About Bitcoin at Online Casinos

June 11, 2018 Posted in News, Payments by No Comments
Changing from a gambling site accepting multi-currencies to only bitcoin may seem difficult but it is lucrative. Bitcoin gambling sites are competitive and the number of top online casinos using bitcoin are increasing. Bitcoin is s type of virtual money or cryptocurrency. The demand determines the value and it is not connected to any government. The maximum for bitcoin in existence at any given time are 21 million. Once it has bee mined, it is sold or purchased on a bitcoin exchange.

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Gambling using bitcoin is popular. Bitcoin is secure and easily used for online gambling payments. Players can now enjoy using cryptocurrency at both bitcoin casinos and traditional online casinos. Bitcoin is a depositing option due to partnerships with eWallets including NETELLER. The first online casino based in the United Kingdom to offer bitcoin was NetBet.

Purchasing bitcoins is easier than mining the currency. A wallet address is created by the player through a bitcoin software service. Once the player has a bitcoin address they choose a bitcoin trade market or bitcoin exchange. Money can be transferred to an exchange bank account once the signup for the exchange is complete. The player chooses the Trade or Buy buttons after the money has been deposited. The pricing changes with the supply and demand. After the player has purchased bitcoins, they are transferred to their wallets from the bitcoin exchange.

Online casinos do offer free bitcoins but obtaining them can be daunting. This currency can be purchased, sold and mined. Mining is accomplished using the block chain and computer software. This eliminates the need to purchase bitcoin but the process is tough due to the competition. Bitcoins can be stored using software or a cloud downloaded by the player. There are many services available for withdrawing and depositing so the player is not limited on their options. Bitcoin is stored in a cloud with software such as GreenAddress or BlockChain. The most popular storage services are NETELLER and PayPal. The bitcoin is downloaded with software like Darkwallet or Electrum. This software is secure and deposits the coins on the hard drive.

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Bank accounts, checks and credit cards cannot be used for bitcoin but transactions without the conventional banking system are quicker. Check deposits require roughly a week and cashouts take several days. Bitcoin transactions take minutes. There are no transaction costs at bitcoin casinos and no middleman. The providers for deposits and withdrawals at multi-currency casinos usually have fees. This is also true for banks and eWallets. Major events can influence the price of cryptocurrency. Some online casinos only accept withdrawals and deposits in selected currencies.

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Many people believe the safest option is bitcoin gambling. Conventional banking maintains advanced security. Insurance systems guarantee the funds. Bitcoin is believed to be more secure because the transactions are peer to peer and anonymous. Virtual software generates a security certificate between the parties whenever funds are transferred. Credit card details and personal data can be hacked to steal funds. Some people prefer the security of the traditional methods of payment while others want to protect their identities.

Whether the player prefers a bitcoin only or traditional site accepting bitcoin, it is important to make certain the gambling site is licensed in their jurisdiction. The United Kingdom made this a requirement in 2014. It is important to ensure the bitcoin gambling site is valid. The Gambling Commission logo is generally displayed on all United Kingdom licensed websites on the footer. Independent testing companies are used by the majority of gambling website such as GLI or eCOGRA. This confirms the fairness of the random number generators in addition to assessing the percentages for return players.

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