Usage of Bitcoin in Gambling
With the increased popularity and adoption of blockchain technologies and cryptocurrencies, and more specifically Bitcoin, many industries are becoming more accepting of the technology and incorporate it into their process.
Gambling is no exception to this, and they have a lot to show for it. Ranging from gambling and betting solutions on the price of Bitcoin itself, all the way to the slot and table casino games with Bitcoin prize pools, Bitcoin is quickly becoming a very widely-used instrument for online casino players, and is preferred over cash/regular money among some of them.
Why use Bitcoin for Gambling?
Using Bitcoin for Gambling has numerous advantages. For one, if you’re the kind of person who values privacy, Bitcoin will make it very easy for you to responsibly enjoy your gaming needs without anybody else knowing. Bitcoin, in its essence, is designed to be fully anonymous. This means that you can safely and securely deposit on your online casino account without any payments being traced to your actual bank account.
Speaking of Bank accounts, one of the biggest gripes that players have with online casinos is the deposit/withdrawal process, which can sometimes take very long when using your bank accounts with FIAT money. This is due to the banks’ different policies and regulations, as well as currency exchange rate differences. With bitcoin, this currency-difference issue is taken out of the equation, making everything very easy.
Another advantage that Bitcoin has in this over FIAT is its low fees. Seeing as banks have a lot of small fees that can add up very quickly – especially when it comes to international transactions and deposits, while Bitcoin’s fees are mostly small to non-existent. The speed of the whole process is very pleasant as well, with transactions usually taking no longer than several minutes to confirm.
When it comes to security, Bitcoin is where it really shines.
How does it work?
When it comes to actually using Bitcoin for casinos, it’s not very complicated. The only real requirement is to have an active balance of Bitcoin on your wallet. A wallet, as the name implies, is a digital wallet where you can store your Bitcoin.
There are numerous ways to get a wallet where you can store your Bitcoin, the most simple one being registering on an online cryptocurrency exchange platform like Coinbase, Binance, etc. After registration, you’ll have your own online wallet which will be assigned to your personal account. You may then
There are other, safer ways of storing your Bitcoin though. When it comes to online platforms, what most people don’t understand is that their wallets aren’t really 100% theirs. To clarify, the wallet that is given to you by a platform is attached to that platform, and in case your account is suspended or lost, you lose your wallet as well, as it’s attached to it. In other words, you’re at the mercy of your crypto exchange and are not very secure.
A safer, more sensible alternative would be to use one of the wallet applications such as Electrum, which you can download to your phone or computer. This way, you can have constant, uninterrupted access to your wallet on your own personal device.
After you have a wallet with an active Bitcoin balance, you may choose your online casino that accepts Bitcoin and can transfer the Bitcoin credit to your online casino account straight from your wallet easily and securely.