What Is Bitcoin?
It’s better explained as a decentralised payment model benefiting from free transactions conducted over encrypted channels. Because the system is self-governed, all participants are actively contributing to its normal functioning. This, coupled with the fact that transactions are untraceable, proves to be very appealing to big-time gamblers and businessmen. What’s in it for you though, if you’re neither of those two? Well, Bitcoin wallets are really convenient even for personal use. Not to mention they are free and integrated for mobile use. Apparently, the technology fits the context of online gambling perfectly. Officially launched in 2009, Bitcoin has prevailed in the face of waves of scepticism due to reasons we tackle in a post dedicated to the connection between cryptocurrencies and gambling.
Bitcoin – a Safe Payment Method for Online Gambling
As we established in the previous paragraph, the blockchain technology empowers users to make arbitrary decisions that affect how they manage their finances directly. But it’s not just that. The whole concept of having Bitcoin casinos is to promote gambling in the safest of its variations. If you feel enthusiastic to see what Bitcoin gambling has in store for you, let us point out the measures that are in place to guarantee your safety before exploring the full list of benefits. Firstly, not only are your details concealed, millions of user machines provide the computing power encrypting the data circulating the system. We understand, the concept of how this is done is originally daunting to grasp and this is why a good deal of players still prefer to use traditional payment methods to fund their gaming accounts. If you regard your privacy as a top priority, you might as well want to go the extra mile and register in a bitcoin casino. Even leading internet security companies recognize bitcoin as a mostly safe option for online payments.
Making Deposits With Bitcoin
Some entrepreneurs are reluctant still to this day when it comes to investing in cryptocurrency in the long term because of the technology being mischaracterised for more than a decade now. Stirring the pot has successfully led to a couple of notable exchange rate crashes thus far. The best operators accepting bitcoins have taken heed and don’t require their customers to deposit their own crypto coins in case they don’t have any. Instead, they offer the option to purchase them on the spot via some of the traditional payment methods. Most often than not, those are debit cards, Neteller and PayPal, in which case, third parties serve as a middleman in the process of supplying you with precious bitcoins. Casinos that provide this kind of service usually work in close cooperation with cryptocurrency exchanges, which is where the tokens are bought. We were particularly interested to find out which are the gambling casino games that can earn you bitcoin, so much that we wrote a post about it, check it out here. If you choose to go down that route of depositing, we’d suggest you do some research because the price could be hitting a high or a low at that moment in time. If you’re not entirely sure, give it some time, bitcoin gambling is a bit of a learning curve.
Bitcoin Deposit Transaction Speeds
Circumventing the cumbersome payment system architectures, Bitcoin sure allows for fast transactions, but the question is how fast exactly? Well, here’s the tricky part. The typical bank payment structure involves procedures that feel quite cumbersome at times, but on the other hand, the blockchain model relies on the so-called ‘confirmations’ to authorise transactions. They are also something that takes time and depending on the size of the transaction, could have you waiting for a while. Usually, your bitcoins will be through before you know it, but you have to allow for deviations due to the blockchain’s decentralised nature. By and large, transactions complete within several minutes. This is something to appreciate, knowing that debit card withdrawals usually take 1 to 5 banking days to process.
Bitcoin Gambling Sites Compared to Regular Casinos
First things first, setting up an account is a matter of mere minutes. There’s no identity confirmation, nor validation emails entailed in the procedure. Registration is a formality and certainly not so labour-intensive as with traditional casinos where after all the hard work on setting up an account, you can still be denied membership. On that note, regional restrictions may still be in play. This is so due to the simple fact that bitcoin gambling is not easily subjectable to taxation neither is it easy to regulate. This isn’t something that sits right with some jurisdictions, therefore, they impose restrictions.
Bitcoin Casino Legal Situation
Even though there are some restrictions in existence, the best bitcoin gambling sites are licenced all the same. Some of the most distinguished licencing organisations are taking on the difficult task to standardise and issue casino services utilising cryptocurrencies as a payment method. The name includes institutions such as Costa Rica Gambling Commission, Curacao eGaming, Malta Gambling Authority. That being said, the UK Gambling Commission isn’t one of the bodies to acknowledge bitcoin gambling. It, however, has licenced some casinos that added the popular cryptocurrency as a payment option as a consequence of the demand. A case in point is NetBet – the first UK casino operator to accept bitcoin deposits.
Can I Play Live Dealer Games in a Bitcoin Casino?
The short answer is ‘yes’, live dealer games are an essential part of this type of casinos. You can play the best real-time gambling games such as live roulette, blackjack, and baccarat wagering bitcoins. Most often than not, the top gambling venues having cryptocurrencies as a payment option, boast a fully-fledged live dealer gaming service. We talk more about one of the best bitcoin betting sites in our NetBet review, go check it out. By taking advantage of the ‘bitcoin by NETELLER’ service, the operator in question has managed to make its wide range of live casino games available to the gamblers with a liking for unconventional means of payment.
Bitcoin Casinos – the Future of Gambling?
It’s difficult to imagine there will be something in the near future to change our outlook on online payments quite as bitcoin did. By the same token, it’s revolutionising the space of online gambling, and the best thing is – this is a natural evolution towards a safer and more user-friendly environment. Despite its volatile nature, there’s no shortage of top casinos adopting the cryptocurrency, and even more, are expected to join in on the act in the future. Responsible gambling has everything to gain from a payment method so secure and innovative. For that reason, we believe that bitcoin deposits will soon be adopted on a global scale. If you have enjoyed this article and would like to see what is available in terms of gambling with crypto, then check out our list of online casinos that accept bitcoin and pick your favourite.
In this section, we would like to showcase to you the most popular queries that players have towards using a cryptocurrency wallet. We hope that with the entries we have listed below, you will solidify your knowledge even further and also help you find information easier.