Online casinos are getting more and more ubiquitous, and BTC Casinos are definitely the impeccable choice for playing online. Mainly because there present many advantages when playing with BTC cryptocurrency, for instance: the cryptocurrency transactions system, which was invented by the genius of Satoshi Nakamoto, are rapid, safe and completely anonymous, moreover there are no commissions or fees for blockchain transactions. In this article you will get to know why top online gambling platforms allow their user to deal with BTC while making deposits and withdrawals. Moreover, we’ll go through main BTC benefits, bonuses and online casino payouts as well.
General Information About BTC
Bitcoin has been globally nicknamed as new “Internet money”, which basically means that is a profoundly different digital currency from classic currencies (for instance, Euro, Dollar, Yen, etc.). Unlike traditional currencies, which rely on banks to complete transactions, Bitcoin does not rely on any intermediary, but rather on a decentralized computer network. A good source to find out more is the Wikipedia page dedicated to Bitcoin.
How Does Bitcoin Work?
Let’s take a look at how BTC cryptocurrency works. As we mentioned earlier, there is no central entity that produces the currency, and this is not connected to direct location. Bitcoins are in fact mined (the process of creating the currency) by computers that solve complex equations.
To understand the extent of the Bitcoin creation process in the world, just think that mining accounts for about 0.60% of world energy consumption (more than the entire energy consumption of all of Argentina). Therefore, highly powerful and vigorous computers are required to mine this crypto currency, which is why they tend to be produced by a small number of specialized miners.
BTC Usage Benefits and Downsides
Online money transferring with Bitcoin cryptocurrency is an excellent option for real money online casinos. Once mined, or “extracted”, the Bitcoin passes from one wallet to another, just like it works for a PostePay or PayPal account. The only difference is that these wallets, or accounts, cannot be found on websites – they exist only on your computer or smartphone. However, whether you lose your access keys, or even your device, your Bitcoins will also be lost. This is one of the few downsides of this currency.
All wallets have a unique address, which is used to receive money. This code is like a bank account number, but can only be used to add money to a wallet and not withdraw anything from it. Furthermore, your code does not show any information about you or the contents of your wallet and it will not be possible for someone who sends you money to observe these details.
This feature makes Bitcoin anonymous and one of the major points in favor of crypto gambling.
What does this have to do with BTC casinos? Bitcoin is a cryptocurrency that we can define as free, secure, anonymous and decentralized. This means that playing with Bitcoin in casinos is not illegal in any country, no matter where you are.
While, on the one hand, the Bitcoin casinos have many advantages in terms of costs and freedom of action, there are also numerous negative points. One of the main points against this is the possibility of being scammed. Regulations aside, Bitcoin cryptocurrency offers an incredible number of benefits, both for bettors and operators. One of the most important aspects to consider when transacting with Bitcoin at an online casino is whether the casino allows you to actually play using Bitcoin as a game currency, or whether it converts Bitcoin deposits and withdrawals to or from another currency.
In the latter case, you will have to be subject to the floating exchange rate of Bitcoin to and from US Dollars or Euros. For instance, for Bitcoin, it is not uncommon for the exchange rate to move more than 5% in a single day (truly an extraordinary event for the major global currencies). Therefore, if you want to avoid any fluctuation in the currency exchange, it will be best to choose a casino that supports Bitcoin natively as the in-game currency. There are also some casinos that allow you to have two separate balances in your account, one in Bitcoin and one in Dollar/Euro, for example, because some betting games cannot be used with Bitcoin.
Want to get more info about BTC online gambling? Than learn more about BTC online gambling sites and find here the best online casino to play anywhere in the world.
Casino Bitcoin Scam
The popularity of BTC currency has increased drastically in past 5-6 years. Unfortunately, scams like Casino Bitcoin Pirate and fakes have also increased their activity. The criminals have perfectly reproduced the interfaces and graphics of the most well-known games, in order to generate fakes for Bitcoin casinos, managed anonymously. These games do not work using the random number generators used by legitimate providers. Due to it, chances of losing money are woefully huge.
Tips for Using Bitcoin in Online Casinos
Before registering on any BTC online casino, it is of fundamental importance to have some precautions in order to maximize your winnings and minimize your risks.
Check the value of the cryptocurrency
The price of Bitcoin can move thousands of dollars/euros in minutes, much more than any other currency. When you use your Bitcoins at an online casino that converts Bitcoin to your local currency, because you are actually exchanging them for casino credits, which in turn will be exchanged for cash. So, before selling the Bitcoin, wait until the price is “high” enough.
Secure your wallet
The wallet is that tool where all Bitcoins go in and out. It must therefore always be in complete safety. In the event of a theft, technical problem or tampering by an attacker or even a virus, you must first make sure that your money is protected.
Unlike online trading platforms, Bitcoin casinos haven’t been legally regulated in some countries yet. This allows dishonest companies to offer bonuses, which are prohibited for investment brokers. Well-night all of them usually offer bonuses of various types (on the deposit, on the winnings and so on). Therefore, you need to stay gamble aware and trust only authoritative online casinos, for instance read 888 Casino Review or any other ones, to help yourself to stay aware of official bonuses and other casino promotions.