In recent years, the digital currency bitcoin has gained so much popularity. It has enabled a new parallel economy to flourish just like the traditional currency based economy. The dramatic rise in the popularity of the bitcoin cryptocurrency has led to the creation of online bitcoin casinos, creating a new platform for gambling, lotteries and online gaming. We wanted to make a handy guide to using Bitcoin in the Casino and Gambling Industry.
Due to the growing interest of bitcoin gamblers, the bitcoin casino industry is growing rapidly, and many online casinos have shifted their entire payment format to bitcoin cryptocurrency. ۔ There are also many online casinos that offer BTC payments in addition to traditional banking methods. At BTC Casino, deposits and withdrawals can be processed very quickly, leaving you anonymous.
What is Bitcoin?
Bitcoin is a digital currency invented by Satochi Nakamota in 2009, which gained so much popularity and within the two years of its creation, it became a favorite in the mainstream market, operating in a peer-to-peer decentralized platform. It is not a physical entity like a paper currency or physical coins, Bitcoins are created, deposited, traded and stored using a decentralized ledger process which is known as blockchain.
BTC is the largest cryptocurrency in terms of market capitalization, it is a new form of asset that experiences high price volatility. Bitcoins balances are managed using the private and public keys, which are linked through the mathematical encrypted algorithm and are deposited through the digital address made up of 27 to 34 characters. BTC digital currency uses a peer-to-peer technology to trade with decentralized authority or banks.
Bitcoin cryptocurrency is an open source with a privately owned model, the transaction and issuance of BTC is handled by a network over which no one has control. If you decide to transact with Bitcoin online, then you need to use BTC Wallet on a secure network. It is not recommended to trade in BTC by using public and unsecured Wi-Fi networks.
How Do You Buy Bitcoins?
In the last few years, bitcoin cryptocurrency has gained considerable attention in the financial and investment world, but many people still do not know how to buy bitcoin cryptocurrency. Buying a BTC is as easy as signing up for a website or mobile app. Due to the significant development in the world of online finance and investing, now is the time to learn more about bitcoin.
- Bitcoin wallet- The first thing you need to have is the bitcoin wallet, also known as Digital wallet. BTC transactions can be done using the bitcoin wallet. To get the bitcoin wallet is very easy, all you need to do is to download the BTC wallet app and fill up the form.
- Personal Document- you might be asked to provide your identity card or any other ID, when signing up for the bitcoin wallet. To buy or sell the BTC, you will have to use your identity card or any other personal documents.
- Bank Detail- once you registered your bitcoin wallet, you can buy or sell BTC on a bitcoin exchange using your traditional currency and payment methods such as bank transfer and credit or debit cards. When you purchase the BTC then these BTC are transferred to your digital wallet.
- Bitcoin exchange- the bitcoin exchange works just like the traditional foreign exchange markets. It connects you directly to the marketplace, where you can purchase BTC using the traditional currencies. You can also sell your BTC through these exchanges.
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Bitcoin gambling platforms
Once you purchase the bitcoins, there are many bitcoin gambling options available to try. There are many different methods to gamble online with the digital currency. The bitcoin gambling platforms are quite simple to play, they give you plenty of options to start betting with bitcoins.
Sports Betting – sports betting with bitcoins has gained so much popularity over the last few years. There are many outlets available online to start betting on sports. You can bet on any mainstream sports including football, cricket, hockey, rugby and many more.
Casino Gambling – one of the major bitcoin gambling platforms is online casinos. Recently many mainstream online casinos have included bitcoin as the payment method. You can enjoy the betting on the most popular games in the online casinos using bitcoins. There are many online casinos, which deal only in BTC.
Online Poker – the online poker is also the most popular online gambling option available for bitcoin players. There are many poker platforms available online for the players that offer both traditional payment methods and BTC. Few online poker rooms only deal in cryptocurrency. With the progress of online gambling, there are more and more gambling options that support bitcoin transactions.
What are bitcoin casinos?
Bitcoin casinos are just like any other online casino. The number of bitcoin casinos are expanding very fast, which offer gambling in bitcoin currency. These bitcoin casinos are operated from all over the world and they offer a variety of options for the casino gamblers to bet using bitcoin currency on online casino games, sports betting, online lotteries and spread betting.
Bitcoin casinos also offer demo games for players to try and learn the betting mechanism. In the last few years, the BTC digital currency has become such a popular form of payment for the online casino gamblers. Many famous online casinos have started the bitcoin payment method.
How bitcoin casinos operate
Bitcoin Casino works like almost any other online casino, the only difference is the payment method. Other online casinos only accept real currency from online players, but bitcoin casinos offer players to deposit using bitcoins. There are very few online casinos that only trade in bitcoins and most online casinos offer to trade using bitcoins and traditional currencies such as GBP and USD.
If you are interested in starting online gambling in a Bitcoin casino, then the first thing you need to do is to open a cryptocurrency wallet and purchase the bitcoins to trade. Most of the bitcoin casinos use their own unique software to trade in bitcoins and smaller online casinos use the rented version of the software. These software are designed to be fully secured and give you a perfect gaming experience.
The online casinos that use Bitcoin as the only payment method, develop their own gambling software and they also disclose the working of the algorithm they use to build trust with the players. This software executes the game with very little human interaction. These online casinos offer a number of ways to gamble including online slot games, scratch card games and online lotteries. Online poker is the most famous game for these bitcoin casinos.
How to Gamble with BTC
If you haven’t tried the BTC gambling yet and want to give it a shot, then you will have to follow these simple steps to start betting on the bitcoin casinos.
- Open a Bitcoin wallet – if you are a beginner then the first thing you need to start BTC gambling is the Bitcoin wallet. You can easily sign up for the digital wallet, where you can keep all your purchased bitcoins.
- Purchase bitcoins – once you own a BTC wallet, you need to purchase the bitcoins and you can place your BTC in your digital wallet. You can purchase the BTC through the bitcoin exchanges.
- Pick an online casino – the most important step is to choose an online casino to play. While choosing the online casino, you will have to make sure that the casino deals in bitcoins and also offers you quality games to play.
- Select a game to play – to start betting online, you will have to select a game to play. Always bet on the game that has good Players to return percentage and have more positive reviews from the players. There are many games available in online casinos that can change your life with a big win.
- Make your deposit – once you have the digital wallet with bitcoins and select the online casino with the game of your choice, then you are ready for BTC gambling. All you will have to do is to deposit your money and start betting.
Reasons behind the popularity of bitcoin casinos
One of the major reasons for the popularity of the bitcoin casinos is the anonymity of the players. As a player, you remain anonymous for the casino operators. The only connection between you and the operator is your bitcoin wallet.
Many famous BTC online casinos offer less transaction fees and some casinos pay for the transaction free on your behalf. These bitcoin casinos also offer you unlimited free transactions on a daily basis. These BTC casinos give you global access and you can enjoy betting from anywhere in the world.
Thanks to advancements in the online gambling platforms, getting paid instantly is not the issue anymore. The bitcoin-only casinos give you quicker withdrawal options, and you can make transactions in minutes. The payout process is also very speedy on these websites. The bitcoin casinos also gives you quality games from the most popular games developers such as NetEnt and Microgaming
Legal aspects of bitcoin casinos
Online casino players who are considering bitcoin casinos, want to know about the legal aspects of bitcoin casinos. Is bitcoin casino legal or not? The answer to this question is yes it is legal and the gambling site needs to be licensed by the government. These bitcoin casinos in the UK have been regulated and licensed for bitcoin gambling, in 2014.
It is very important to check whether the gambling site is licensed or not. The licensed casino websites usually display the logo of the gambling commission of the UK on the footer section. These online casino sites are regularly tested by independent testing companies such as GLI and E-Cogra to validate the fair play and test the random number generators used by online casinos.
These bitcoin-only casino sites can be operated from anywhere in the world, and you can easily discover the origin of the gambling site. If the bitcoin casino you are considering is licensed outside the UK, then it is possible that it may not comply with the local laws of the country, so it is recommended to verify the legal status of the bitcoin casino. Why not try some of our latest slot games such as Siberian Storm Dual Play or Mega Moolah, these are two of the most popular slot games in our Casino.
Advantages of Bitcoin Casinos
There are many reasons why BTC cryptocurrency is considered a viable way to pay for online gambling. Bitcoin has many benefits for both players and online casino operators. Bitcoin-only casinos have more advantages than online casinos that offer BTC as an additional payment method.
- Quick Payment – If you use bitcoin transactions, deposits and withdrawals are much faster than traditional payment methods such as bank transfers and credit / debit cards. Other payment methods may take two to three days to complete the withdrawal, but bitcoin transfer is a lot quicker.
- Privacy – Confidentiality is a key advantage of using BTC casinos. BTC casino operators will not ask for your personal documents or ID card, and you may remain anonymous while gambling online. This feature is very useful for players who are living in a country where online gambling is not legal.
- Low Transaction Charges – the bitcoin-only casinos offer very low transaction charges, and most of the casino operators cover the fee for the players. The deposit and withdrawal fees is very low as compared to the traditional online casinos that deal in other payment methods.
- Financial Security – There are cases on traditional gambling websites where hackers try to hack players’ financial details, but this is not the case with bitcoin gambling. BTC casino operators will not ask you for personal details and there is no risk of hacking if you protect your bitcoin wallet with encryption.
- Bonuses and Promotions – BTC users receive a lot of bonuses and extra cash gifts by the online casinos. The big BTC casino operators always offer a lot of bonuses and promotion opportunities for the players to build more attraction and trust in the online gaming.
- Tax-Free transactions – Other traditional payment methods involve a lot of taxes in online transactions, but at the moment the bitcoin payment method is tax-free, and it is very suitable for those players who love to bet high in the game. You don’t have to pay any tax to the government on your transactions.
Drawbacks:
There are also few drawbacks, when you use BTC for the online casinos. You need to understand these negative sides of the cryptocurrency before using it for online gaming.
- High Volatility – BTC cryptocurrency experiences high price fluctuations, which means that the value of the bitcoin fluctuates constantly. Sometimes there is a sudden increase and sometimes the prices go down quickly. This high volatility creates an element of uncertainty when you deal with BTC.
- Less User Friendly – Bitcoin has gained so much popularity in the last few years but many people are still struggling to trade in BTC. The Bitcoin Wallet interface is not very user friendly and many online casino players who want to use BTC do not even know how to buy it on the internet. Casino operators are working to make it more user-friendly.
- Uncertainty – Different countries are trying to regulate trade in bitcoin, but it is still not licensed by many countries. So, there is uncertainty, and we don’t really know the future of BTC cryptocurrency.
- BTC transactions are immutable – There is no reverse transaction procedure in BTC. Once the money is out of your BTC wallet, there is no way to get it back into your wallet. Operators have developed a number of buyer protection tools to build a good reputation and prevent buyer losses, but they are not very effective.
The Casino Football Team Conclusion
Online casino gambling has always been a hot topic on ethical grounds. It is very interesting to have an easy option to make money. BTC gambling is very popular and fast growing and without a doubt, it has a bright future. If you want to try it out you will find many interesting opportunities. You need to make sure you understand all the pros and cons of BTC gambling. Our Milkshake mobile app has just sent live, take a look and see what you all think.