Payment and withdrawal of funds have been an integral component of a player’s experience at an online casino. Most casinos support a standard set of currencies for their transactions. Currencies have with their plus points, but there are also negatives like a transaction fee, for instance, charged by the vendor they are using to make the transaction. A new breed of casinos that has emerged over the years are the Bitcoin casinos.
Bitcoin casinos are online casinos that accept Bitcoin as a standard currency for making transactions. Initially frowned upon by casinos when it was introduced, Bitcoin has slowly come to be accepted by quite a few casinos as a standard currency for making payments and withdrawals. As a result, you see a slow but steady rise in the number of Bitcoin casinos on the Internet. To understand how a Bitcoin casino works we take a brief look at what a Bitcoin is.
A Brief Look at the Bitcoin
The Bitcoin is a form of currency like no other that exists currently.
- It was created by Satoshi Nakamoto in 2008. Coincidentally, like with many things in virtual space, we have no way of knowing if Satoshi Nakamoto is an actual individual.
- It is a cyber-currency/cryptocurrency – a currency that is digitalized – meaning it is usable only in virtual space.
- There is no physical paper currency associated with a Bitcoin.
- It is completely secure thanks to the use of high-grade encryption technology to generate currency units, regulate its use and track and check transfers conducted using bitcoins.
- It is not supported by a bank or any other financial institution that conducts transactions.
- This means there are no fees chargeable by these institutions when a player uses it.
How to Use Bitcoins at a Bitcoin Casino
Using bitcoins at a Bitcoin casino is quite simple.
- The first step is to buy the bitcoins.
- Locate an online Bitcoin exchange, a website that allows users to buy and sell bitcoins.
- At the Bitcoin exchange, you create a digital wallet.
- The digital wallet is much like the e-wallets around.
- The difference is you transact in bitcoins through this wallet.
- Next you select the amount of bitcoins you want to buy.
- You can buy bitcoins using standard currency like the US Dollar ($), GBP (£), or Euro (€).
- You can buy or sell services in exchange for bitcoins.
- You can get hold of bitcoins through a process called mining.
- Verify the cryptocurrency’s transaction records.
- You get 25 bitcoins in return.
- One thing to remember, you will buy bitcoins from other people who have them; so verifying the seller’s antecedents is very important.
- Once you buy the bitcoins and the transaction is complete, the bitcoins are deposited in your wallet.
Making Payments and Withdrawals at Bitcoin Casinos
Bitcoin casinos have an exchange display that indicates the value of bitcoins against the local currency. This allows you to calculate the right amount to transfer and also the amount you want to wager. It is easy to make payments using bitcoins at a bitcoin casino.
- Find a suitable bitcoin payment method.
- Log in to your digital wallet with the unique customer credentials you are provided when you create it.
- Select the amount of bitcoins you want to transfer.
- Complete the transaction by clicking the relevant button.
Withdrawing at a bitcoin casino is easy too. The withdrawal process is the same as the payment, except that there are the standard verification steps associated with any withdrawal that you are subjected to. Withdrawals at bitcoin casinos are usually fast as there are no third parties like banks and other financial institutions involved.