Bitcoin is the newest currency in the world. Founded in 2009 by an anonymous person using the alias Satoshi Nakamoto, Bitcoins are fast changing how people are making their transactions online as well as how players can make for payments of the various online casino services. With the success of this payment method, other people have mimicked the technology used by Bitcoin to come with other currencies using the same concept. You can see this in Litecoins, Dogecoins among many others. All these currencies for the cryptocurrencies.
What exactly is a Bitcoin?
Bitcoin is a form of digital currency that was created and stored electronically. This means that this currency isn’t printed in physical denominations like Euros or Pounds. Furthermore, unlike other currencies that are regulated and controlled by governments and banks, there’s no one who controls this currency.
How to make deposits using Bitcoin
Before you can make a deposit using Bitcoin, there are a requirements that you need to satisfy. They include the following.
1. Get yourself a wallet
This is the first step towards making a deposit. A Bitcoin wallet is simply an application that enables you to receive, hold and spend your Bitcoin as you wish. A good example is BitPay which is an open-source wallet and enables you to send and receive Bitcoins securely and safely. It has mobile applications for Windows, Android, iOS and Linux operating systems.
2. Buy Bitcoins
Once you’ve successfully set up your Bitcoin wallet, it’s time that you bought yourself some Bitcoins, which you can do so through various Bitcoin exchanges. The main function of the exchanges is to facilitate you to convert any currency into or out of Bitcoins. Different parts of the world have different exchanges and we highly recommend that you first conduct a thorough background check before signing up to any exchange.
3. Make your payment using Bitcoin
The final step is to make your payment using Bitcoin. You can log into your account and use any of the three methods below to complete your transaction.
- Scan the casino’s QR Code – If your Bitcoin wallet is on a different smartphone, simply scan the casino’s QR code to open the payment in your wallet. Cross check to ensure that all the information is correct and the wallet will complete the deposit.
- Sending the payment manually – There are still old wallets online as well as those that don’t support other payment methods. If you are using any of these two, you can opt to send the payment manually by carefully copying the wallet’s address and the amount of Bitcoins you wish to deposit to the casino and selecting the ‘Payment’ option to complete it.
Are Bitcoin payments safe?
Yes they are very safe and secure. In fact, there’s no other payment method online that can match the level of security and safety that Bitcoins offer. How is this safety achieved? The founder developed the payment method basing it as a peer to peer trustless exchange. In simple terms, this means that you want to carry out a transaction, but since you don’t want any of your credit card information and other personal information to be available to the other party, you can do it anonymously.
Can you get refunds in case a transaction goes wrong?
You can get refunds if the transaction goes wrong, but only if the other person involved in the process is willing to initiate it. However, with reputable exchange websites such BitPay, you can easily have a refund for your transaction as it offers you with tools through which you can manage your own refunds. In the event that you genuinely need a refund, please contact the casino and they can initiate your refund from the BitPay dashboard.
What are the transaction costs for all Bitcoin deposits?
This will depend on the Bitcoin Casino website you choose to play from. While most of them have all their deposit transactions free of any charge, you might be charged a small service fee by the Bitcoin exchange you decide to choose.
Can all mobile devices be used to make Bitcoin payments?
Online casinos supporting Bitcoin as method of payment may support a variety of mobile devices but the different exchange websites have specific mobile platforms that they support. Using our example above, you can only download the BitPay mobile application to your Android, iOS, and Windows mobile device. This means that it might be a little difficult for players using Blackberry devices to play using Bitcoin as a method of payment.
What are the advantages of cryptocurrencies?
Bitcoin is more than just a cryptocurrency. The system that has made it work is so difficult to copy that it has created a new, if not unique, financial infrastructure. Bitcoin transactions are completely anonymous, but other cryptocurrencies are based on similar principles.
So what’s Bitcoin’s most outstanding feature, in your opinion?
The structure that makes it possible to transfer the value between people without relying on a bank or other intermediary, and at the same time avoiding central control over the money. Bitcoin uses a public ledger that can be viewed by anyone but it is not controlled by any institution or individual.
Are Online Casinos safe?
There’s a little known fact about online gambling: when it comes to online casino games you’re never really playing for real money. That might sound a bit startling, but it’s quite true. The only time you might be spending real money online is when you’re gambling in a real casino – and you should never do that.
It’s true that many online casino games (not all though!) offer skins, which give the user the chance to win a decent amount of money which might then be used to buy real money or, if you’re lucky, virtual currency. But these are all, essentially, gamble tokens, rather than real money.
There’s a good reason for this, of course. Whereas in a real casino you have to contend with the added risk of being cheated by another player, with the vast majority of online casino games you can concentrate on what you want to concentrate on: placing a winning bet.