Basic Information about Bitcoin and Cryptocurrencies
Cryptocurrencies are digital currencies which are not connected to any central banks. Cryptocurrencies are ‘mined’ online and then stored in digital wallets from where they can be used to pay for many goods and services. Bitcoin was the first of this new type of currency to become successful, and it remains the most famous to date. Today there are more than 1,600 cryptocurrencies, and Bitcoin makes up over 40% of the total value of these.
Bitcoin first made an appearance in 2009, but by May 2010 one Bitcoin (BTC) was still worth less than a cent. Over time, however, Bitcoin started to appreciate in value until it was worth the same as a US dollar by February of 2011. The year 2017 saw an incredible boom in the market for this currency, peaking at an unbelievable value of $17,900 by the end of the year. The value has gone down again since then, but it is impossible to predict if or when it will surge again.
How to Purchase Bitcoins
You may be surprised to learn just how easy it is to purchase Bitcoins. All you have to do is set up an online Bitcoin wallet, which is a type of electronic wallet very similar to PayPal or Neteller. Once you have set up your wallet then you must connect your bank account and complete the verification process to make sure that you are the owner of that bank account. Once that simple process has been completed then you are free to buy and sell Bitcoins!
How do Bitcoin Online Casinos Work
Bitcoin Online Casinos work in exactly the same way as any other online casinos. The difference is simply that you will be able to fund your account using this cryptocurrency, and to withdraw in Bitcoins as well. Apart from that the concept of Bitcoin Casinos is no different from any other type of online casino. Often, as well as Bitcoin, you will be able to use other cryptocurrencies and/or traditional payment methods to make deposits and withdrawals.
How to Play in Casinos with Bitcoin
Playing at a Bitcoin Casino is no different to playing at any other online casino. Once you have made your money transfer (see below for more info) then you open up the game you are interested in and start playing. Assuming that your luck is in and you score some wins, then you can withdraw back to the same Bitcoin wallet you used to deposit with.
Bitcoin Casino Games and Game Manufacturers
There are no games designed specifically to be played using Bitcoins – although who knows whether or not that will change in the future? Once you have deposited using your Bitcoin wallet you will be able to enjoy the same range of online casino games that non-Bitcoin users can play at your casino of choice.
Money Transfers in Bitcoin Casinos
Once you have created your Bitcoin wallet – as outlined above – then playing in online casinos using Bitcoin is easy. When you click on the BTC icon in your chosen online casino, you will see a unique code related to the casino Bitcoin wallet. Then you can either copy and paste this into you Bitcoin wallet’s address book, or you may have the option to scan a QR code instead. Now you go ahead and make your deposit. Bear in mind that you cannot use the same deposit address more than once.
Why Would You Want to Play in Casinos with Bitcoin?
There are a couple of reasons why casino players prefer to play with Bitcoin rather than with traditional currencies. One of these is the fact that more and more people are comfortable using this cryptocurrency these days, and they know that transactions are processed instantly to and from your Bitcoin wallet. Plus, people like the idea of accumulating Bitcoins in the hope that they increase in value in the future. There is also the factor that Bitcoin transactions are anonymous, and also that in regions where deposits with traditional methods can be tricky Bitcoins are a popular option.
People were skeptical about Bitcoin when it first made an appearance in 2009, but these days more and more people are discovering the benefits of using this cryptocurrency. The online casino industry has reacted to this fact and now more casinos are happy to accept Bitcoin as a way to fund accounts. Bitcoin shows no signs of disappearing any time soon, so the chances are that the option to us Bitcoin to fund your casino account may become standard before very long. Who knows, even the Casino Gorilla may decide to open a Bitcoin wallet before too long!