Bitcoin as an Online Casino Payment Method
Any online casino enthusiasts will tell you that it takes just the right balance between all the key elements of the service to enjoy the ultimate gameplay.
While it may be rather speculative as to what the key considerations are, the greater portion of the player pool indisputably identifies aspects such as software quality and platform reliability among the top.
Nevertheless, when it comes to real money online gambling exploits, the matter of payments inevitably takes one of the lead roles, with various banking methods affecting the overall player satisfaction level.
In a truly progressive manner, technology has advanced all these elements, with online payment processing services going so far as to provide a completely revolutionary system for funds transferring. This brought about the appearance and wide promotion of Bitcoin, a new method of facilitating players’ attempts to transact on the macro global scale, and the micro online casino one.
The Basics of Bitcoin
The Bitcoin was invented to function both as an online payment processing system, and as a fully digitalized, virtual currency. The plans and basic engineering concepts for this endeavor were first made public back in 2008, by the pseudonym of the inventor known under the same name a decade later, as Satoshi Nakamoto.
Shortly after it became available for the public, people started exploiting its unique characteristics, obtaining it any way possible and thus changing its market value.
With massive fluctuations across exchange services and platforms, the Bitcoin identified its major system flaw, fixed it and thus stabilized into processing massive online payment traffic coming from all kinds of platforms.
Key Features of Bitcoin
Unique as it is, the Bitcoin cryptocurrency and corresponding payment processing systems are both characterized by a set of features which have allowed it to achieve such rapid and massive success. To start off, it is important that users or potentially interested Bitcoin payers are aware of the fact that Bitcoin was established as a B2B system, meaning it is fully decentralized and independent of any given Federal or private bank, or any other financial institution.
Whilst this seemed like the ultimate dream-come-true back in the early days, its volatility soon proved the contrary. Namely, Bitcoin owners in general suffered a massive plunge and resurfacing in terms of its value, over the course of several hours. Once the system error had been found and fixed, the cryptocurrency continued to exist as prospected – as a limited form of payment, with 21 million Bitcoins being the maximum amount that can exist at any given time on its processing system, the blockchain.
Due to the blockchain’s revolutionary technology, users were able to transfer the Bitcoin in their possession to other owners via the constituents of the system, which in their own power, operated as a single ledger containing all the information on any transaction ever performed. Nevertheless, considering that owners solely operated with the cryptocurrency using a special type of Bitcoin e-wallet, the only thing it actually made available was the string of numbers and letters that denoted the sender and receiver’s e-wallet address, as well as the amount.
This factor along with the lack of a central regulatory authority has a dual role – on the one hand, they enable optimal anonymity when performing transactions with the currency, even though there is some level of awareness regarding the origin of the transaction. After all, the first days of Bitcoin saw the platforms on the dark web perform all manner of trades upon realizing the full potential of such a peer-to-peer transaction basis. On the other side, however, such a basis for an entire payment network significantly improved online casino potentials, as the cryptocurrency was neither regulated nor prohibited across jurisdictions worldwide.
Use of the Cryptocurrency
This is the second application of the Bitcoin system and cryptocurrency we have touched upon so far, but it is essential to delve into it a bit deeper, as not all online commerce platforms are ready to install the relevant add on and move on. As mentioned earlier, criminal activities of all kinds were transacted for across the blockchain, causing disreputability to the service as a whole. Nevertheless, through an appropriate string of measures and limitations, the system is nowadays able to process payments of its currency, encountering transactions from all types and significantly filtering the influx of illegitimate contraband payments.
As for the anonymity and security achieved through the lack of holders’ personal information, this cryptocurrency found a different use through the latter application illustrated above. Online casinos were just starting to establish themselves as licensed, regulated and profitable establishments with a stable and secure support from select jurisdictions. Clashing with the currency’s nature, some platforms didn’t see it fit to include such a system into their payment processing practices, while others fully implemented the processor and used it to delve into untapped markets. The lack of traceable information on the Bitcoin network fits the needs of this market portion, as they are interested in the service which is being paid.
Bitcoin as an Online Casino Payment Method
Evidently so, the Bitcoin cryptocurrency and payment processing system are of great importance to the world of online gambling, and online payment processing in general. In fact, the iGaming industry developed and established itself enough to vouch for the system and promote its use across other e-commerce platforms, so much so that nowadays you can practically pay via Bitcoin for anything from food, through clothes to real estate, still enjoying all its major features illustrated above.
When it comes to the matter of online casino payments performed via Bitcoin as the blockchain-based payment method, using nothing but the cryptocurrency itself, there are a few basic steps to improve player performance. All players need to do is learn how to deposit and withdraw using the following guidelines, and make use of all the benefits of this cryptocurrency.
Bitcoin Deposits at Online Casino Platforms
Step 1: First of all, players need to choose a Bitcoin e-wallet service that will best fit their storage and transaction needs. Nowadays, the range of options includes web-based e-wallets that store the currency on their servers or a downloadable app client that allows players to keep their bitcoins offline, on the chosen platform. Considering the increased functionality of mobile device OSs, the same options are accessible across PCs, smartphones and tablets, although players can further choose to keep their e-wallet address and corresponding key on a paper copy or a removable hard disk.
Step 2: Once players have chosen the suitable storage solution, they need to obtain this currency. For this purpose, they can choose to mine the bitcoins themselves via corresponding software programs, purchase them from existing owners or simply get the cryptocurrency from the relevant exchange platforms using fiat currencies.
Step 3: With the necessary Bitcoin bankroll for your online casino exploits, all it takes is to find the suitable Bitcoin casino that fits your needs. Like the ones listed on this page, it is best to choose from renowned and reputable gambling services that offer industry standard game selection, security and customer support options among the rest.
Step 4: Go to the Cashier page on your chosen online casino platform and choose Bitcoin as your payment method. In this regard, it is important to mention that some online casinos are Bitcoin-exclusive and focus solely on the payment method in question, while there are also hybrid operators offering their player pool a range of fiat currency payment options aside from the cryptocurrency.
Step 5: Upon selecting Bitcoin as a payment method, players should input their e-wallet address in the appropriate box, the amount they wish to transfer to their player account and the authentication key to confirm the transaction. Due to the fact that Bitcoin transactions are free from any central authority, their processing time is practically instantaneous when it comes to deposits. With the funds credited straight to your player account, all that’s left is to head straight to the game selection and choose from the titles on offer.
Bitcoin Withdrawals at Online Casino Platforms
Step 1: Bitcoin withdrawals start off much like deposits, at the Cashier section of the online casino platform. Players who wish to cash out their winnings using this payment method can do so by selecting it from the potential options provided.
Step 2: Input the relevant e-wallet address where you wish to store the bitcoins won at your chosen casino platform. While transactions with this cryptocurrency are essentially instantaneous, withdrawals from reputable casino operators normally take up to 24 hours to close the transaction. This is normally done so that the platform can confirm the player’s right to request a withdrawal, considering if they are tied by any bonus wagering requirements beforehand.
Step 3: Once the bitcoins are credited from the online casino player account into the respective e-wallet, all that is left to do is visit one of the numerous online exchange services and convert your Bitcoin sum into the fiat currency of choice. Bear in mind the cryptocurrency’s volatility, exchange rate and any potential e-commerce platforms which allow you to pay in Bitcoin directly so that you can use it to make your necessary purchases.
For a more comprehensive walkthrough on the most efficient way to use Bitcoin, you can use this guide aswell.
Bonuses & Promotions at Bitcoin Online Casinos
Among the key aspects that may concern players at any online casino platform, bonuses and promotion offers rank highly in their overall effect on the players’ enjoyment. Namely, these bonuses are mainly provided as a way for the casino operator to indicate their reliability and orientation towards player satisfaction, although they may be equally purposed to promote a game title, software provider or a payment processing service. Hence, players at Bitcoin casinos, both exclusive and hybrid ones, are mostly eligible to benefit from rather generous Bitcoin-dedicated bonus offers in order to promote the use of the cryptocurrency among the player pool and the target audience in general.
Licensing & Security at Bitcoin Online Casinos
With such advantageous circumstances, players at Bitcoin online casinos are hardly likely to lack anything from the standard offering. Security at these platforms is double-guaranteed, as this cryptocurrency has its own layer of protection in addition to the RNGs, independent audits and encryption certificates.
On the other hand, licensing is a trickier subject when it comes to Bitcoin casino platforms. The main issue regarding this matter is the cryptocurrency’s decentralized and unregulated nature that allows its global accessibility, speed and lack of fee charges per transaction. As a result, leading reputable authoritative licensing bodies have refused to issue a license to operate for any of these casinos. Still, player testimonials and a wide range of on-site factors can show for the qualities of any given Bitcoin online casino site.
- What game variety can players access at Bitcoin online casino sites?
– Bitcoin online casino sites feature all the standard game offerings that provide gameplay variety to players using fiat currencies for their online casino exploits. These include all the top popular slot game variants, table games such as blackjack, roulette and craps, as well as entire poker rooms, casino specialty games, bingo and the likes.
- Are Bitcoin online casino websites available for the US player pool?
– Yes, Bitcoin online casinos are widely available to one of the greatest player pools globally, the US. This is so due to the unique features that allow members of this player pool to enjoy top-class real money gameplay without the risk of getting traced to the top US online casino providers.
- What are the main obstacles keeping governments and independent institutions from fully legalizing Bitcoin?
– Governments and institutions have widely differing opinions about this cryptocurrency in the worldwide context. While some ban it, others legalize it, and yet others tend to disregard it as a grey area in their legislature. The reason behind this lies in the system’s uniqueness and its unpredictable character allowing its value to fluctuate drastically over short periods of time. Other than this, all other aspects of the cryptocurrency indicate stability, security, privacy, efficiency and thus, player satisfaction.
- How to choose a reputable Bitcoin online casino operator for my gambling entertainment?
– When it comes to choosing a Bitcoin online casino platform, the same guidelines apply as in any other. Namely, the top operators from this category are those offering a wide, varied and quality game collection, reliable payment methods (Bitcoin/hybrid) and a trustworthy customer service and support segment. Other than that, a useful consideration is the terms and conditions aspect of the operator’s respective bonus offers, as they can practically make or break a player’s experience.
- Are there any other such cryptocurrencies that function as digital payment methods, as opposed to the fiat money we have been familiar with so far?
– Yes, just like there are numerous fiat currencies functioning on the same principle of exchange rates, cryptocurrencies differ between numerous varieties. These include Dash, Dogecoin, Litecoin, Ethereum and Ripple XRP aside from Bitcoin, often found on crypto-oriented casino sites.