The cryptocurrency boom has forced some casinos to recycle and offer new alternatives in payment methods. There are more and more online players who prefer to bet through digital currencies. Using this virtual currency is a very attractive option, not only for online casino players but also for many other businesses and investments in the world. Betting in online casinos with Bitcoins is already a reality.
Bitcoin is a digital currency or cryptocurrency created and stored electronically. It is a decentralized digital currency and is not controlled by any central authority. It is electronic money between users that allows direct online payments without having to go through any financial institution.
This cryptocurrency can be used to make transactions or purchases through the internet.
Explained in a simple way, we can say that Bitcoin is like conventional euros or dollars. With the difference that you can only make purchases on the internet. Since the currency physically does not exist. Bitcoins are acquired through Bitcoin exchange houses. In these exchange houses, you can convert euros, dollars or any other currency to bitcoins or vice versa.
Bet on online casinos with Bitcoins
– Deposits made with Bitcoin are available practically at the same time.
– Some casinos offer exclusive welcome bonuses for users who use Bitcoin.
– A Bitcoin casino allows players to fully control their funds.
Advantages of using Bitcoin
- Security. It is a very secure payment system. Operations are both extremely safe for both depositing and withdrawing money.
- Emission limit. The maximum allowed is 21 million bitcoins.
- It is not controlled by any authority. It is the first decentralized currency. Bitcoin does not belong to any state or banking authority.
- Anonymity of the users. Any operation that is performed is recorded. However, such a transaction is absolutely anonymous. No user has an obligation to reveal their identity.
- Unfeasible. Today, it is impossible to fake Bitcoins. Who knows if it will be possible overtime …
- Lower cost than other payment methods. Transfers through Bitcoin are less expensive than those made through PayPal, credit cards, or other modalities.
- Immediacy and speed. Current technological advances allow transactions in real-time. Here and now.
- Can be used almost anywhere in the world.
- No account freezing. The user’s account cannot be frozen, and there are no prerequisites or arbitrary limits.
Bitcoin is a new concept of electronic wallet, but obviously, it is not the only, nor is it new. For years there have been other forms of electronic payment. Perhaps the best known and used by users is Paypal. Paypal allows you to use funds directly from a card or bank account and transfer them directly to the recipient.
Most casinos also allow monetary transactions with Skrill and Neteller. These work like most electronic wallets. It allows you to make funds transfers using a credit or debit card to later use the money.