Bitcoin, gaming, and online gambling are practically the perfect combination. There are many advantages to playing Bitcoin since transactions are fast and anonymous, there are no chargebacks, and you don't need to worry about taxes.
Bitcoin, as a currency, has gained a lot of ground and is widely accepted within online casinos. Thanks to its high security, reliability, and complexity, it is one of the most attractive options, which is why it has become one of the most widely used cryptocurrencies worldwide.
BTC is a digital currency. It's a "peer to peer" system of monetary transactions, with no relation to banks.
Why is Bitcoin a secure method of payment in online casinos?
To make deposits or a transfer at an online casino using Bitcoins, you must first have Bitcoins. This may sound like a no-brainer, but it isn't, as getting them differs somewhat from traditional currencies.
Best BTC Casinos 2022
Here are some of the best online casinos sites:
In 2017, the price of Bitcoin shot to up to $20,000 per Bitcoin, which lead to an increase in the number of users. This led to a steep decline of its value, and currently, it is trading at $7,000 per Bitcoin. The first real transaction recorded for Bitcoin was in Florida when a bitcoin miner bought two pizzas at a Papa johns for about 10,000 bitcoins. You can easily mine Bitcoins through your computer power, and although it initially had an interest among the miners, it was barely traceable or even recognizable.
Bitcoin cryptocurrency is a digital currency that does not need a bank or any intermediary. It is regulated and verified by Bitcoin miners; online users who create and mine Bitcoin with their computers and mathematics or simply cryptography. Bitcoin is used to deposit into online casinos and even buy goods and services online at the comfort of your home. Created by a person or group known by the name Satoshi Nakamoto, Bitcoin is the first blockchain-based cryptocurrency on the globe. Initially, after its launch in late 2008, it held no value, that is until around 2010 when the value of Bitcoin shot from $0.0008 to $0.08 for every single Bitcoin. Bitcoin as a currency has seen both highs and lows. it has sometimes crashed to the point of almost valueless and sometime skyrocketed
Bitcoins have seen worse time as in the case of famous Bitcoin traders like MT. Gox and Silk Road website were shut down by the federal government of the United States. Use of Bitcoins as deposit methods to online casinos started to peak in 2013 when the value of a Bitcoin skyrocketed. Some of the top online casinos began introducing the Bitcoin payment method to its customers. This is because it was not only secure, but also it did not involve intermediaries and transaction fees that came with them. The fact that the value of Bitcoins tends to fluctuate occasionally has hindered most of the top casinos from accepting bitcoin as a payment method.
Bitcoin transactions are usually fast and instant, and it is considered by many online casino players as more secure than even the Visa and other credit and debit cards. As of April 2022, Bitcoin had gained billions of users and its transactions running into trillions.
Bitcoin deposits and withdrawals
Before you know how to deposit and make withdrawals from online casinos using bitcoins, you should know how to buy, store and even mine Bitcoins. First, download a bitcoin wallet where you will store your bitcoins, and then you can use bank transfer and even credit cards to buy bitcoins on the exchanges in your wallet. You might need to provide a photo id and other identification details. As much as bitcoins experience price volatility and unclear taxation, they are becoming a force to be reckoned with, in terms of online casino payment methods.
How to Deposit to online casinos using bitcoins?
How to make a withdrawal using bitcoins from online casinos
Making withdrawals using bitcoins is just as simple as depositing using bitcoins. Go to your casino's payment page, choose to withdraw from the online casino using bitcoins. Enter the amount you wish to withdraw and enter your bitcoin wallet number. Confirm the transaction, and it should reflect instantly in your bitcoin wallet as the online casino is not involved in any of the transactions. It is worth noting that some casinos have put up restrictions and processing times for bitcoin withdrawals.
Using bitcoins for transactions with online casinos is the safest and fastest payment method than any other out there. It takes an average of 2 minutes for it to reflect, and of course, hacking Bitcoin is almost impossible.
Pros and cons of bitcoins
Pros
Cons
Is it safe to play at Bitcoin casinos?
Yes and No, if you are speaking in terms of using Bitcoins as a payment method, it is absolutely safe and heavily encrypted if handled well. But some online casinos offering bitcoins as payment methods are not legit. The responsibility is on you researching and finding a legit online casino that offers bitcoin as a payment method. This is because bitcoin is not heavily regulated.
Do every casino accept bitcoin?
Am afraid no? Some of the biggest online casinos in the market do not still accept bitcoin as a payment method due to the price volatility. Some big and legit online casinos accept bitcoins across the world but not nearly enough.
Are Bitcoin casinos legit?
Most of this Bitcoin payment method casinos are safe, but some take advantage of the unregulated nature of bitcoins to steal bitcoins from unsuspecting players. The onus is on you as a player to do enough due diligence to find the best and legit online casino.
