Bitcoin was once created to revolt the global financial system. The spread of this means of payment has increased significantly, especially in recent years, and the first online casinos are now also offering deposits and withdrawals with this crypto currency. There is an overview of the best BTC casinos and the matching games on the Internet, as well as a lot of additional information on transactions and experiences with these casinos.
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Bitcoin casinos are becoming increasingly popular, mainly because everyone is talking about cryptocurrencies these days and more and more investors are using them. Cryptocurrencies such as Bitcoin are virtual capital, i.e. money that only exists in digital form.
However, since the rate is constantly changing, it cannot be said with certainty whether it is cheaper for the player to use BTC as a currency in an online casino or not. At the same time, the relative value of all regular currencies changes, but the fluctuations are nowhere near as strong as with Bitcoin.
The player can produce or buy the bitcoins himself by doing what is known as mining. The function is not that easy. On the net, the players can find the basics clearly described. The BTC casinos do not differ from other online casinos, except that they recognize Bitcoin as a means of payment.
The cryptocurrency Bitcoin is a digital payment method. The real thought in creating this means of payment was to remove the bank as the middleman from all of the transactions. With the help of Bitcoin, transfers can now be sent directly from the sender to the recipient.
Another important aspect of the BTC is that the data is not stored centrally, for example at the responsible house bank. If the bank is hacked, the customer may have lost their own money. Due to the decentralized storage of the Bitcoin in the network, this is not possible. There are particularly many backup copies around the world and every participant in the Bitcoin network receives a copy of a transaction history.
Since more and more global companies such as Microsoft, Dell or Expedia have been accepting payment with Bitcoins since 2014, more and more online casinos are now following suit. There are now some casinos in Germany that allow deposits and withdrawals with the crypto currency.
What is the Bitcoin?
Bitcoin is not a physical, but only a virtual currency, and can therefore only be used and accessed digitally. With them the new “era” of digital currencies began about a decade ago. Today there are opportunities in the digital wallets, such as Litecoin, Ethereum or Bitcoin Cash, whereby Bitcoin still has the position of the pioneer. Therefore, the player in the casino has a good choice for payment.
Bitcoin is generally the best-known crypto currency. The value has increased from a few cents to tens of thousands of euros in recent years.
The term Bitcoin can be translated quite easily, as it is made up of Bit, the smallest storage unit, and Coin, which means coin. Due to the decentralized trading, the cryptocurrency is not connected to the banks.
While other crypto-coins are generated and can only be bought directly using suitable wallets, the Bitcoin currency offers the option of “mining” this using the computing power of the computer or a server. The smallest unit is called Satoshi, which is based on the name of the inventor of Bitcoin Satoshi Nakamoto.
The importance of the Bitcoin wallet
In general, users can find various wallets on the website www.bitcoin.org that they can download. Only if he has such a wallet can he have the bitcoins paid out from the swap exchange.
It is particularly good that the actual installation of the wallet is particularly easy. It is actually a little more complex to find the right wallet that really fits the user's needs. To do this, he should take the necessary time to make an appropriate decision. It is important to note how the download works exactly.
The first step is to choose the Bitcoin wallet that the user has to choose. Via “Choose your wallet”, he or she has to choose the optimal account for the mobile device or the PC.
Then it must be checked whether the source code can be viewed. Depending on which wallet the user chooses, he can also view the source code. In this way, optimal transparency is guaranteed and the user can be sure that it is an honest application.
The exchange page is then selected. The user receives the bitcoins after installing his wallet via the BTC exchange page, which can also be found on the wallet website. The swap exchange www.bitcoin.de is the best known and most popular website in Germany. At the same time, this is recommended without hesitation because of the high security standard.
The advantages of bitcoin casinos
The payments with the Bitcoin are made in a few minutes for every user in the casino. Due to the decentralization of this coin, all transactions can be logged and accessed at any time.
In addition, some users see it as a security currency at the same time. If your own currency, for example the euro or dollar, should crash, Bitcoin will not be affected. However, the cryptocurrency is also subject to huge fluctuations in exchange rates. Great caution is therefore required here.
More and more online casinos are recognizing the legality of the cryptocurrency and accepting this means of payment. Experts estimate that in a few years the Bitcoin will be a normal payment option, such as Neteller or the provider PayPal .
Especially because of the easy-to-use and fast online casino payments, the Bit Coin is an increasingly popular means of payment on the Internet. In a few steps and with the simple use of the software or an online option, players can buy the bitcoins and transfer them to the casino account. In this way, they save themselves the use of online payment service providers and the hassle that international and time-consuming transfers at banks bring with them.
The main advantages of paying with the cryptocurrency are the secure payment option and the anonymity of the casino payments. There is also a quick transfer of money without any cumbersome formalities. The deposits and withdrawals are also free and the rate of the Bitcoin increases steadily, which increases the value on the player's account.
The absolute security and anonymity of online payments is another advantage that speaks in favor of using this online payment method. All that a casino learns about the player when the payment is received is the number and name. In this way, they are absolutely safe from hackers or fraudsters and do not have to disclose the bank details online.
Choosing the Bitcoin Casino
Bitcoin casinos offer players complete anonymity when playing. Most of the time, the only information required from them is just the email address. This is necessary so that the casino can generate a new password for the players in the event that it should be lost.
As a modern form of currency in the digital information age, Bitcoin offers the opportunity to have absolute control over your own transactions during execution. At the same time, there are other advantages that other payment methods cannot offer. In principle, the lack of retention of capital is one of the most significant advantages – both for the online casino providers and also for the players who choose these casinos.
The reason for this is quite simple: there is no institution that can simply freeze or withdraw funds, as sometimes happens when the player is using traditional currencies.
For online casinos, the other payment methods are also much more expensive than Bitcoin. The processing fees can have a significant impact on this. If you use Bitcoin, you don't have to pay anything or almost nothing in processing fees – unlike at the Skrill Casinos, Neteller Casinos or PayPal Casinos, where fees are paid on deposits or withdrawals.
Therefore, if you use one of the BTC casinos, you don't have to worry about the fees. Both sides benefit from this, because if the online casinos make losses or have to pay additional fees, then these change the chances of winning, to the disadvantage of the players. However, experts recommend studying the terms and conditions before signing up as many of the casinos may still attempt to impose the fees on players. This is especially true for the markets in America, where customers usually have to leave up to 10 percent winnings to the casino when paying out.
Making a deposit in Bitoin casinos
If you hold the Bitcoin wallet with the respective provider, who also allows the deposits, you can top up your cryptocurrency account directly with the provider. As in casinos where payment is made with credit cards, the money is transferred to the respective casino provider with instant or classic bank transfers. In contrast, this pays the crypto currency into the wallet. Depending on the service, different costs can be incurred.
If you have the BTC account with a provider who does not support any payments, you can use a third-party provider. As a rule, additional costs are incurred. Even with third-party providers, the payment of the money is selected via a classic payment method. With these, a personal address is stored as the destination for the Bitcoin. After the payment has been made, the third-party provider then pays the bitcoins to the respective personal account.
If the user then clicks on deposit in a crypto casino, the desired method can first be selected. If it is also a casino with payment, the other classic payment methods such as wallets, transfers or credit cards are usually also available. If the player has now selected BTC, he will receive the address or the public key that belongs to the casino account. Then he has to determine which amount he would like to send to the casino account. This is usually given in BTC, but to be on the safe side, a computer is provided on which the player can enter an amount in euros and the corresponding Bitcoin equivalent is displayed.
However, the player must initiate this transfer alone, there is no service provider for the payments such as Visa, who can do this for the player after entering all the data. The player now goes into his wallet and enters the public key of his casino account as well as the amount that is to be transferred. To do this, he or she must determine the associated transaction fee, unless the wallet does this automatically for the player.
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