When it was first introduced in 2008, few people outside of the insular community surrounding the digital payment system took Bitcoin seriously. But within a few years, the cryptocurrency had become an important way for users to bitcoin casinos purchases and exchange funds online. The decentralized nature of the asset has made this a somewhat anonymous way of processing financial transactions, something that has made it attractive to many users around the world. One of the biggest areas in which this cryptocurrency could make an impact is in the world of online gambling.
This is especially true for many players who want to sign up at Internet casinos, but either do not want to share their financial details, do not own a bank account or credit cards, or live in a jurisdiction, such as the United States, where online casino transactions are difficult to process. Using This Service In order to make online gambling deposits or other purchases with Bitcoin, you will first need to set up a digital wallet. There are many online wallet sites that can help you with this process, giving you a place where you can easily see how much of the currency you own. Some of the most common include sites like Coinbase and Circle. These sites can not only set up a wallet, but also help you buy or sell coins using the currency of your choice. Once you’ve purchased the amount of digital currency you’ll need, it’s time to visit a casino that accepts Bitcoins.
Many such sites now exist, with more and more adding this option every month. Simply head into the cashier section of the casino, and you’ll see Bitcoin listed among the offered deposit methods. Select it, and you will typically be given a wallet address for the gambling site in question. Playing with virtual cash may seem like an unusual concept if it isn’t something you’ve considered before, but there are actually many advantages to doing so.
In fact, many of the things that have made Bitcoin popular in the first place are particularly useful for gamblers, making this a natural fit in the gaming industry. For one thing, payments made with a cryptocurrency are virtually anonymous. It’s certainly possible for a wallet address to be connected to an individual: if you use the same address regularly, it will become associated with you, even if only unofficially. But individual transactions do not have a name attached to them, so unless someone is trying rather hard to connect the dots, it is virtually impossible to tell that you’ve been putting money into a gaming site. Bitcoin casinos can also operate freely in many areas where gambling is otherwise prohibited, or where the government has attempted to prevent transactions from being processed to casino sites. Because Bitcoin does not operate through the standard banking systems, it cannot be regulated anywhere near as easily as a fiat currency.
And since no central bank has control over it, there is a certain sense of value in each coin that can never be devalued. These games use cryptographic algorithms that can then be verified after a bet to ensure that the results of each spin, hand, or roll of the dice were legitimately arrived at through a random process. Often, a button is available right on screen allowing you to do this verification by itself. Believe it or not, almost every type of casino game imaginable can now be played online using bitcoin instead of the more traditional currencies that have been used almost exclusively up until now. The availability of games can vary largely from site to site, but most of the mainstream sites will offer games such as slots, video poker, and of course table games like blackjack as well.
Emerging System Comes with Some Downsides Despite these advantages, there are some reasons to be at least a little cautious when playing on Bitcoin sites. While most players are likely to have an excellent experience, it’s worth understanding the risks that come when venturing into new territory. First, you’ll recall that we mentioned the lack of a central bank or agency that controls the value of Bitcoin. In a theoretical sense, this offers protection to those who hold the currency: nobody can intentionally devalue it, as there’s no way to introduce more coins into the money supply.
However, it’s also true that while digital products like this one are used as currencies, in a practical sense, they often behave a lot more like commodities. The value of a single BTC can vary tremendously from day to day, and in real world terms, has proven to be much more volatile than any trusted fiat currency. The sites that run using Bitcoin can sometimes also be a source of danger. The Bitcoin casinos we recommend have been in operation for a while and are trusted to offer strong service and fair games. However, with so many new users and numerous operators popping up trying to offer real money play for them, it is inevitable that some rogue operations will pop up as well. Because of these issues, it is important to be diligent when choosing an Internet betting site.