Once it was introduced, it did not take long for the use of this currency to spread across the globe like wildfire. Today, the Bitcoin trades millions of dollar every day and has quickly grown to become a force to reckon with in the economic realm. This factor has led to the commodity being quite pricey.
During its infancy in the market, one Bitcoin traded for far less than a dollar. Fast forward to today, and one BTC can be sold as high as eighteen thousand dollars. This has proved to be quite a lucrative investment venture for most industries, with the casino business taking the lead.
Since Bitcoin exists on the digital platform, it requires no intermediaries to operate. This means that banks or credit card companies are not involved as middlemen. This means that the use of this currency has a lot more wiggle room than real money because the owner of the BTC acts as his own bank. Therefore, the users can make their own rules.
The use of Bitcoin has not been around for so long, so most countries have yet to define any laws that govern its use. Even with its legal status being undefined in most parts of the globe, some governments have been quick to ban its use in any trade within their borders. Some of these nations include:
Some countries have already embarked on the decision-making process to see if their citizens can use the currency or not. In such nations, BTC may not be banned, but it has not yet been embraced as an actual currency. Hence, it will be quite hard for residents to exchange them for goods and services.
Other countries such as Canada, on the other hand, were quick to legalize BTC use. Even though most nations are yet to decide where they stand with this cryptocurrency, the speed at which it is growing is a clear indicator that it will be accepted worldwide in no time.
BTC Exchange Rate
Since the BTC is not governed by any physical entity, there is no definite answer as to how much a BTC is worth. When the cryptocurrency was first introduced, each was going for less than a dollar. Today, on the other hand, one BTC goes for over fifteen thousand dollars.
Even so, these rates keep changing and are only determined by how the market is doing. Therefore, those with this currency should constantly keep themselves informed to stay in the loop. The exchange rate information can easily be found in the currency encyclopedias found online. It is advisable for gamers to compare a couple of them to know the accurate exchange rate.
The widespread use of this cryptocurrency has made it quite an easy commodity to acquire once one looks in the right places. In most cases, people acquire BTC as a form of payment for a product or service they have provided. Another alternative is by visiting a site that specializes in the sale of this commodity. Some of the websites that conduct this business include Coinbase, Kraken, Indacoin, LocalBitcoins, and SpectroCoin. The widespread nature of this currency has facilitated the rise of such in most regions around the world that accept its use.
Another way of acquiring BTC is by mining the currency. A minor is a computer application that acts as a generator for BTC. These applications are lopped in a network that is linked to the main BTC generator. The system ensures to keep the mining rate in check so that the currency market does not end up flooded.
This is similar to when too much cash is printed out, which makes it lose its value. Once the mining of a BTC is complete, it is marked with a special signature that is unique to the coin alone, and it can proceed to be used in trade. The creator of the BTC, Nakamoto, coded the system to stop the generation of this product when a certain number of them are produced: twenty-one million of them. However, this number will not be attained at least for the next one hundred years. This is different from the usual cash since it can infinitely be produced without limit.
Before one can proceed to acquire BTC, they should first have a wallet where they will store their coins. Most websites that conduct the sale of BTC come with wallet offers for their storage. These wallets come in three varieties: online, software, and hardware wallets.
The former two options exist on the virtual platform. However, the online wallet is connected to the wide web while the software one is not. The hardware wallet, on the other hand, exists on a physical electronic device. Each of these wallets come with a set of pros and cons that should be studied if one is to make the best choice.
Regarding security, hardware wallets are considered the best. This is because the physical electronic device has to be connected to the user’s phone, computer, or tablet if any transaction is to be conducted. This aspect makes it quite difficult for these wallets to be hacked, especially if the hacker is nowhere near the user.
However, they carry the disadvantage of coming with a hefty price tag. Additionally, as much as the security measure of needing the physical device is advantageous, it can prove challenging when payments need to be made in its absence. Hard wallets can best be used for investment and saving a lot of money. Their code error-free nature makes them the best option to store a large amount of BTC. Some of the best hardware wallets available on the market include Trezor, Keepkey, and Ledger Nano S.
Otherwise referred to as hot wallets, online and software wallets come with secret codes that only the owner has access to. They are given in the form of IP addresses that can only be located by the user. The biggest advantage that comes with hot wallets is that they are free of charge.
However, because a device that is connected to the wide web is used to generate the passkeys, it leaves one’s wallet prone to hacking. This makes it an especially insecure place to store large amounts of BTC. However, their easy accessibility on any device makes them the best option to conduct small transactions with much ease. Since they can be accessed on the web easily, one can use various devices.
Once the wallet choice is made, one can head on to acquire bitcoin using one of the ways touched on above. The best ways would be by either attaining them as a mode of payment or purchasing them from an official site. The mining of this currency can prove quite cumbersome for those with no experience in the matter. If one’s intent is to use the currency on a gambling site, they should shop around for casinos that accept it as a mode of payment. The popular use of the currency has made most casinos adopt it as a method of payment, so players will not go through too much hassle in this respect.
Use of Bitcoin in Casinos
The online gambling business has been known to adopt numerous innovations to keep their services modern and exciting for their players. Therefore, when this easy to use currency was introduced, they quickly pounced on the opportunity. This comes as no surprise seeing that the use of cryptocurrency comes with a lot fewer restrictions and fees as is the case with other forms.
The use of BTC has not changed much when it comes to how gaming is conducted and has only affected the mode of payment. However, these changes are not monumental and are easy to grasp. When it comes to depositing, all one has to do is:
- Click on the deposit option in the BTC casino of choice. Different casinos will present this option in different ways: some will have it on their homepage while others will require the launching of the My Account option.
- Choose BTC as the preferred currency to use. In this case, if the casino is purely a Bitcoin casino, it will be the only option provided. However, some BTC casinos have been known to cater to other cryptocurrency users such as altcoin. Therefore, one should carefully read through the options so as not to get confused.
- Select the mode of transfer of the currency. Most gambling sites allow gamers to send the coins directly from their wallets to the casino’s account. In other cases, one will need to transfer it in the form of a QR code that will be scanned by the casino. Some casinos go for only one of these methods, which beats the need for this step.
- The player will be redirected to a page where they will need to key in the amount they would like to deposit.
- The entry of verification information may be required; this step is dependent on the casino of choice as well as the mode used in payment.
- Once this is complete, one should sit back and wait for the information provided to be verified and the transaction processed. Depending on the site, it could take anywhere between immediately and a couple of minutes.
The withdrawal process is also as easy as that of depositing and is conducted as follows:
- Choose the withdraw option on either the gambling site’s homepage or under the My Account option.
- Select Bitcoin from among the options provided.
- Choose the withdrawal method to be used; this can either be a direct transfer from the casino’s account to the BTC wallet or by sending a QR code to the wallet address.
- A redirect page will appear where the entry of the amount to be withdrawn will be required.
- Provide the necessary verification details that are requested. This step will either be there or not depending on the casino one plays in as well as the transaction method used.
- Choose the proceed option and wait for information verification and the transaction to be processed. The amount can take anywhere between a few minutes and a couple of hours to reflect in the player’s wallet. The time frame will be affected by the pending time provided by the casinos as well as the method used. Even so, this period is quite impressive considering that real money transactions could take up to ten days to reflect in one’s bank account.
Popular Bitcoin Casinos
The use of this currency encompasses more regions in the globe with every waking day, which has made most casinos include it to their list of payment methods. Some casinos have been solely created for the use of cryptocurrency while others have just included it to their real money methods. Some of the best casinos to visit as a BTC user include:
- Megawins Casino;
- Raging Bull Casino;
- 1 x Bbit Casino;
- Loki Casino;
- Intertops Casino;
- Oshi.io Casino;
- Ignition Casino;
- Sloto Cash Casino;
- Lincoln Casino;
- Bovada Casino, etc;
These casinos may come with the option for other currencies aside from BTC. The access to games is as wide as that in real money casinos including variations of slots, blackjack, roulette, baccarat, poker, and much more. The same case applies to bonuses. However, the rewards offered will depend on the chosen casino and can be offered as a no deposit bonus, reload bonus, or welcome offer.
Pros of BTC Casinos
Bitcoin has been able to take off successfully in the gaming world due to a set of advantages it comes with over the use of real money. Some of these advantages include:
- It stands as its own entity free of the control of any intermediaries such as banks and credit card companies. Therefore, the gamer does not have to deal with any restrictions and high fees. This advantage applies to the casino investors as well as players.
- Transactions are quite fast considering that deposits reflect immediately and withdrawals take a maximum of a couple of hours. This is unlike real money payments that could take up to ten days for withdrawals.
- Cryptocurrencies are free of the risk of inflation or counterfeiting; this is because each coin comes with a unique signature that cannot be replicated.
The introduction of BTC has seen the creation of other cryptocurrencies, most of which are on the road to success. This has made casinos quickly adopt them around the world. They include:
- Black Coin;
- Metal Music Coin;
- Lottocoin, etc.;
Like the BTC, the exchange rate for these currencies is entirely dependent on how the market is doing. Even though BTC casinos come in a limited amount compared to real money casinos, they are not short of entertainment and offer hundreds of games to indulge in. However, their limited aspect appears to be changing with time as more and more cryptocurrency casinos are included on the online platform.