A Bitcoin is a tiny bit of fun that allows you to make safe wagers online at Bitcoin-friendly casino venues anonymously and cheaply. Forget about bank transfers, painstakingly long withdrawals, unreasonable transaction fees, and overall unnecessary bureaucracy. With Bitcoin, you’ll be using an innovative way to manage your online funds and taking advantage of virtual money will never be as easy and logical.
Bitcoin can be described as an exciting technological development that, like many other recent technological achievements, is designed to make our routine run smooth and our everyday life less stuck on fixing problems. By the ways of the Bitcoin system, online gambling advances into the future without burdening the players. In fact, gambling with Bitcoins isn’t much different than placing bets with regular government-issued currencies. Although it may come across as intimidating for those who are new to online gambling, Bitcoin is a fairly easy concept to grasp.
The Bitcoin Story
Bitcoin stands for both the digital currency and the system of peer-to-peer internet payments that are carried out with said currency. Also referred to as BTC, this virtual invention has no shape, size, weight, or matter – the currency is completely imaginary, but it works like real money you can buy stuff with and place cash bets at casino sites. Bitcoin was invented by a mysterious individual going by the name of Satoshi Nakamoto, although the identity and even the gender of this person haven’t been confirmed. In a research paper published in 2008, Nakamoto laid grounds for Bitcoin, for it to flourish and become an important part of the global financial picture, shaking its very foundations. These were supposedly built on trust – between transactional partners, between banks and their customers and so forth. As the trust issues build up in the global financial system, new methods of payment, led by Bitcoin, emerge to deal with all the issues of identity, anonymity, security and efficient transactions.
The network came to life in 2009, slowly entering the financial mainstream. You’ll find more and more Bitcoin casinos online, catering to a wide, international audience and paying special attention to gamblers from the US.
How Bitcoin Works?
As we said, the name is used for both the currency and the banking system, and they work in symbiosis, in the virtual world only. To be able to use Bitcoin online, you need to acquire some using your real money. In other words, exchange actual cash (US Dollars) for BTC currency. Then you can invest the funds in whatever you want online – we believe your favorite slot games sounds nice. You’ll also need a place to store the Bitcoins when you’re no using them, like a wallet. Fortunately, there are several types of Bitcoin wallets you can use to safely keep your little electronic coins away from the bad guys. Ultimately, there’s the issue of finding a Bitcoin casino, after which you’re free to gamble as long as your budget allows it.
The Creation and Sustaining of Bitcoin
The key to understanding where Bitcoins come from is to view them as a product of a community which later benefits from it. The currency is generated in a process called mining. Every person involved in a Bitcoin transaction is a miner, and the network is sustained by rewards accepted by miners for their mining services – the service of passing on Bitcoin. One becomes a miner by setting up a specialized Bitcoin mining hardware designed to process high-speed verifications. While Bitcoins are passed around and the economy around those transactions lives and breathes the whole system benefits from an incorruptible digital ledger which records everything valuable and relevant to the functioning of the cryptocurrency.
This concept is also fathered by Satoshi Nakamoto and it is known as the blockchain. This innovative approach allows digital information to be distributed but not copied, and that is its main characteristic, it’s what makes Bitcoin so ingenious. Blockchain solves many issues with internet technology, from manipulation to transparency. Thanks to the blockchain network within which Bitcoin transactions are finalized, the digital value is preserved while maintaining transparency and a corruption-free flow.
The network is decentralized (the supply doesn’t depend on any central bank), and, in a nutshell, works like this: someone requires a transaction, the requested transaction is distributed to a P2P network made out of computers referred to as nodes; using corresponding algorithms, the network of nodes validates the transaction and the status of the user; once the transaction is verified it is complete and it gets combined to other transactions, forming a block added to an existent blockchain. This way it is permanent and unalterable, forming a part of a new block of data for the digital ledger. Although it sounds complicated, those are the basis of the blockchain, and the best thing about it is that you don’t need to know too much about it to be able to make use of it and enjoy its conveniences.
Acquiring Bitcoins: How to buy Bitcoin online
Before we sum up the ways you can acquire some Bitcoins of your own, it is important to point out that Bitcoins are impossible to counterfeit, and also inflate. One other thing you should know is that Bitcoin transactions have nothing to do with banks or any outside authority. The transfers are strictly done between fellow Bitcoin holders, reputable exchange sites and merchants and their customers, without any third parties. That is why Bitcoin transactions cannot be reversed and they can’t be refunded.
There are several ways a person can get ahold of Bitcoins. One of them is to accept BTC as payment from someone trustworthy, a friend, business associate or acquaintance. You can use various forums and websites to discover people selling Bitcoin in your community. One of the popular sites is Local Bitcoins. On it, users can browse through various Bitcoin sellers in their area. Sellers normally have reviews and feedback from the buyers, so it shouldn’t be hard to choose someone credible.
Most often people buy BTC by exchanging their own local money for electronic cash. It’s an easy process, but you do need to be careful when it comes to choosing the right exchange sites. Bitcoin exchange sites are specialized venues that help people buy electronic money using their bank accounts and other methods. One of the world’s largest BTC exchanges is Coinbase. It allows players from the States to buy BTC using a connected bank account or SEPA transfer. If you prefer using your credit or debit card, check out Indacoin. This global platform doesn’t require registration, only a verification of you card, after which the cryptocurrency will be sent to you within minutes.
What is the best and safest Bitcoin wallet?
Much like any other kind of money, electronic cash also needs a place to be stored and kept safe, take out of when needed and then put back inside when not used. Regular e-wallets aren’t really what we’re talking about here; there are special types of Bitcoin wallets, perfectly suitable to manage your BTC in-and-out transactions. Depending on a person’s needs and preferences, there are several BTC wallet options to choose from. ‘One size fits all’ doesn’t apply to BTC wallets; they come with different platforms and different features so it’s important to choose one that suits you best.
The first one is the online wallet, also called web wallet. It is located in the cloud servers hosted by a third party. The web wallet stores your private key online and benefits from user-selected password encryption. Best online wallets, such as GreenAddress, require a manual confirmation from you for your coins to be moved, which contributes to better security.
Although most of the desktop wallets are accessed through the browser and can also be used on mobile there are certain services available on Android and iOS tablets and smartphones. There is a great selection of Android wallets that provide sending and receiving payments easily and emphasize backing up. For example, there’s Mycelium, then GreenBits and Bitcoin Wallet (Schildbach Wallet). iPhone users can benefit from such Bitcoin wallet services as Copay, breadwallet and Airbitz, all available at the App Store.
Desktop Software Wallets
This is the type of wallet that gets stored on your computer; you download the software and install it on your desktop device. For security and privacy, Bitcoin core wallet is a great choice. If you want your wallet to be lightweight then choose something like Electrum. Electrum is compatible with Mac, Linux and Windows and both beginners and advanced users have no troubles with it.
Physical electronic devices designed especially to secure Bitcoins are called hardware Bitcoin wallets. They provide convenient and reliable Bitcoin storage. For them to be operational, they need to be connected to your computer, phone, or tablet. Otherwise, Bitcoins can’t be moved. Hardware wallets look like ordinary USB devices and they generate and store private keys offline, preventing cyber-criminals to access your Bitcoin balance. The hardware itself is protected with a PIN, and with a secret backup code, you can retrieve your Bitcoins even in the case of wallet theft/loss. Some of the most popular hardware wallets are Ledger Nano S, TREZOR, KeepKey and Ledger HW.1.
Some people make a distinction only between hardware wallets and hot wallets (hot wallets being those that run on internet-connected devices). Hot wallets are considered to be the easiest way to store smaller amounts of Bitcoin, send and receive payments and get to do it on multiple devices. Hardware wallets, on the other hand, are easily backed up and secured, are fitted for larger amounts of Bitcoins, but aren’t free. The choice is all yours in the end.
Depositing an Withdrawing With Bitcoin at Online Casinos
The whole point of going through a quick Bitcoin guide was to get to the point when we, as players, can use them at online casinos. Clearly, if you don’t have any BTC stored on your wallet, you can hardly expect to able to gamble online. Now that you’ve exchanged some dollars for BTC you can start searching for a good web casino that accepts and encourages BTC payments. There’s plenty of them out there, some accept nothing but Bitcoins and some have multiple payment methods to choose from. If you join the latter, go to the cashier’s page after you’ve registered an account and select Bitcoin to be your preferred method of payment and cashing out.
Once you request a transaction, you’ll receive the casino’s Bitcoin wallet credentials and your own Bitcoin address to use. The transaction will be verified by the blockchain like any other, and once finalized the casino’s wallet will be updated with your Bitcoins which will then be credited to your gambling account. Using Bitcoin doesn’t imply any restrictions on the game library or casino bonuses unless the operator points that out. You’ll be free to enjoy all the games on site, slot machines, card games, roulette, you name it. The first time you deposit using BTC may seem a bit out of the ordinary, but the second time around you’ll feel much more comfortable and you’ll realize the full potential of easy online transactions through the Bitcoin system.
Withdrawing casino earnings to your Bitcoin wallet is also a possibility, and we highly recommend it. The process is the same as when depositing, except you request a withdrawal to your Bitcoin wallet. You need to wait out for the processing to complete and then you’ll receive Bitcoins to do with them what you wish – spend them at another casino or convert them into USD and use them in the real world.
As for fees and timeframes, the situation may vary from one casino site to the next. As far as Bitcoin is concerned, sending and receiving BTC has no charges. However, casino operators may impose fees of their own, but even in those cases, the fees are often negligible. Keep an eye on the exchange fees, though, when buying Bitcoins or converting them back to regular dollars. Deposits made through Bitcoin network take several minutes to complete, and the withdrawals ought to take just as much. If the cashout process takes a few minutes longer, that’s because the casino may be obligated to perform some manual checks and verifications.
Pros of Becoming a Bitcoin Gambler
Among numerous advantages of using Bitcoin for online gambling, especially if you’re betting from the United States, we’ll try and point out the ones that make the most difference. If you want reasons for using Bitcoin, consider the following:
- Bitcoin provides unconditional anonymity. Moving money around in form of Bitcoins doesn’t’ require any disclosure of personal information. There are no card numbers, names dropping or any other identifiers. As long as the transaction is verified by the blockchain the identity of the person involved is completely irrelevant and hidden.
- Security and protection is another main benefit of BTC payments. Think about all the online businesses centering on Bitcoins and other cryptocurrencies; they are aware of the highest level of safety the system provides. Experts have assessed Bitcoin cryptography as exceedingly secure and as long as you password-protect your wallet with a strong key there is nothing to worry about.
- The convenience of BTC payments is largely related to the fact that the system is multi-platform-compatible. There is no difference whether you use a standard desktop computer, a laptop, a tablet or a smartphone of the latest generation. The transactions will be equally fast and easily processed.
- Bitcoins are a rarely cost-effective banking method. Third party processing fees are excluded from the equation, and any charges imposed by casino operators are minimal. What you pay is what you get, and the same applies to what you earn.
- Virtual transactions, such as ones done through the Bitcoin network are much faster than the traditional banking methods like a wire transfer. Online gambling requires effectiveness and speed to keep the flow going, and Bitcoin is ideal for such activities.
- Since US players have a limited choice of gambling venues and payment options, Bitcoin is an excellent alternative that allows gamblers to go around all the inconveniences caused by the confusing legislation in the country.
- Bitcoin casinos will often offer special bonuses and exclusive perks to players who fund their accounts with BTC. At Bitcoin casinos the best odds and payouts for BTC users can be found.
Cons of Using Bitcoin
Although we can’t think of too many drawbacks to the Bitcoin system, we’re aware that certain aspects of the whole concept may turn away a specific group of gamblers. Bitcoin is a radical payment method, and that is a fact. It’s quite different than any other funding method on the gambling market so players may find it challenging at first, so much so that some won’t even try it. The US gambling community is mostly used to handling online transactions via credit cards, so Bitcoin is something rather new and groundbreaking.
Those who are brave enough to purchase Bitcoins with the intention of spending them at an online casino will need to conduct a careful search for potential gambling venues, as they need to be trustworthy and support the BTC currency, as well as offer quality games. Despite being quite present online, the BTC casinos selection is yet to reach its full potential.
Bitcoin is still a young money management system and one that has nothing to do with real banks and conventional financial proceedings. This alone can provoke discomfort and skepticism among players who are used to relying on banks for security and protection of their rights as customers. The fact that the Bitcoin network applies layers and layers of precautions to protect everyone in the blockchain reaches only those who are willing to dig deeper and get to know how the system works. Once you’ve grasped the practicality of Bitcoin internet gambling, the paths will be clear towards finding your favorite USA Bitcoin casinos.