2019 Top Bitcoin Online Casinos
Your Introduction to Bitcoin & Online Casinos
Bitcoin is a payment method of a new generation referred as to cryptocurrency. It was created in 2008 by Satoshi Nakamoto. Over the years, it has developed into the most popular virtual currency. Bitcoins are generated via a process called “mining”. Users who want to “dig” Bitcoins can do that through using the computing resources of their computers or by exchanging regular cash for Bitcoins.
Bitcoin has become a popular virtual currency over the last couple of years due to Peer-to-Peer use. More and more users realize the benefits of owning Bitcoins. The currency is decentralized. In other words, no government authority can take your Bitcoins away. Currently, Bitcoin is an emerging currency and it is difficult to determine what its future will be. As for the online casinos, the majority of them still do not accept Bitcoin, but the good news is that more and more online gambling spots start accepting Bitcoin. This is a great benefit for players living in jurisdictions where the gambling legislation matters are in limbo.
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Why use Bitcoin?
Bitcoin is often hailed as the future of the monetary world for a variety of reasons.
- It’s decentralized and brings power back to the people. Launched just a year after the 2008 financial crises, Bitcoin has attracted many people who see the current financial system as unsustainable. This factor has won the hearts of those who view politicians and government with suspicion. It’s no surprise there is a huge community of ideologists actively building, buying, and working in the cryptocurrency world.
- Freedom. The concept that one could carry millions or billions of dollars in Bitcoin across borders, pay for anything at any time, and not have to wait on extended bank delays is a major selling point.
- Security. Bitcoin payments don’t necessarily need to be tied to one’s personal information. Since personal information is left out of the transactions, users aren’t as exposed to threats such as identity theft. Bitcoin can also be backed up and encrypted to ensure the security of your money.
- Low Transaction Fees. Banks and companies like PayPal charge to send and receive money. Bitcoin replaces the 2.5% “transaction fee” with one that’s only a fraction of that.
The Immutable Ledger. Bitcoin’s blockchain public ledger is objective. People trust it to be fair because it is based on pure mathematics, rather than the human error and corruption of questionable politicians.
Benefits That Bitcoin Gambling Provides
Bitcoin can be the perfect fit for online casinos for several reasons. One big advantage that comes with using Bitcoin, or other established cryptocurrencies for that matter, is complete anonymity. Since it is not regulated by a central bank, Bitcoin is anonymous and customers are not required to enter personal details when opening an account or when making transfers.
The list of perks doesn’t stop here and there are other reasons to switch from conventional currencies to Bitcoin, such as:
- High-end security for online transfers - Bitcoin transactions are encrypted and verified several times in different points on the network to guarantee the best security. This also helps improve privacy since it is basically impossible to trace back transactions to their source.
- Lack of transfer fees - Users can send and receive Bitcoin without paying any fees. The process is very simple but also very safe. Transfers are done straight away and are accurate to the exact digit, without any processing costs. This gives it a big advantage over bank transfers, which can sometimes have large fees.
- Much faster banking for online gaming - While it is common for withdrawals in standard currencies to take around seven days to complete due to the banking processing, payments in Bitcoin are done in a matter of minutes. Players can cash out their winnings instantly to a Bitcoin wallet, instead of waiting around for days, as is the case with other banking options.
How to Buy Bitcoin
- Step 1: Set up a Bitcoin wallet. This is very simple nowadays as you can simply go to LocalBitcoins.com or to Paxful.com to download the free client for storing your Bitcoins. You can buy coins at leading traders or mine them directly.
- Step 2: Find a casino that supports Bitcoin payments and register (see our list of Best Online Casinos of 2019). Our team of experts can help out a lot in this regard as we provide unbiased reviews of top online casinos accepting Bitcoin deposits and withdrawals. Simply pick your favorite, or just opt for the top-ranked one, and open a new account for free.
- Step 3: Make a deposit in Bitcoin. The process is very similar to using any other online payment option. You go to the cashier and select Bitcoin. The screen will then display a unique address for your account. Go to the Bitcoin wallet, select the tab for sending and enter the online casino address. Enter the amount and confirm the transaction. The funds will be available in the casino balance within minutes.
So, what comes next?
What can you actually do with your bitcoins you won at the casino? What should you do with your bitcoin?
There are three options:
- You can use it to pay for goods or services. An increasing number of small merchants and large businesses are now accepting bitcoin payments.
- You can trade it, either trading bitcoin for fiat currencies (AUD, USD, etc.) or other cryptocurrencies.
- You can hold onto it. Some predict that bitcoin’s value will continue to rise long-term.
But, before you buy, sell, or forget about your bitcoin, make sure it’s stored securely.
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