Bitcoin is no longer just a currency that “geeks” use to stay anonymous: Nowadays, you can even order pizza with it. Numerous online stores offer Bitcoin (BTC) support, and there is no limit to what you can buy with it. Online gambling is one of the service types supported by Bitcoin, and this cryptocurrency offers special advantages to the gamblers. In this guide we prepared for beginners, you can find information about both BTC and what advantages it offers for online gambling.
The money you can “touch” is called “Fiat”, also known as “paper money”. These currencies are produced by the states and controlled by them (through banks). In other words, each Fiat currency is controlled from a central location, which can determine the use and distribution of the money as desired. Bitcoin, on the other hand, is a digital currency. You cannot touch it, it’s just an electronic code. There is no central location too, it is produced by the users. Anyone who installs Bitcoin’s database (which is called “blockchain”) on their computer can start mining and producing new BTCs. Miners are rewarded with BTC in small quantities for this effort.
Users of BTC do not need to share their credentials to utilise it. All transfers take place on an electronic database, blockchain, and are encrypted. Users can remain anonymous if they want. It is not possible for banks and governments to monitor or regulate this database. Transfers occur between blockchain users, and no information other than the transferred amount is publicly available.
Bitcoin requires the use of a free software called “wallet”. These are digital wallets that store your BTCs. However, they also give you a unique address on the blockchain. Let’s explain the process step-by-step:
Bitcoin transfers are instantaneous, but depending on how busy the blockchain is, they can take up to half an hour to complete. You need to pay a small amount of commission for each transaction, but contrary to banks, these commission amounts are not fixed, they change according to the workload of the blockchain.
BTC transactions are the same everywhere and for every merchant. So you can use the above list at online casinos too. Here is a list to help you:
Bitcoin casinos have a quite different deposit and withdrawal limits than regular casinos. BTC is a very valuable currency, and for this reason, it is normal to see a withdrawal limit of 20 BTC, for example. To give you an idea, 1 BTC was worth $ 6,400 at the time of this guide.
With BTC gambling, you get freedom before anything else. You do not have to deal with regular casinos that cannot accept players from every country because their licenses do not allow that. No matter which country you live in, you can anonymously join and play in a Bitcoin casino (*). You also do not have to worry about the fairness of the games: The games at Bitcoin casinos have the “provably fair” feature, and each player can control how fair a game is whenever he wants. BTC offers an incredible level of security and, compared to Fiat payment tools, it is almost impossible to hack your account. In short, by choosing BTC casinos, you can get complete freedom, fairness, anonymity, and top-notch security.
(*) These advantages apply only to pure Bitcoin casinos that run entirely on the blockchain. If the casino has a license and supports Bitcoin as a payment method only, you can only get payment security.