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Casinos accepting Bitcoin payments – Top Bitcoin Casinos
Casinos accepting Bitcoin may seem like a basic requirement now, but 10 years ago, few people knew about Bitcoin. A sharp contrast to the close-knit community of its users back then, today many people around the world use it. They use it to exchange funds, make online purchases they would like to keep private, and even invest in it.
Thanks to its decentralized nature, those who are looking for an anonymous way to trade have come to love it. The technology behind it has even attracted some government authorities such as Venezuela. In an attempt to overcome international sanctions, it created its own cryptocurrency, which it hoped would help it to access foreign markets.
When it comes to online games, Bitcoin has also made a huge impact. Bitcoin offers players an easy way to fund their accounts and cash their winnings anonymously.
Why Bitcoin is Popular among Online Gamblers
There are many reasons why a player would choose to use Bitcoin when funding their account with the top Bitcoin casinos. They may want to keep their gambling life private, and therefore sharing their financial details is not an option. Others may not own a credit card or bank account.
Still, others may use it to overcome the legal obstacles placed on casinos in jurisdictions such the United States. While there are quite a few casinos accepting Bitcoin, their numbers are increasing by the day.
Generally, Bitcoin casinos are excellent alternatives to brick and mortar casinos because of their flexibility in handling financial transactions. MYB Casino and BetOnline Casino are fine examples among others.
What is Bitcoin?
Bitcoin is an electronic currency that takes the form of a string of digits created using an advanced algorithm. Creating Bitcoin is a resource intensive process known as Bitcoin mining, which makes sure they are hard to forge. However, the process also ensures they are easy to verify, and it keeps track of who has each Bitcoin.
It gets the name cryptocurrency because the cryptographic technology is used as part of securing the coins against forgery. Mining also stops double spending, which is why best online casinos have no problem accepting it as a means of payment.
Unlike Fiat money, central bank regulates Bitcoin, and there are no mandatory fees charged on Bitcoin Transactions. However, you may include a default fee set by the mining software to get your transactions processed faster.
What we have in Bitcoin are nodes. The nodes are computers that keep a copy of the blockchain. The Blockchain is made of the units of all Bitcoin transactions ever done. That way, the participating nodes help to keep track and prevent forgery of the Bitcoins or the blockchain.
The Rise of Bitcoin
The story of Bitcoin began in 2008 when a mysterious person using the name Nakamoto, published a whitepaper detailing a peer-to-peer electronic cash system. He posted the publication on a forum where like-minded coders were discussing cryptography. He identified himself as Satoshi Nakamoto but the person’s real identity is yet to be revealed to this day.
In2009, the Bitcoin software was made public and its mining started. As we discussed above, Bitcoin mining is the process through which new Bitcoins are created, its transactions verified and recorded in a data unit called a blockchain. However, as at that point, the mining was used to create Bitcoins only, and online casinos had not even considered using it.
Then in 2010, Bitcoin was valued for the first time, previously, no monetary value had been assign to it because no one had traded it yet. The first person to sell them sold 10,000 of them in exchange for two pizzas. If that person had held onto them to this day, they would be valued in the region of $77 million, as at the time of writing this article.
Since then, other decentralized currencies have come up. There are over 1,000 digital currencies, and more are being launched every day. However, Bitcoin remain the most successful digital currency so far.
How to Use Casinos Accepting Bitcoin
The first step to use Bitcoin as a payment option is to set up a digital wallet. Many sites offer Bitcoin wallets and allow you to keep track of your Bitcoins. Some of the top Bitcoin casino sites are Coinbase and Circle. Apart from using them to create your Bitcoin Wallet, you will be able to use them to buy Bitcoin using a currency of your choice. Once you buy your coins, you can then proceed to one of the Top Bitcoin Casinos, and fund your accounts using Bitcoins.
The casinos that accept Bitcoin will give you an address when you go their payment options. You can then copy the address, which is usually a long string of characters, and paste it in your digital wallet. You can then specify the amount of funds to send and authorize the transfer. The process may take a few minutes, after which you will see the amount reflect in your gambling account. Your digital wallet will also help you to see your Bitcoin balance.
Why Online Casinos use Bitcoin?
Online Casinos are in business to entertain and in return make money. However, operating in Jurisdictions such as the United States is not easy. There are many restrictions meant to protect the brick and mortar casinos. Most of those restrictions target funding methods used by both casinos and players.
Bitcoin allows US casino players to bet anonymously and receive cash anonymously. The top Bitcoin casinos can therefore allow US players to gamble without being caught breaking the law.
Benefits of Using Bitcoin to Play
There are many benefits to using Bitcoin when you go to Casinos Accepting Bitcoin. Here is a quick overview of some of those benefits.
- You do not need to reveal your identity to Casinos accepting Bitcoin.
- Funding your account with Bitcoin is much faster than forms of payment.
- You can be able to access your withdrawals within minutes.
- Bitcoin allows you to cut down transfer fees charged by banks.
- While Bitcoin is still volatile, chances are Bitcoin in your wallet will gain value with time.
Is Bitcoin Safe & Secure?
Security is one of the most important things when make online payments. The last thing you would want is to use your credit card and later find out that someone wiped out your balance. A Bitcoin digital wallet protects you from such kind of fraud because it is not directly connected to your bank account. Moreover, you have to authorize the payment from your digital wallet every time you make it.
The only way someone could steal your fund is if that someone got hold your private address. Therefore, as long as you have not given it to anyone else, making payments with Bitcoin is one of the safest and secure means of payment around.
Outlook of Bitcoin Casinos
Casinos accepting Bitcoin is one of the best things that have happened to the online gambling industry. Bitcoin offers users a safer, secure, and fast way to send payments. Moreover, if you need to keep your gambling routine “under the radar,” Bitcoin offers you a perfect payment system that does not require the casino to request your banking details.
Overall, if you hate it when you have to wait for days and sometimes weeks to access your winnings, then you will be happy to know that with Bitcoin, you will access them in a matter of minutes. The only time you will spend waiting is for the online casino to approve your request for the withdrawal.
We hope that you found this Bitcoin Casino guide to be informative, and you will have fun gambling anonymously.
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Players looking for online casinos accepting Bitcoin are in good hands. Our team reviews and rates the top bitcoin casinos, and you can view them here.