Bitcoins in the Online Casino Industry

By  //  April 6, 2020

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Green dollar bills and clay chips painted with all colors of a rainbow were always a synonym for any casino establishment worldwide.

Green dollar bills and clay chips painted with all colors of a rainbow were always a synonym for any casino establishment worldwide.

Things are changing as we enter one new digital age where cryptocurrency may prevail as a universal payment tool. Casinos do not discriminate when it comes to cash of any kind, so they welcome changes like this with open hands and some deep pockets.

Bitcoin history

When history is shrouded in mystery, it only adds more appeal to the matter, which is certainly the case with bitcoins. They appeared like a flower blossoming from in the internet’s backyard where hackers, darknet and some shady figures hold sway.

What we can confirm is that somewhere in the nineties, some group of enthusiasts gradually developed an idea about one currency not controlled by any government. That was the birthday of a cryptocurrency. 

How to use Bitcoin for making online casino deposits

Three things must be joined together for this to work out. One must choose his bitcoin wallet, buy some bitcoins and finally make some deposit at a casino of his choice.

This cryptocurrency is so domesticated that every casino has it added on a list of acceptable currencies. The only difference is its invisibility, which is very suitable for virtual cash.

Bitcoin wallets

Just like dollars or euros have their Paypal or Skill, bitcoin enthusiasts developed their own e-wallets for facilitating bitcoins transactions. Coinbase, Blockchain or Electrum are just some names in a growing market that takes care of your need for crypto-transactions.

As virtual currencies become popular among the best crypto casino communities, we can only expect this market to grow in size and volume.

How to buy Bitcoin?

Your bitcoin wallet is an online store of bitcoins where paper money transforms itself into bytes and digital form. Your personal virtual stash will be stored somewhere in the darkness of a blockchain database where it will be safely tucked, waiting for your transactions to take place.

It is highly recommended using strong encryption for making that hidden stash invisible for unwanted visitors lurking on the Internet. Your bitcoins will be transferred to your wallet after using traditional credit cards or bank transfer for buying them.

Advantages of using Bitcoin

Aside from the fact that it is a new, cool and fashionable cryptocurrency, they offer a certain amount of anonymity or privacy while browsing any commodity online.

They leave no paper trail, which is useful when playing online pokies for real money or planning on hitting some jackpot slot machines. They spell transparency while evolving into the currency of the future.

Disadvantages of Using Bitcoin

Like any commodity, these coins are susceptible to volatile market distortions, which can go both ways while leaving you empty-handed.

Mechanism like blockchains is not yet fully appreciated by the majority, so there is still not enough trust to make this currency bulletproof. Its nature makes it easy for skilled hackers to make it evaporate, which is like an equivalent to virtual money train robbery.

Conclusion

If you got some flair for futuristic innovations or just some disdain for government control, give it a try for some while. One needs to put some trust in it to work properly.

Knowing that you are a part of a growing community of like-minded individuals who are creating something beautiful out of a tin air may motivate you into giving bitcoin one chance while gaming online.


ABOUT THE AUTHOR: Frankie Wilde is a content writer at various gambling sites. Also, he is a passionate traveler and a great cook. Frankie shares informative articles with the world.

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