Paying by credit card or bank transfer is no longer your only option. Bitcoin, an electronic (and cryptographic) payment method, is rapidly spreading at all bitcoin casinos. If you want to know more about this method and learn how it works, keep reading.
What is Bitcoin?
Bitcoin is a currency. But it’s electronic and encrypted. As a matter of fact, it is known as “cryptocurrency” for this reason. This name also gives a basic idea of what it is. Bitcoin is not a “money you can hold”. It is created digitally by users. Anyone who wants can be a part of this creation network.
Consider a huge, decentralized database. This database, accessible by every user included in the network, is where Bitcoin records are kept. If you own Bitcoin, the amount you have is saved electronically and encrypted in the network. This cipher cannot be solved. Even if a user manages to crack it, it won’t be of any use: the database is shared publicly.
Bank records, for example, are kept on a single server. Cryptocurrencies are not like this, they are stored at millions of computers at the same time – it is physically impossible to crack.
You will use your own custom password to gain access to the network. This is also how trading takes place. You can buy Bitcoin or exchange it with another currency by using the websites established for this purpose. At the time of this writing, 1 Bitcoin was worth $ 1,555.
Like other currencies, the value of Bitcoin changes instantaneously. This currency, which first appeared in 2008, has brought millions of dollars to its investors today. Because it is a digital system, it can only be used with digital methods, such as computers and mobile devices. This is actually an advantage because it allows the network to be uncontrolled.
No one can confiscate your Bitcoins. Nobody knows who the blocks belong to in the database. Since it is not stored on a single computer, it is not possible to have control over the entire network. Only you know how much money you have.
How to use Bitcoin in Online Casinos?
Anyone can join the Bitcoin network by creating an account. In this network, there are not concepts like seller and buyer, there are only users. So online casinos are users in this network too. Money transfers between users are instantaneous. In other words, a user can send money to another in mere seconds. There are no disadvantages such as waiting time and/or commission fees.
When you become a member of an online casino, you will see an option on your account page with a name like “deposit now”. When you want to make a deposit using this option, the payment methods you can use will be listed. If the online casino gives Bitcoin support, you will see “Bitcoin” in this list. If you click on it, the system will guide you to make payments using the network. The transaction is simpler and more reliable than paying by credit card or bank transfer.
You can use Bitcoin not only to deposit money but also to withdraw money. Moreover, choosing this option will be much more advantageous. Because there will be no waiting time. Your money will be credited to your account within a few seconds. Also no one will be able to control this transaction. It will be tax-free.
The only disadvantage is that the transactions cannot be cancelled. When paying by credit card it is possible to cancel the money you send even after the transaction. For example, “chargeback” option is offered for credit cards. Bitcoin does not have such a feature.
Because such a feature requires the presence of a central authority that controls the system. This is against the basic principles of an encrypted currency network. Once you have sent or withdraw money from your account, it is no longer possible to cancel the transaction.
Why should you prefer Bitcoin as a payment method?
Bitcoin has many advantages. We have noted some of them above: There is no waiting period, it is more secure, there are no taxes, no commissions … But there is another important advantage: Special casino games for this system. There are special games that support Bitcoin. These games can be audited by users.
Normally, the fairness levels of the games in a casino are controlled by third party auditors. ECogra, iTechLabs are examples to some of these organisations. They examine each game and determine how fair it is. They even publish the results of this audit. (These publications are called RTP reports.)
In Bitcoin games, such a test is not required. Thanks to a special interface provided within the game, every player can do the fairness control. So, before you start playing, it’s possible to have an idea of the real chance of winning.
We strongly recommend that you take a look at this system and even become a member. It seems that Bitcoin will be our future currency.