Volatility of Bitcoin: How your Winnings could double in value in a short space of time

When it comes to finding the best payment methods to use on online casinos and other betting sites, there is a huge array of choices. From credit and debit cards to e-wallets, there are plenty of options, and you can choose the best fit for your needs and lifestyle. There is one method in particular, however, which has been growing in popularity recently: cryptocurrency, and especially Bitcoin.

Bitcoin is a type of currency which is digital and totally virtual. Itis essentially a version of cash which is entirely online, and can be used to purchase products or sign up to services – including online casinos.

Bitcoin may seem complicated, but it is actually a pretty straightforward concept, and you will find plenty of guidance on any Bitcoin payment method page. Every Bitcoin works in a similar way to a computer file, and are all stored in a digital wallet, which may live on your computer or smartphone. Consumers are able to send Bitcoin, or parts, to the wallet, and they can be traded between users. Each transaction is recorded on the ‘blockchain’ – a public list that allows you to trace the entire history of Bitcoins. This prevents people from making illegal copies, undoing transactions or spending coins they do not have.

There are three main methods for getting your hands on Bitcoins; they can be purchased using real money, accepted as payment for goods or services, or created using a computer.

There is a huge range of benefits to choosing Bitcoin, and the primary one is security. The blockchain means that every single Bitcoin is a public record; there is no way you can be a victim of fraud, or spend any currency you do not possess. Making transactions via Bitcoin is also anonymous, and a perfect solution for anyone looking for a more discrete method of making transactions.

While every Bitcoin interaction is a matter of public record, this list does not include any identities, such as names, addresses or other financial records.

Bitcoin-friendly Casinos with amazing bonuses

It can still be difficult to find a casino that will accept transactions via Bitcoin; it is still fairly niche, though the popularity is increasing every day. There are two main casinos that are often name-dropped with regards to cryptocurrency; Playamo and Bitstarz; both popular sites with plenty of the top games and titles to choose from.

• Bitstarz Casino

Bitstarz is a site which really embraces Bitcoin, and includes this in their welcome offer; any Bitstarz Review will include it! The first deposit you make will see you grab a 100% match bonus up to 5BTC, as well as a whopping 180 free spins to spend on Wolf Gold, Boomanji or Fruit Zen. The first 20 spins will be added to your account 23 hours after you make your initial deposit and another 20-24 hours later. This continues for 9 days until you reach the grand total of 180.

The second deposit you make sees you grab a 50% bonus up to 5BTC and this is instantly credited to your account. This is a great way to really boost your initial deposit, helping it to go as far as possible and giving you the chance to totally explore the casino in all its glory before you decide whether to commit.

• Playamo Casino

Playamo is another big name in the world of the Bitcoin Casino, and any Playamo Casino Reviews will be sure to hype up this important aspect of the site. New players can enjoy a $/€100 welcome bonus, with a 100% match bonus up to $/€100, plus 100 free spins. While this deal may not be as Bitcoin focuses as Bitstarz, but they nonetheless accept this cryptocurrency as payment and remain one of the few sites to do so.

Verdict

Bitcoin may not be the most popular payment method, but it is certainly something that is worth examining and exploring if you are looking for an alternative to typical credit and debit cards or eWallets. This is a way to enjoy a secure and anonymous payment system that takes care of transactions without requiring extensive financial information and details.

The number of casinos that are starting to accept and embrace Bitcoin is on the rise, and you only have to Google the term to embrace a ‘how to deposit $1 in Bitcoin article.’ They are super popular for low deposit casinos and can be a great way to add a little spice to your casino experience, offering all the perks that cryptocurrency can bring.

Bitcoin Casinos – How Safe Are They?

Some industry watchers believed Bitcoin and online casinos are a match made in heaven; the reason at a closer look is not far-fetched.

You see, the gambling industry has struggled for a long time to get rid of a long history smeared in bad rep and publicity. And players over time have learned to seek out discreet, secure and safe gaming houses to satisfy their itch.

So, it is not surprising that the gaming industry was the first couple of businesses to adopt Bitcoin and its underlying Blockchain technology in their operation.

Now with several casinos running on Blockchain technology players can be safe in the knowledge that their personal information, transaction histories, and banking details are secure, encrypted, and anonymous.

What is a bitcoin casino?

These are new generation online casinos that rely on Blockchain technology and cryptocurrency such as Bitcoin to handle deposits and withdrawal on their platform.

In other words, the player has to fund their account using digital currency and also withdraw their winnings as a cryptocurrency. No need for fiat currencies, no need for financial houses.

This obviously benefits both the operator and gamer. One of such benefits is the elimination of transaction fees.

Now, for online casino operators using traditional payment platforms, they often pay a transaction fee for each transaction conducted on their system; these extra charges are often shifted to the final gamers.

Compare that to the Bitcoin casinos with little to no transaction fees. The operator can offer more enticing mouthwatering perks like improved welcome bonuses, side freebies, and the player doesn’t have to pay any transaction fees too.

Another attractive feature of a bitcoin casino is the opportunity for anonymity. You see, when a player decides to enjoy a game on conventional online casinos, they are often required to fill in personal details like banking information, names, contact addresses, and perhaps other personal identification information.

That’s not the case playing a bitcoin casino; you are only required to provide an email address that way your privacy is protected.

That said it is essential to note that you’re likely to encounter any of these three types of bitcoin casinos online.

One, there’s the full bitcoin casinos – these allow you to play anonymously with Bitcoin as currency only. They don’t have options for other payment methods.

Then, there are the hybrid online casinos – these lists bitcoin as one of the payment options available. You can deposit, play, and withdraw using the digital currency.

Finally, there are the online casinos that accept bitcoin deposits then convert it to fiat currencies to play with. They don’t support Bitcoin withdrawal.

But, how does bitcoin casinos work?

Just like traditional casinos, a bitcoin(BTC) powered casino needs a system to handle and process its transaction; and a medium to accept deposits.

However, instead of the regular fiat currencies – think: dollar, Euro, Yen, pounds, get the idea? The platform uses digital money but in this case, Bitcoin.

Also, most bitcoin casinos, especially for those with a large user base, operate the self-developed software. These programs manage and run the game, even taking on the role of dealers for all-human games.

Are they safe?

Be rest assured, your private information is safe and also your activities are anonymous. However, concerns exist about whether bitcoin casinos are fair or not; this arises from the fact that both the operators and users are anonymous and can hardly be tracked.

To address the challenge of fairness, build trust and show transparency, most of these operators publish how their algorithm works and how the random number generator operates – this way anyone that cares can run a check on the website.

In conclusion

Digital currencies have come to stay, and with the rave for foolproof security measures online, businesses including online casinos will have no choice but to adopt or integrate the technology with their platform.

For players searching for a bit more discretion, Bitcoin casinos offer the best option

If you aren’t fully convinced with Bitcoin as a method you want to use take a look at our other casino payment options here.