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20 Jul 2016
Once a fringe cryptocurrency rarely found in the online gaming world, Bitcoin is now becoming a staple at online and mobile casinos. In fact, it's getting hard to find online casinos that don't accept Bitcoin these days. If you're unfamiliar with Bitcoin, keep reading to find out what it is and why so many casino players are using it.
What is Bitcoin?
Bitcoin is a cryptocurrency that was invented in 2008 for the purpose of anonymous transactions without government/bank involvement. The latter is key because no central government or bank can freeze or monitor your transactions. Bitcoin is created through an open-source network by miners, or people who solve complex math problems to unlock bitcoins. You can also earn bitcoins by helping the network through monitoring/verifying transactions, or simply buying them in the open market.
How to Use Bitcoin at Online Casinos
You can start using bitcoins through various means, but the easiest is to create a Blockchain account, which serves as your wallet. The next step is to get bitcoins in your wallet through one of the methods we discussed above. If you want to buy Bitcoin, you can do so through eWallets or Bitcoin ATMs. The next step is to deposit the bitcoins into an eWallet like Neteller or Skrill, then make your deposit at an online casino. As for cashing your money out with Bitcoin, enter your Blockchain address and the amount you want; the money will then transfer immediately.
Why do Online Casino Players Use Bitcoin?
There are a wide variety of deposit and withdrawal methods at online casinos. So why do players like using Bitcoin over the many credit cards and eWallets?
A big reason why is because there are no transaction fees involved. Unlike using payment services and banks, you don't get hit with any extra fees with Bitcoin because it runs on an open-source network. This means that nobody is making a profit on your online casino transactions. And because casinos don't get charged a fee either, they pass these savings on to you in the form of no transaction frees.
Another benefit is that Bitcoin transactions are instant. The big problem with using eWallets and bank transfers is that you have to wait on somebody to approve the transfers. This is done to ensure that no fraud occurs, but it can add days to your wait on cashouts. With Bitcoin, you make a withdrawal and have access to your money instantly.
Yet another convenient aspect to Bitcoin is that you don't have to send your ID and utility bills to the casino before making transactions. Again, Bitcoin is an anonymous service that doesn't require approval from any third-party representative. Combing the convenience advantages with no transaction fees, you can really see why more and more players are using Bitcoin at online casinos.