Fri, Sep 15, 11:43pm by Mia Chapman
Last Updated Fri, Jul 3, 1:42am
In 2009, a very clever chap, Satoshi Nakamoto joined a think-tank to create the first true decentralised, virtual currency. Being the new kid on the financial block, you still might be wondering exactly what Bitcoin is. In the simplest terms, it is a currency that is not regulated by any financial institution or third party.
Being a non-traditional currency makes acquiring cryptocurrency a little trickier to get your hands on than normal money. There are three main ways to obtain bitcoins: you can exchange goods and services; you can buy it on an exchange, or you can ‘mine it’.
Using Bitcoin to make deposits at online casinos is still quite a new concept. But it has taken off recently. There are even a few online casinos that only offer payments using Bitcoin.
In comparison to other payment methods, Bitcoin might not be as widely accepted as credit cards or bank transfers. But there are still plenty of Australian casinos offering Bitcoin transactions.
It’s always a good idea to make a shortlist of casinos you want to play at. In this case, make a list of Bitcoin casinos. After that, you might want to whittle your list down using other criteria. For example, you might look for real money casino sites that offer casino games and online pokies from specific game providers. Are you a NetEnt or an Evolution Gaming kind of person?
Another option might be to look at the bonuses available to both new and regular casino players. Casinos that specialize in Bitcoin transactions often offer specific Bitcoin welcome promotions.
Quite a few Bitcoin casinos even offer ‘no deposit bonus’ offers. So, in some cases, all you need to do is sign up and you’ll receive a few free spins.
Either way, you’ll need to sign up before you can benefit from any offers or earn any winnings. One of the best things about Bitcoin casinos is that you often don’t need to provide lots of extra details when signing up. You just transfer your Bitcoin and start playing. Simple, right?
So, you’ve signed up for a new casino. Now what? Before you make a Bitcoin deposit at a casino, you’ll need to set up a Bitcoin wallet. There are several locations to set up a Bitcoin wallet; you’ll find examples of your options at Bitcoin.org.
From there, you’ll be able to fund your chosen online casino with Bitcoin. Simply follow the steps and prompts and you’ll be ready to go in a few short minutes.
As we’ve already mentioned, signing up for a Bitcoin casino can be a lot quicker than other casino transaction. Due to the inherent anonymity of cryptocurrencies, you most likely won’t have to provide all sorts of personal details. Often, all you’ll need is your username and password.
That’s not a given though, as casinos that offer more payment methods might still require traditional security checks.
Another great benefit of Bitcoin deposits is that you’ll immediately be credited with money in your account. Let the non-stop fun begin!
This is where the benefits of using Bitcoin at an online casino come into play. Almost all other casino transaction methods will require that you to provide substantial documentation, to prove you are who you say you are. That’s the beauty of Bitcoin. There is no need to add all the extra details. No bank accounts, no hassle.
Simply choose the amount you want to withdraw, enter it into the box and the money will be yours within minutes. The only information you’ll need to provide is your Bitcoin wallet address and voila, you’ll have your winnings in minutes!
When making withdrawals with any other payment method, you’ll be required to provide documentation. If you are joining a casino that offers numerous payment and withdrawal offers, you may need to provide proof that you are who you are who you say you are.
You’ll probably need to include details such as proof of address, and a copy of your identity card. When it comes to Bitcoin-only casinos, you’ll most likely be able to skip this step. So be sure you choose wisely.
Bitcoin gives you the amazing benefit of receiving your funds immediately. For most payment methods, your bank or other financial providers will have a waiting time of anything from a few hours to more than a week. With Bitcoin, you’ll receive your funds immediately.
More than any other payment method, you’ll have the ability to keep both your finances and personal info safe by using Bitcoin to make your online casino deposits and withdrawals. The whole idea of cryptocurrency was designed to keep your information safe.
All Bitcoin transactions are encrypted and verified multiple times during each transaction. This makes it virtually impossible for hackers to decode.
Unfortunately, you cannot. It’s still a very new concept for online casinos and only become widespread in the last few years. It’s only recently becoming a popular payment and withdrawal method. However, there are currently quite a few newer casinos that now only offer Bitcoin transactions.
When you start using Bitcoin, you’ll learn that you need a physical device to store your Bitcoin on. Because the money isn’t physical, your money is saved virtually. Your bitcoin is protected by SSL encryption, so as long as you don’t willingly share your financial info with a third party, you can rest assured that your personal and financial information will be protected and secured.
Bitcoin is all about immediate transfers. Deposit at any casino accepting Bitcoin and you’ll immediately be able to pay with your new funds.
There is no quicker withdrawal method than Bitcoin. Why is that? The whole thing comes from being a cryptocurrency. It might seem strange and complicated, but what you need to remember is that’s the whole point of a cryptocurrency: protecting your info and decentralizing financial institutions.
When you make a withdrawal via Bitcoin, you’ll receive your winnings immediately. That’s much better than all of the classical methods.
Generally, none. A few rare online casinos might take the chance and try to charge a transaction fee for withdrawals. However, since it is not going through a financial institution, this fee should be a red flag. When making Bitcoin withdrawals, you should never be charged an added fee.