With Bitcoin’s great global enthusiasm in recent years, it is only natural that several gambling and online casino sites start accepting this digital currency. Due to its ease of operation and anonymity and privacy, Bitcoin has become a popular payment option among players in recent years.
In this case, there are many websites you can find listed on bitcoingamblingsites. You just need to know which the best sites are to play and gamble online using cryptocurrencies. If you are already familiar with what bitcoin gambling sites are, then all you need to do is go straight to our suggested websites, choose one and sign up.
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What is Bitcoin, and how this coin works
Bitcoin is a digital decentralized cryptocurrency, created in 2009 by Satoshi Nakamoto, whose identity is still unknown up to this day. It is considered the first decentralized digital world currency, responsible for creating the free banking system, and P2P transactions over the blockchain technology.
Unlike any other currencies that always have a central bank behind them (such as Euro, Dollars or Pounds), Bitcoin is a currency that has the same value in transactions from anywhere in the world. What defines the value of Bitcoin in the foreign exchange market are the supply and the demand, meaning that more people buying into bitcoin will drive it’s price up. Because bitcoin is limited (there’s a limit of 21 million, where 17 million have already been discovered), the price on it increases as does its value.
How to place a bet and gamble online with Bitcoin
Now that you know a little bit more about what Bitcoin is, you will learn how to use that currency to bet or invest on online game sites. You first need to create a wallet, to start investing in bitcoin, and then moving on to online gambling. To create a wallet online, basically you must register your email and a password in a website like Coinbase. There’s a thorough KYC (Know Your Client) compliance that you need to undergo. You will only need a passport or a driver’s license, and an utility bill for this. Once your account is created, you will have a virtual wallet where you can receive money and make deposits. And just like other virtual wallets, such as PayPal and Neteller, you’ll use your email for all financial transactions.
The difference between Bitcoin and other payment methods is that you do not need to send data such as address and phone, which makes this form of payment one of the most confidential. When your account is active, you can already buy some Bitcoins to create the starting balance.
The advantages of using Bitcoin to gamble online
There are many advantages to using Bitcoins and other cryptocurrencies when gambling in online casinos. Listed below are a couple of them:
1. Transfer of Deposits
The transfer of deposits and withdrawals is quick, as Bitcoin payments are processed within minutes, or a few hours. Other means of payment may take days to become available.
Bitcoin is anonymous. Payments are sent using addresses consisting of letters and numbers to your Bitcoin wallet. No other personal information is required. It can be very discreet.
All payments are transparent and can be viewed with a blockchain transaction seed or hash, making most casinos and online gambling sites provably fair. With this, there’s no need for third-party involvement, which minimises delays in betting and results, as well as the chances of falling into some kind of scam.
The funds are kept in your virtual wallet, away from potential threats, hackers, or operators.
5. Low Deposit
The minimum deposit is lower than that required for other FIAT currencies. There are small transaction fees, or even no payment processing costs at all.
Nearly all sites that accept Bitcoin use HTML5, the newest coding technology. The advantage of this is that you do not need to download any software or application and can play directly from your browser.
The risks associated with Bitcoin
If after all these topics you are still questioning yourself whether you should use Bitcoins for gambling on casino sites, the answer will depend solely on you. But if you’re still curious, do not worry about the risks associated with Bitcoin, or the volatility behind it. All you need to make sure is that you transfer the funds to your bitcoin wallet to the right wallet address. Bitcoin has been gaining a lot of space in crypto gambling and as a currency rather than asset. If there’s a chance, you should opt for the adoption of Bitcoin.