Bitcoin as an online casino payment method

Bitcoin Any online casino enthusiast will say that the perfect balance between all the key elements of the service is needed to enjoy the best gaming experience. While one can be quite speculative about what the key considerations are, the majority of the player group unquestionably identifies aspects such as software quality and platform reliability among the essential ones.

However

... when it comes to online gambling for real money, the issue of payouts inevitablyit takes one of the main roles, with various banking methods directly affecting the overall level of player satisfaction. In a truly progressive way, technology has advanced in all these elements, with the services of online payment processing coming to provide a completely revolutionary system for the transfer of funds.

This caused the emergence and widespread promotion of Bitcoin - a new method of facilitating attempts by players to make transactions on a global macro scale and demicro online casino.

Top 4 Online Casinos

Rank 1
BitStarz Casino

100% up

€100

+ 180 Free Spins

Read Review
Play
Players Accepted
Rank 2
RedStar Casino

10% up

Play
Players Accepted
Rank 3
Casino-X

200% up

$/€50

+ 200 Free Spins

Play
Players Accepted
Rank 4
Casino Action

100% up

$/€150

Play
Players Accepted

What is Bitcoin?

The Basics of Bitcoin

The Bitcoinit was invented to function as an online payment processing system and as a fully digitized virtual currency. The basic engineering plans and concepts for this effort were first made public in 2008, a decade later, under the pseudonym of the inventor known by the same name Satoshi Nakamoto.

What is Bitcoin

Soon after it became available to the public, people began to exploit its unique features, obtaining them in every possible way and thereby changing their market value. With massive fluctuations in exchange services and platforms, Bitcoin identified the main flaw in its system, fixed it, and thus stabilized itself to process massive online payment traffic coming from all kinds of platforms.

Key Features of Bitcoin

Unique as it is, the Bitcoin cryptocurrency and the corresponding payment processing systems are characterized by a set of features that have allowed it to achieve such rapid and widespread success. To begin with, it is important for potentially interested Bitcoin users or payers to be aware of the fact that Bitcoin was established as a B2B system, which means that it is fully decentralized and independent of any federal or private bank, or any other financial institution.

While this seemed like a dream come true in its early days, its volatility soon proved otherwise. That is, over the course of a few hours, Bitcoin owners used to suffer massive drops and rises in terms of its value. Once the system error was found and fixed, the cryptocurrency continued to exist as expected, as a limited form of payment, with 21 million Bitcoins being the maximum amount that can exist at any given time in its processing system, the blockchain.

Due to the revolutionary technology of the blockchain, users could transfer the Bitcoins in their possession to other owners via the components of the system, which in its own possession, functioned as a single record containing all the information about any transaction ever made. However, considering that the owners only traded the cryptocurrency using a special type of Bitcoin e-wallet, the only thing they actually made available was the string of numbers and letters denoting the sender's and receiver's e-wallet address, as well as the amount.

This factor together with the lack of a central regulatory authority has a dual role - on the one hand, they allow optimal anonymity when conducting transactions with the currency, even when there is a certain level of knowledge regarding the origin of the transaction. After all, the early days of Bitcoin saw the web depp platforms perform all kinds of operations realizing the full potential of such a peer-to-peer transaction base. On the other hand, however, such a basis for a full-fledged payment network significantly enhanced the potential of online casinos, since cryptocurrency was neither regulated nor banned in jurisdictions globally.

Use of cryptocurrency

This is the second application of the Bitcoin and cryptocurrency system that we have mentioned so far, but it is essential to dig a little deeper, since not all online trading platforms are ready to install this new add-on and be able to offer it. As mentioned above, all kinds of criminal activities were carried out through the blockchain, which brought discredit to the service as a whole.

Use of the cryptocurrency

However...

... Through an appropriate series of measures and limitations, the system today is able to process payments from its currency, finding transactions of all kinds and significantly filtering the influx of illegitimate payments coming from smuggling.

Anonymous

As for the anonymity and security achieved by the lack of personal information of the holders, this cryptocurrency found a different use through the last application illustrated above. Online casinos were beginning to establish themselves as authorized, regulated and profitable establishments with determined and confident support fromselected tourisdictions.

Clashing with the nature of the currency, some platforms did not consider it appropriate to include such a system in their payment processing practices, while others fully implemented the processor and used it to delve into untapped markets. The lack of traceable information on the Bitcoin network fits the needs of this portion of the market, as they are interested in the service for which you pay.

Bitcoin as an online casino payment method

Obviously, the Bitcoin cryptocurrency and the payment processing system are of great importance for the world of online gambling , and online payment processing in general. In fact, the iGaming industrydeveloped and positioned itself enough to use the system and promote its use on other e-commerce platforms, so much so that today you can practically payanythingthrough Bitcoin, from food, through clothes, to real estate, enjoying all its main features illustrated above.

When it comes to the topic of online casino payments made through Bitcoin as a blockchain-based payment method, without using anything other than the cryptocurrency itself, there are some basic steps to improve player performance. All players need to do is learn how to deposit and withdraw using the following guidelines, and take advantage of all the benefits of this cryptocurrency.

Bitcoin deposits on online casino platforms

Step 1: Firstly, players should choose the Bitcoin e-wallet service that best suits their storage and transaction needs. Today, the range of options includes web-based e-wallets that store the currency on their servers or a downloadable client application that allows players to keep their bitcoins off-lineon the chosen platform. Taking into account the increased functionality of mobile device operating systems, the same options can be accessed on PCs, smartphones and tablets, although gamers can choose to keep their electronic wallet address and correspondingkey in a paper copy or on a removable hard drive.

Step 2: Once the players have chosen the right storage solution, they should get this coin. For this purpose, they can choose to mine the bitcoins through the corresponding software programs, buy them from existing owners, or simply get the cryptocurrency from the relevant exchange platforms using fiat currencies.

Step 3: With the Bitcoin funds required to deposit them at an online casino, all that is needed is to find the right Bitcoin casino that suits your needs. Like those listed on this page, it is best to choose from reputable and reputable gaming services that offer an industry-standard selection of games, security and customer support, among other features.

Step 4: Visit the Cashier section on the chosen online casino platform and select Bitcoin as the payment method. In this regard, it is important to mention that some online casinos are exclusive to Bitcoin and focus solely on the payment method in question, while there are also hybrid operators that offer their player group a range of fiat currency payment options in addition to cryptocurrency.

Step 5: When selecting Bitcoin as a payment method, players must enter the address of their electronic wallet in the corresponding box, the amount they want to transfer to their player account and the authentication key to confirm the transaction. Because Bitcoin transactions are free from any central authority, their processing time is practically instantaneous when it comes to deposits . With the funds deposited directly into your player account, all that remains is to head straight to the game selection and choose from the titles on offer.

Bitcoin withdrawals on online casino platforms

Step 1: Withdrawals of Bitcoin are made very similarly to depositsin the Cashier section of the online casino platform. Players who wish to withdraw their winnings using this payment method can do so by selecting it from the possible options provided.

Bitcoin withdrawals at online casino platforms

Step 2: Enter the electronic wallet address where you want to store the bitcoins won on the chosen casino platform. While transactions with this cryptocurrency are essentially instant, withdrawals from reputable casino operators normally take up to 24 hours to close the transaction. This is usually done so that the platform can confirm the player's right to request a withdrawal, and study whether they are bound by any bonus wagering requirements.

Step 3: Once the bitcoinsare transferred from the online casino player's account intothe respective electronic wallet, all that remains to be done is to visit one of the numerous online exchange services and convert the Bitcoin sum into the fiat currency of choice. Take into account the volatility of cryptocurrency, the exchange rate when making the necessary purchases.

Bonuses and promotions at Bitcoin online casinos

Among the key aspects that can concern players on any online casino platform, bonuses and promotional offers occupy a prominent place in the heads of players. That is, these bonuses are provided primarily as a way for the casino operator to indicate its reliability and orientation towards player satisfaction, although they may also be intended to promote a gaming title, a software provider or a payment processing service. Therefore, players of Bitcoin casinos, both exclusive and hybrid ones, are mostly eligible to benefit from quite generous bonus offers dedicated to Bitcoin with the aim of promoting the use of cryptocurrency among the group of players and the target audience in general.

Licensing and security at online casinos that accept Bitcoin

With such advantageous circumstances, players of Bitcoin online casinos are unlikely to lack something from the standard offer. Security on these platforms is doubly guaranteed, since this cryptocurrency has its own layer of protection in addition to RNGs, independent audits and encryption certificates.

On the other hand...

... Licensing is a more complicated issue when it comes to Bitcoin casino platforms. The main problem regarding this matter is the decentralized and unregulated nature of cryptocurrency that allows for its global accessibility, speed and lack of transaction fees. As a result, the major reputable licensed licensing bodies have refused to issue a license to operate any of these casinos. Even so, player testimonials and a wide range of online factors can show the qualities of any online casino website that offers Bitcoin.

Frequently asked questions

Yes , just as there are numerous fiat currencies that work on the same principle of exchange rates, cryptocurrencies differ among numerous varieties. These include Dogecoin, Litecoin, Ethereum and Ripple XRP in addition to Bitcoin, which are often found on crypto-oriented casino websites.

When it comes to choosing a Bitcoin online casino platform, the same guidelines apply as on any other. That is, the main operators of this category are those that offer a wide, varied and qualitycollection of games, reliable payment methods (Bitcoin / hybrid) and a competent support and customer service department. Apart from that, a useful consideration is the aspect of the terms and conditions of the respective bonus offers of the operator, as they can practically make enjoy or ruin the experience of a player.

In the global context, governments and institutions have very different opinions about this cryptocurrency. While some ban them, others legalize them, and yet others tend to ignore them as a gray area in their legislature. The reason behind this lies in the uniqueness of the system and its unpredictable character that allows its value to fluctuate dramatically in short periods of time. Apart from this, all other aspects of cryptocurrency indicate stability, security, privacy, efficiency, and therefore player satisfaction.

Yes, the online casinos of Bitcoinestán widely available to one of the groups largest players in the world, the USA. UU. This is due to the unique features that allow members of this group of players to enjoy a first-class real money game withoutthe risk of being tracked by major US online casino providers. UU.

Bitcoin online casino sites have all the standard game offers that provide gaming variety to players who use fiat currencies for their online casino gaming sessions. These include all the most popular slot game variants, table games such as blackjack, roulette and dice well poker rooms and the like.

Author Shelly Schiff