversible and cannot be cancelled.

Conclusion

Bitcoin

All in all, bitcoin is a very promising method of payment thanks to fast payments, a secure interface, anonymity and low fees. Even if the set-up could be scary, the bitcoin website is very well crafted and in less than a few minutes, you will be able to understand the concept of bitcoin, set up a wallet and start depositing in your favorite bitcoin casino.

FAQ

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Be careful when you gamble…

Gambling can be addicting and for online gambling this is probably even more such the case. Always remember to wager responsibly when you’re betting on your phone, laptop or in a real life casino.

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Online Casinos and Bitcoins

Be aware of the depositing and withdrawing (BTC) before playing.

Once a person registers an account with a casino website, they will be directed to a cashier/deposit page to add BTC to the account.

This same page will often be where BTC is withdrawn from an account.

With traditional Internet casinos you’ll usually make deposits using a credit card and cash out by requesting a wire transfer to your bank account. Theses wire transfers can take up to one week before you receive the money into your bank account.

However, with cryptocurrency casino sites you’ll receive your BTC transfer once its been verified on the Blockchain (usually within minutes up to one hour time).

As a result, Bitcoin gambling websites have much faster payouts than fiat online gambling sites do and many internet gamblers are drawn into cryptocurrency betting for this very reason.

Some websites refer to this page as the “cashier” while others may call it deposit options, withdrawals, banking options, or payment services.

People that already know the rules for regular online casino game play should find it easy to learn how to use bitcoin gambling sites.

Be sure to read the welcome bonus terms and the conditions for each casino that you gamble BTC with. Casino bonus T&C’s apply so please do yourself a major solid and read them carefully.

Things to look for are when the bonuses will expire and other information such as the minimum and maximum withdrawal amount terms and bonus play-through requirements that must be met before you’re eligible to cash out any funds linked to a redeemed bonus.

In the bitcoin casino review section there are several things we highlight as far as welcome bonus and sign up bonus terms and conditions. T&C’s apply so be sure to read them closely.

We like to point out what things to look for and what terms might be unusual.

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Are Cryptocurrency casinos better than standard online casinos?

Crypto casinos have their share of challenges but are becoming healthy alternatives to the standard online casino with standard fiat currency.

Do casinos take Bitcoin?

Many conventional internet casinos are starting to accept BTC and other cryptos in addition to traditional fiat currency/money.

Bitcoins make it easier to bet and collect winnings.

Many casinos will require that a person enters a credit card or other payment information to allow players to bet money and cash out. Not everyone has a credit card, but many mobile casino sites require the use of one. Many websites need credit cards for game play. If a person does not have a credit card they may not get to enjoy the fun and entertaining game-play for real money.

As a result of this, gaming operators are developing different alternatives to collect payments from players while still being secure and BTC is quickly becoming the dominant alternative payment option to tritonal credit card deposits.

BTC addresses provide security measures when a player decides to use other cryptocurrency forms of payment other than credit cards.

Players that don’t have a credit card can look for a betting site that allows them to use their BTC for making deposits.

There are several advantages to playing at cryptocurrency casino websites.

Casinos that use bitcoins should not charge a fee for transferring crypto funds and withdrawing money (other than the typical minimal bitcoin transaction fee).

When somebody uses a credit card or another form of payment, there is usually some fee associated with making a deposits that is significantly higher that low BTC transaction fees.

These credit card fees can add up to large amounts of lost money over time.

Bitcoins have secure transactions. Cryptocurrency transactions give additional security to players since every transaction is encrypted. Players should always ensure their cryptocurrency wallet is secure.

Bitcoins do not involve a third party to process transactions. This helps avoid additional fees that third parties may charge and also helps improve the speed for most transactions.

When betting on the web gamblers can enjoy confidentiality and anonymity. People can play anonymously without having to use their real name or supply personal and private data. They can use an alias for their account if they feel more comfortable not divulging their personal information. Players can still collect their winnings even if they choose not to use their real identity or name.

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What Is Bitcoin?

Bitcoin is an online decentralized digital currency and digital payments system. It was created through series of mathematical algorithms that verify all bitcoin transactions through a public ledger known as the blockchain.

Unlike banks, nobody controls it and unlike governmental currencies, the supply is limited to 21 million bitcoins and not subject to intentional devaluation through monetary policy.

Bitcoin doesn’t print currency with unlimited supply like dollars or euros.

This is because people and businesses that run high speed bitcoin mining computers all around the world use software to solve complex math problems in order to verify each block on the blockchain.

Blocks are a series of bitcoin transactions that have been encrypted with an algorithmic hash that must be solved for transactions to be processed and authenticated.

Each time a block as been successfully solved a number of Bitcoins are awarded to the miner that solved the equation.

Who Created Bitcoin, & Why?

Satoshi Nakamoto is rumored to be a Japanese software developer however nobody knows for certain.

What is certain is that the idea was introduced in the now famous Satoshi Nakamoto bitcoin white paper:

He proposed bitcoin with the idea of being able to produce a digital currency independent of any central authority.

The idea was to be able to quickly transfer it electronically with with very low fees.

Why Are Bitcoins Different Than Normal Currencies?

While one can use bitcoins for buying things electronically, It also acts somewhat like like conventional currencies; these currencies are digital transactions too.

The big difference is that BTC is not institutionally controlled.

Why is this important?

This means, no bank can have control of the money. Being able to manage personal money, is a major selling point for a lot of people.

Also, another big selling point that makes Bitcoin different is that the currency isn’t physically printed out.

Because, nobody owns it, there isn’t a bank making their rules up as they go messing with everybody else’s money.

Bitcoin is all digital, and anybody can join. Bitcoins are mined, using computer power in a cryptocurrency mining network.

What Is Bitcoin Based On?

When you take a look at common currency, gold and silver are the bases which support paper money.

Bitcoin is different because it relies on mathematics.

Bitcoins are produced worldwide by people using software programs that follow a formula.

This mathematical formula is available for everyone to check and make sure it is always working.

How Does Bitcoin Work?

Explaining how it works can be a little confusing, but here is a simple explanation.

Let’s say someone has just signed up with a crypto wallet.

This new user can get started without understanding all the technical details.

As a new user, they can install a crypto wallet on their computer or smartphone. Once they have installed it, their wallet will create a Bitcoin address, which can be disclosed to their friends, that way they will be able to make payments or vice versa. It is pretty similar to an e-mail address.

A user can use more than one address, it is advised that a new address is utilized for every transaction.

Balances & Blockchain

The blockchain is where all confirmed transactions are placed like a bank balance. It is a shared public ledger. All of of the blockchain transactions relies upon their blockchain confirmations.

With the blockchain, Bitcoin wallets calculate all their spendable balances and new transactions are verified with it too. Cryptography enforces the integrity and chronological order of the blockchain.

Bitcoin Transactions & Private Keys

Transactions are transfers of value between electronic wallets, which are to become included in the block chain. Private keys or seeds are a secret piece of data that is used to sign transactions. Private keys provide proof mathematically that the operation comes from the actual owner of the wallet.

Private keys will also prevent any alterations of the trade to happen once issued or finished. The network usually confirms all transactions within 10 minutes. This process is called mining.

Processing & Mining

Bitcoin Mining is a system that confirms the waiting transactions using high speed algorithms and includes them in the blockchain. It uses the chronological order in the blockchain, protects the transaction through the network, and allows computers to agree on the state of the system.

Every transaction packed in a block that fits rules that are verified by the system to be confirmed. Enforcing these rules prevents previous blocks from being modified. Mining prevents any individual from adding new blocks in the blockchain and cannot control what the blocks included in it.

What To Know Before You Start Using Bitcoin

Since the cryptocurrency is different than a traditional bank which everybody used, it naturally works quite differently.

Bitcoin and its transactions should be taken as seriously as your wallet in your pocket or purse.

Security

As stated above, a wallet should be secured just like, or even more than, a physical wallet.

Bitcoins can provide high levels of protection for your online portfolio when properly used.

Here is some advice on how to protect a Bitcoin wallet

  • Be Careful Online
  • Only Use Small Amounts
  • Backup Your Wallet
  • Encrypt Your Wallet
  • Offline Wallet Should be Used For Savings
    An offline wallet provides the highest level of security. When used right you should back it up and encrypt it. This is the best way to keep larger amounts of money held in BTC or other cryptos coins.
  • Keep Your Computer Software Up To Date
  • Multi-signatures Will provide Extra Protection

The Price of BTC Can Change Quickly

Since Bitcoin is relatively young, the price is extremely volatile and can go up and down unexpectedly over a short period of time very rapidly. Always remember, because of its short life and sometimes illiquid markets, Bitcoin cannot be recommended for a Savings Account. It always is seen as a high-risk asset, and it should never be used to keep money safe that users cannot afford to lose.

Bitcoin Payments Are Irreversible

Another interesting fact about Bitcoin is, once someone issues any transaction, it is irreversible. The transaction, however, can be refunded by the person who receives the funds.

The future is still bright and cryptocurrencies will be moving forward. There may be some changes for some more choices for customers and the protection for their clients.

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Bitcoin Gambling Is Not Anonymous

When it comes to securing a wallet, there is some part the customer has to do with securing it.

Bitcoin is a growing public community, and all transactions are stored publicly and permanently on their network. Anybody that has access to the blockchain network can see all the balances and transactions of any BTC address.

Everyone should know, the identity in which the address is referring to cannot be shared until the information has to become revealed during a purchase or other circumstances.

Since more than one address can be used; it is advised that users should use only one address per transaction.

It is the user who is responsible for protecting their Bitcoin wallet and addresses at all times.

Unconfirmed Transactions

When explaining this, it may get a little tricky, but hold on. Not every transaction starts out irreversible. What happens is, each transaction gets a confirmation score which states how hard it will be to reverse them. Every approval can take between 90 seconds to 10 minutes.

If the transaction has a fee attached or is typical, getting a confirmation the first time can take a little longer

Bitcoin Is Still Relatively New

Bitcoin is still very experimental. It is a brand new currency that is still actively under development. It will have a lot of bumps along the way, and everyone needs to expect them. With each improvement, it may bring more challenges. During each development, users may encounter increased fees slower confirmations or more server issues.

Always be smart with your money and be prepared for any problems when using any cryptocurrencies.

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Taxes & Bitcoins (BTC)

Bitcoin isn’t an official currency. Always remember, jurisdictions still require you to pay:

  • Income Taxes
  • Sales Taxes
  • Payroll Taxes
  • Capital Gains Taxes

These Bitcoins have value, so all of the above meet the tax requirements.

Remember, it is the users responsibility to make sure they follow tax and other legal mandates issued by the government.

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Choosing Your Wallet

You can decide to have either a wallet on your smartphone or your laptop/desktop or both for only online payments. Choosing which can be done in minutes.

Getting Coins

A user can get Bitcoins by accepting them for payment, or buying them from a trustworthy individual. They can also be obtained from directly exchanging through your bank account.

Spending BTC

Spending Bitcoins depends on the merchants or services. Many merchants and services accept BTC for payments.

How To Accept Bitcoin For Payments

Know as much as Possible

As stated before, you should always know what you are getting into and know what you are doing. If someone is interested in using Bitcoins as acceptance as currency, then they need to know exactly how receiving them for payment works. It could result in their business suffering if they didn’t know.

Processing Payments

Payments and invoices can be processed by the business owner and can process payments into BTC or local currency.

Accounting & Taxes

Bitcoin works similarly to foreign currency. Merchants should always get advice regarding tax for their jurisdiction from a qualified accountant.

Gaining Visibility

A business can be submitted quickly to online directories, and the logo can get displayed on their website.

Bitcoin is a form of digital asset that acts as a payment system; it was invented by a person only known as Satoshi Nakamoto in 31 October 2008. It was first intended for cryptography list before being released as open source software in 2009. Several people have tried to claim that they are Satoshi Nakamoto but none has yet to provide enough proof to back up their claim.

It is a peer to peer system where Bitcoins transactions take place from one user to another without the use of intermediaries. All users in the world are partial owners of the blockchain technology; this is because regardless of software improvisation by developers, users are free to choose which software or version they will prefer to use. For users to stay compatible with each other, they should use software which complies with the same rules thus all developers and users have an incentive to protect the consensus.

Over the years, the number of individuals and businesses using Bitcoins has grown exponentially.

Bitcoins are usually acquired for payment of goods and services. To acquire them, one has to purchase the from either a cryptocurrency exchange, exchange the BTC with another user or earn coins from competitive BTC mining (this is the use of computers to solve complex math questions where the winner is rewarded. The present-day rates are 6.25 Bitcoins for the winner). Most exchanges do not allow payment via methods like a credit card or PayPal due to money reversal.

Some advantages for individuals include:

Mobile payments

The current dynamic of the world requires individuals to be able to pay for goods and services regardless of the time and location. For mobile payment, one has to have enough funds in their mobile wallet. The payment is done in two simple steps. It does not require signing up hence an individual just swipes his card, inputs his pin or anything that will identify him. The receiver should be able to display his QR code in his wallet application and let the sender scan his mobile or bring the two phones together (this uses NFC radio technology). Bitcoins give users total control of their money by eliminating banks, borders and bureaucracy.

Money security and control

Fraudsters are continually coming up with new ways to cone people off their hard earned money. Bitcoins has several necessary steps that should be implemented to ensure that individuals have a solid level of protection and control over their money. Operations are secured by use of high end military grade cryptography. No individual is able to make payment in accounts that are not theirs or charge another person. Additional security is ensured by the use of the backup system and encryption. Users can increase their security by:

  • Choosing a trusted wallet provider. Wallet providers have different levels of security; some wallets have recently incurred cases of breaches. Choosing a trusted, secure and insured walled does the trick.
  • Use of secure passwords. Passwords are your paramount line of defense to your wallet, experts have ideally decided that people should have sixteen character long passwords that include letters, symbols, numbers and punctuation marks.
  • Keep a small amount in wallets. To minimize the risk of losing a lot of money or having it stolen, one should keep only the amount he expects to use soon. The rest of the money can be kept in a crypto vault which is designed to be less accessible than the wallet.
  • Works anytime, anywhere

The technologies used for Bitcoin transactions are all compatible hence individuals have the option to use any software they prefer. It works just like emails; you can send a message to any person regardless of the site he used. Its an international currency and its network does not take a break, even during holidays.

Reliable worldwide payments

Cryptocurrencies are not bound by any nations laws. Sending them to another country is as easy sending them to your friend across the street. We are used to the normal regulations of banks making people wait for at least three to five business days, incurring an extra fee for international transfer or limitation to the maximum or minimum that one is allowed to send, but with Bitcoins, no such regulation exists.

Choose your own fees

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The available wallets let you decide how hefty a fee to pay before spending, for receivers, Bitcoins come at no fee. All wallets have a set reasonable default fees but for faster confirmation of transactions, the higher the fee the better it becomes. The amount of fees paid is not directly proportional to a number of Bitcoins transacted hence you can send one hundred thousand coins at the same fee as of one single BTC coin.

Identity protection

Other payment systems require users to link their credit cards hence being vulnerable to malicious attempts. With Bitcoins, no one can collect your data or impersonate you since no credit card is required. Just like real money, the user can send money without revealing his identity. The software may, however, require your information to protect your privacy.

Some disadvantages include:

Degree of acceptance

Bitcoins are still a new currency in the world and a lot of people still do not know its availability or how it is used. The amount of businesses accepting them is still small and this numbers should significantly grow for it to benefit from network effects.

Volatility

Never before has this world experienced such a start-up currency, it is an exciting and interesting new venture. The overall value of Bitcoins in circulation and the businesses involved is small thus small events or business activities can easily affect its price. The positive from this disadvantage is that the volatility will decrease as the blockchain technology matures.

Ongoing developments

Crypto gambling software platforms are still in their initial versions of development; there are so many incomplete features currently available. New services and tools are springing up daily to make it more accessible and secure to the masses. With time, more businesses will start to offer insurance hence becoming more acceptable.

People trust Bitcoins due to the fact that it requires no trust. It is a decentralized and open source hence anyone can go through the whole source code at will. Any knowledgeable developer in the world can decode how it works. Any ongoing transaction can be visibly consulted in real time by both users.

Bitcoin can be used to pay physical stores or online business just like real money. It can also be exchanged with physical forms like Casascius coins. Their balances are kept in large distributed networks and cannot be altered by any mischievous person.

Bitcoin Casinos have naturally been growing in popularity with all of the benefits afforded by the king of cryptocurrency. Both online players and casino operators benefit from the low cost framework supporting the digital currency’s transactions. Some online casinos are offering generous welcome bonuses up to 5 BTC on new deposits.

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