The rise of bitcoin in the last several years has caught many people by surprise and utterly changed the way we think about digital currencies. By now, many industries have realized the potential of crypto coins and have moved to take advantage of them, and the online gambling industry is right on top of that movement. First, online casinos made it possible to make deposits and withdraw money in bitcoin. At the time, it was a very bold move, as bitcoin was still regarded with suspicion. But lately, they have gone one step further and created bitcoin casinos. If you have heard the term, but haven’t had a chance to use one of them, here is a brief beginner guide on how bitcoin casinos work and what you need to know about them.
Understanding Bitcoin
One thing that confuses people about bitcoin, especially those not well-versed in modern informatics technologies, is that it doesn’t exist physically. Money and credit cards are tactile and familiar while the idea of a currency that exists solely on the Internet can be baffling. The truth is that the same principle is already applied to traditional currencies. For instance, there is far more money in circulation around the world than there are physical banknotes. Just like bitcoin, the rest are just ones and zeros on a computer somewhere. What separates bitcoin from fiat currencies is that there is no central bank that regulates it. All users are equal in a peer-to-peer system that uses blockchain technology that makes it inherently safe and transparent.
Buying Bitcoin
There are several ways of acquiring bitcoin. The first is mining, although it is both time-consuming and expensive and only large-scale operations are viable these days. The second one is buying, just like any other good or service on the Internet. Regardless of which one you choose, you will need to get some before you can start using it for bitcoin gambling in a casino of your choice. You can buy bitcoin on any of the specialized crypto exchanges. Once you have it, you need to store it somewhere and for that, we use programs called wallets. The most convenient ones are web wallets, which function similarly to any other payment processor on the web. You can use your wallet for any transaction you want, including making a deposit at a bitcoin casino.
Choosing the Best Bitcoin Casino
When it comes to choosing a bitcoin casino, there are numerous options available. Without mentioning any names, you can easily find which casinos are industry leaders by visiting review sites and reading what players had to say about them. Choosing a bitcoin casino is no different than choosing a regular online casino. There are several things you need to pay attention to, so you can enjoy playing in a safe environment.
Licensing
All reputable online casinos, including bitcoin casinos, are licensed by a government regulatory body. The most common countries where most casinos are registered are Malta, the UK, Curacao, and a few others. Always check the license details before making a deposit. Those few minutes of due diligence can save you plenty of grief down the road.
Online Reviews
Reading the experiences of other players is crucial to discovering what you can expect from a bitcoin casino. There is always a caveat that some reviews may be unfair or even fake, but if the majority of them agree on several key points, you can usually believe them. Make sure that you explore all important aspects that may interest you, from bonuses to withdrawal times.
Bonuses
Comparing bonuses various bitcoin casinos offer ensures that you will get the best deal possible when choosing one. There are several kinds of bonuses that are available, but in the beginning, you want to focus on welcome bonuses and deposit bonuses. Those two will be most helpful to you at the start.
Games Selection
Even the best bitcoin casino in the world won’t be any good for you if you can’t find anything to play. Making sure that a casino has games that you enjoy playing is key to having a positive user experience. Pay attention to this part when reading online reviews and see if you can find out how regularly they add new games.
Provably Fair Gaming
Probably Fair Gaming is a term unique to bitcoin casinos. It is coined to describe the process of verification of each transaction a casino makes towards its players. The technology prevents casinos from cheating their users and makes all payments transparent, without revealing any personal details. If a casino uses this technology, you can be fairly sure that they don’t have any hidden agenda and are honest operators. Provably Fair Gaming is based on blockchain inherent transparency, which allows anyone to check a transaction and verify it.
How to Make a Deposit in A Bitcoin Casino
Once you have made an account, the next step is to deposit some funds so you can start gambling. Under the My Account section, there is usually a Deposit tab where you can find a blockchain address unique to your account. Copy this address and input it into your crypto wallet to make a payment. You will immediately receive notification and you can start playing almost instantly.
How to Make a Withdrawal from A Bitcoin Casino
Making a withdrawal is a similar process, only in reverse. Your crypto wallet has a unique blockchain address you use to receive money. When prompted, enter it on the casino’s site and soon, your wallet will be credited by the amount you have withdrawn.
