Cryptocurrency and bitcoin have gained fame since its invention in 2009. It is becoming the chosen mode of payment worldwide. Online casinos are also onboarding this movement. They now have features that allow patrons to play using Bitcoins. However, players are still biased against the use of bitcoins on casinos. If you are one of them and have some bitcoin (or not), this article is just for you. Scroll down and get all you need to know about gambling with Bitcoin.
So, You’re a First-time Bitcoin gambler?
Let’s give some little information to those who might not know about Bitcoin. A cryptocurrency is a digital form of currency that can be used online to transact items. It does not exist as an actual coin but in a virtual space in a person’s e-wallet. But just like common currency, it can be moved from one wallet to another. Bitcoin is the most common cryptocurrency available. To obtain Bitcoins, it is normally exchanged for normal currencies like the British Pound or USD or Australian Dollar.
So, where can I gamble with Bitcoin? Bspin – Bitcoin casino is an online Bitcoin casino that came into the scene in 2018. The casino is one of a kind as it only allows transactions using Bitcoin. The casino has over 700+ casino games. It is registered in Costa Rica and has no country-specific restrictions. Good news galore.
Using Bitcoin for Making Online Casino Deposits
There is nothing complicated about the process. Despite the technical terms, the process of using Bitcoin over the Internet is faster, cheaper, and safer than ever before. The first step would be obtaining the Bitcoin themselves.
Your online Bitcoin gambling experience can be funded through purchasing bitcoins. A number of sites are available online for Bitcoin purchase and transfer. We recommend the use of coinbase.com and blockchain.com. They are renowned sites known for their reputability. A Bitcoin wallet will be conferred to you. The wallet is your online soft wallet, so to say. Bitcoins will be bought using money from your bank or credit card and convert them into coins. They then will be stored in your wallet. Easy!
The next step is to deposit your bitcoins into the casino. Once you have logged into the recommended casino website, navigate to the deposits page. Instructions will be issued to you on how to make the deposit and voila! You are ready to gamble! Once you have determined the number of Bitcoins you would want to transfer, the transfer of money should be instant to your casino user account. You will be enabled to start immediately.
Just like that! In two simple steps, you can gamble to your heart’s content with Bitcoin. And without the hassle of credit/ debit card transactions. Now to get these bitcoins to our Bitcoin gambling site.
Benefits of Gambling with Bitcoin
Gambling with Bitcoin affords you some benefits over the currency. Here is a list of benefits that offers to online gambling sites and its clients:
Privacy is a gambler’s paradise. Bitcoin transactions are only between online casinos and players. No third parties have access to your information. In addition, Bitcoin users make use of disguised identities. Bitcoin gamblers can have fun without fear of stigma from those around them.
Online Gaming Efficiency
Bitcoin as a digital currency operated with no administrator on the bitcoin network. It was developed and made for online use. Therefore, it only begs to conclude that it offers a near-perfect online gaming solution.
Bitcoin has been rated as one of the most secure digital currencies available. This as long as you keep your private keys private (as they are meant to be) and your coins in cold storage. Compare this to payment cards where you have to give your credit card information.
There are few countries if any which recognize Bitcoin as a currency. This works to your advantage. You should check out the taxation regulations relating to Bitcoin in your country.
Payment technology companies typically delay two to three days to withdraw funds. Bitcoin, on the other hand, offers instant withdrawal of winnings.
Cheaper and Cost-Effective
The selling point for Bitcoin is that it removes any intermediaries. In this case, it is bank transfers and payment companies. With Bitcoin, there are no transaction fees. You get to keep more of your winnings upon withdrawal.
Bitcoin Gambling FAQ
Although conceptualized in 2009, the concept of Bitcoin is still quite new. We understand that you would have a few more questions regarding it. Well, we have a few answers to questions frequently asked us.
How does Bitcoin work?
The cryptocurrency (bitcoin included) makes use of blockchain technology. It records transactions that are made between two parties. Each party approves the transaction with private keys. Every transaction is confirmed through miners who secure the whole network. And don’t worry, the miners are no paid from the transaction. The miner gets an award of newly created Bitcoin. An awesome system!
Who created Bitcoin?
Satoshi Nakomoto published a paper in October 2008 cryptocurrency and later on in 2009 released the first software version of Bitcoin software. Due to the fame that accrued from the software, inquiries were done on who he was. It was found out that Satoshi Nakamoto is a pseudonym. He has never been found out. Speculation about his true identity has been high till now.
Will I be using Bitcoin at the casino?
It depends on the online gambling site. Some sites will convert your bitcoins to the preferred currency at prevailing market rates while others like Bspin will allow you to gamble using the bitcoins.
In a time of technology and efficiency, cryptocurrency removes outdated, cumbersome parties like payment processors and credit card companies. We now have cash optimized for the digital age. Bitcoin’s advantages guarantee a relatively high level of privacy, a tax haven, faster transaction time, security, and efficiency.
With this information gained on how Bitcoin works, the next move is to join us at Bspin deposit, spin, and have an unparalleled gambling experience.