A lot could be said to explain it clearly and extensively. But giving a quick, understandable and concise definition, we can say that Bitcoin is a virtual currency, designed on the Internet and that it works in an absolutely decentralised way.
Bitcoin uses peer-to-peer technology and has no central authority to control or adjust it. Its value is determined based on the protocol published in 2008 by its creator Satoshi Nakamoto.
Advantages of using Bitcoin in the casino
Although the use of Bitcoin as a form of payment is not yet widespread in online casinos or networked commerce transactions, it is already used in the online gambling world. In fact, many are quick to say that it was the currency of the future of online gambling because of its advantages:
- It is immediate
- Transactions are made on the spot, immediately.
- It is an international currency
- It does not depend on any territory, so it can be used anywhere in the world.
- It is unforgeable
- At least for the moment.
- It has low costs
- Transfers with this currency will have lower costs than other payment methods.
The transaction is anonymous
It is well known that nothing is anonymous on the Internet. Therefore, the anonymous quality of Bitcoin is established because it is not necessary to disclose personal data.
Disadvantages of using Bitcoin in the casino
Acceptance
It is not too widespread. Its growth encounters continuous obstacles. It is not easy to find online casinos or businesses that allow payment with bitcoins.
Unregulated
Not having an owner has its good things, but also bad things. There is no regulator, who controls the good use?
Playing in a casino with Bitcoins
In some cases, online casinos that allow the use of bitcoins give a certain amount to start playing. However, as with any welcome bonus, a deposit is usually required beforehand.
So, in the vast majority of cases it is essential to have bitcoins to start playing. But how do you get bitcoins?
The first step is to get a bitcoin wallet that you can store in your computer software or online.
It is very important to protect this wallet. It will be necessary to make regular backups and encrypt them. It is also advisable to make sure that the wallet is hosted on a secure site.
As with a physical wallet, it would be good to have more than one storage. In other words, it is not usual to carry a large amount of money in the wallet in your trousers or purse, but just enough for everyday spending. Something similar should be done with Bitcoin. The bulk of the funds should be in an offline wallet.
Earning Bitcoins at the casino
Once you have bitcoins you can make your first deposit and start playing. The game will proceed as normal. If you win, you will be paid in bitcoins into the account you opened at the casino when you registered. Whenever you want, you can withdraw the money and keep it wherever you want.
Just like when you play with conventional currency. If you make a profit, because you have been lucky and you have played your cards right, the prizes you have won will be transferred to your casino account in which you will have bitcoins. There is no difference, in this case, from playing in dollars, for example, or in bitcoins.