Bitcoins and Online Casinos

Bitcoins are a great, anonymous and low cost way to make online payments and purchases. More and more casinos are starting to allow Bitcoin players. But for the time being, there are only a select few casinos that accept the digital currency.

While Bitcoins have many great advantages and benefits for the player and the casino itself, this cryptocurrency really is still in its infancy and there are many factors that may affect the use of it online. To give you the edge, we’ve outlined everything you need to know about Bitcoin and Bitcoin casinos right here.

Getting Your Hands on Bitcoins

Before you do anything, you first you need to buy Bitcoins online. If you are going to be spending under $2000, it will be easier to purchase the coins from a smaller trader that offers you both Bitcoins and a wallet service (wallets can be used to store your Bitcoins safely). Usually there will be a 1% service charge included.

If you wish to buy more than $2000 worth of Bitcoins then it would be better to make your purchase from a Bitcoin exchange site. Each country will have their own exchange and they operate just like banks in the sense that when you open an account with one of these exchanges, you will need to provide your personal information.

Other methods for getting your Bitcoins include mining them yourself. The way Bitcoins work means that individuals can run the Bitcoin blockchain program on their computer and generate small amounts of Bitcoins.

At the start of Bitcoin’s life this would have been a simple and reasonable solution to gaining more Bitcoins, but since the original Bitcoin blockchain has now become so huge, you will need an immense amount of processing power to make this venture profitable, unless you are a big company with dedicated hardware to spare.

Spending Your Bitcoins

Currently more than 100 000 merchants and service providers accept Bitcoins as payments. To make purchases from vendors you will need to make use of a Bitcoin wallet.

It is not a must for players to make use of these virtual wallets, but it does make things a bit simpler when you make or accept payments. It also provides additional security since hackers would ideally target exchanges and servers with mass amounts of Bitcoins rather than individual users’ wallets.

The Benefits Of Bitcoin Use

The Disadvantages Of Bitcoin Use

Bitcoin Casinos

Bitcoins are still accepted only at certain casinos. You will see if a casino accepts Bitcoins if the Bitcoin logo is on the site’s homepage.

Some examples of Bitcoin online casinos include:

The Benefits Of Bitcoin Casinos

Bitcoins are a great option for both players and the casino itself. Since there are no administrative or processing fees attached to Bitcoin transactions, the bank and the player save money.

Bitcoins also allow you to sign up faster at an online casino, as you do not have to go through the administrative process of registering your details. Bitcoins can be used in real money games anonymously, so there is no long application process to verify your bank details.

In the future, Bitcoin casinos may become more commonplace, and already, sites that are accepting them are drawing in a new generation of cryptocurrency savvy player.