What is Bitcoin?
Created in 2008 by Satoshi Nakamoto, Bitcoin is a new online digital currency that is quickly becoming popular for business transactions such as restaurants, shopping malls and bitcoin casinos, such as BitStarz. The bitcoin currency is not regulated by any central banking authority and you can easily transfer it by electronic means.
The transactions made are logged into a blockchain. Here, the coins have a unique tracking system called a seed, and this seed or private key helps in providing a unique ownership signature during transactions at bitcoin casinos. The growing popularity of bitcoins can be estimated by the fact that the original price of bitcoin was just cents in 2009 and by 2013, it had shot up to almost one thousand dollars. And in November 2018, we’re talking huge figures compared to those days.
You’ll many other digital currencies such as Dash, Dogecoin and Litecoin, but bitcoin is the most popular with more than 100,000 transactions being carried out on daily basis. This number continues to increase daily as the popularity of the coin grows and bitcoin casinos are playing a big role in the increase of popularity.
Bitcoin casinos are those online gambling establishments that offer bitcoin as the only payment method. This payment method has a lot of great benefits and that is why it is quickly becoming popular in the online casino scene. One of the main reasons for this popularity is because of its simplicity to use.
How To Use Bitcoin For Casino Deposits?
It does not take any complex requirements or processes in order for a player to use bitcoin at bitcoin casinos.
The first thing a player has to ensure is that they possess bitcoins before logging in to the online casino. There are quite a number of places that players can go to in order to purchase bitcoins, so first of all you should head off to an exchange like Bitstamp or Coinbase. You can buy bitcoins with bank transfer or by credit card. And don’t worry – you don’t have to buy one whole bitcoin, you can buy fractions too. Just a ten dollars worth of BTC if that’s all you need.
Trading in bitcoin take a very short period of time and can even be instant. The commissions charged on the trades are very minimal as compared with payment methods such as e-wallets.
Once you have acquired your digital currency, you will have to deposit it into one of your favourite bitcoin casinos. You first register your account after which you will receive your bitcoin address, and this address must be used for all online casino transactions. The deposit process is normally pretty easy at most casinos and should be completed instantly. The fees that may be charged on bitcoin transaction are very negligible and basically free in most casinos. Players must wait for confirmation by the block chain, which normally takes less than an hour before they can transact. Once the Bitcoin is received and the funds are in your account, you are good to go.
Once you have deposited your digital currency into one of your favourite bitcoin casinos, it’s time to enjoy the perks. Enjoy games that are safe and provably fair due to advanced and transparent algorithms. Play with anonymity since bitcoin has no centralized authority. The transactions are difficult to be traced back to an individual since they are only connected through keys and addresses and no names. Enjoy some very low house edges as compared to traditional casinos ranging from 1.5% to 2%. It is also important to watch out for the many bonus offers given by many casinos when it comes to bitcoin deposits.
Fees And Transaction Limits At Gambling Sites
Casino Fees and transaction limits normally apply to deposits and withdrawals. These are there to ensure that players make wagers that are too high or too low for online casinos to honor. The banking limits schedule for most online casinos are normally published on the site. The fees will vary from one casino to another. The method of payment will also influence the amount of fees that will be charged per transaction. Bitcoin casinos also operate on the same premise as traditional online gambling establishments and the only difference you will find is that their charges will be calculated in bitcoin.
Bitcoin casinos generally don’t have a minimum deposit, and the maximum is generally very high. A quality casino like BitStarz, has its maximum withdrawal set at 50 BTC. So personally, I haven’t ran into that problem. I wish I would have.
However, you do have to remember that if you’re plaing through a real money bonus, you have to meet the bonuses wagering requirements before you can cash out. This applies for both Bitcoin and traditional real money online casinos. At bitcoin casinos the rollover requirements follow the same lines as traditional online casinos, ranging from 35x wagering to up to 70x.
Withdrawing Funds With Bitcoin?
Withdrawing cash from bitcoin casinos is also as easy as depositing. When you have had your fun at the casino and you are ready to check out, you simply transfer the bitcoins you have won to your exchange service address. A player can decide to hold on to their bitcoins or sell them.
If you sell them, you can use a bank transfer or any other withdrawal method to collect your winnings in cash. If you prefer to hold on to your winnings in digital currency form, then it would be advisable that you get a virtual bitcoin wallet that you can easily protect with a strong password.
It is very important to note that the value of a bitcoin regularly fluctuates. This is why when withdrawing a player can either decide to sell his/her bitcoin winnings or to keep them in digital currency form hoping to recoup much more from his winnings if the fluctuation is positive.
Is Bitcoin Safe to Use?
Bitcoins are considered to be extremely safe due to their technology, and hence bitcoin casinos are the safest casinos online because of their choice of payment method. This payment method guarantees that your sensitive information is always safe because you never have to use it. When transacting through bitcoin, all you have to enter is the wallet address and nothing else. This ensures that all transactions are private and anonymous and you do not need to worry about hackers and fraudsters unlike when you use other payment methods such as credit cards and e-wallets where you have to give personal information.
Transactions at bitcoin casinos are done using your wallet address which is the visible public key and the private key which is only known to you. The combination of the wallet address and the private key serve as a unique signature for the transaction. Ensure that the details of your private key are always kept in a very safe place because this is the only way someone may be able to access your bitcoins. Transaction keys are very valuable and must be treated with care; always confirm that you have sent money to the right person when making a deposit or payment.
Frequently Asked Questions
What Are The Advantages Of Using Bitcoin Casinos?
There are many advantages to using bitcoin casinos. These casinos ensure the utmost security in terms of transactions. The transactions are also processed in real time and are normally instant. Players at bitcoin casinos will also enjoy some perks that are unavailable at traditional online casinos such as very low transaction charges.
How Does A Player Withdraw Bitcoin From An Online Casino?
The procedure for cashing out using bitcoin is very easy and can be accomplished in three easy steps. Enter your bitcoin casino account once you are done playing and click on the cashier’s tab. Proceed to enter the casinos bitcoin wallet address and request the correct amount of bitcoins you want to withdraw.
Is Using Bitcoin Casinos Safe?
Yes, visiting and transacting at bitcoin casinos is very safe. This is because these casinos do not require you to give out personal details while transacting. The details required for a transaction are a wallet address and your private key code. This guarantees you anonymity and keeps away hackers and fraudsters.