Bitcoin Online Casinos

Summary

Bitcoin is a peer-to-peer, decentralized and anonymous crypto currency. If translate it to human language, we’ll get that all transactions occur directly between entities on a p2p (its peer-to-peer) basis, there is no central currency management body and issuing centers, such as a central bank (therefore, its decentralized), and all transactions made from one subject to another occur using cryptological (encrypted) keys that protect the transfer from third-party interference (that’s how we got a “crypto currency”).

When Bitcoin was created, the main idea was not to make analogues of paper currency, but to create an analogue of gold. What distinguishes gold from dollars, euros or rubles? Gold is a limited resource. Thus gold can not be extracted more than it can be found in nature. It’s very cozy in terms of casinos, since you pay and nobody knows what, how and when did you do that.

To get gold it takes time for people who are directly engaged in gold mining. As a result, a kilogram of extracted gold can be equated to the man-hours necessary for its extraction. Something similar happens with Bitcoin. The number of “coins” is limited to 21 million. When the total number of Bitcoins reaches this value, any further emission will cease to prevent inflation. And the production of Bitcoins requires certain expenses. If in the case of gold mining it takes the labor of man, then the extraction of Bitcoins takes the “labor” of the computer.

It all takes time. If several years ago there were no casinos accepting Bitcoins at all, today it’s an extremely popular currency on the iGaming market and a lot of newly created start-up casinos add it to the payment tab.

In which online casinos can you play with Bitcoins?

Since Bitcoin is like gold, and is not a national currency of any country, it can be found in casinos from absolutely different countries and of absolutely different levels.

Some classic old-styled online casinos add Bitcoins option to become popular among young gamblers, and start ups sometimes are created with the only Bitcoin option in terms of payments for those who use it all the time for online transactions. There is even a name for such enterprises – bitcoin casinos.

What methods of depositing exist in Bitcoin online casinos?

If you want to deposit some amount of money to your favorite online casino using Bitcoin currency, new transaction is created, which specifies the public key of the recipient, as well as the digital signature of the sender. Also, all the necessary transaction properties are registered, such as the in and out numbers (of course, they must be equal), the number of destinations, the transaction time, and so on. Naturally, it is protected by all closed crypto-keys, which insures security. So sometimes it’s even safer to use Bitcoin and not a regular national currency of your country in a casino.

When a transaction is created, it is validated by the network for validity, and then enters into the public list of transactions, which can be accessed by everyone. Also in every Bitcoin, all the previous transactions that occurred are recorded. It also helps preventing scam.

In terms of exchanging money to or from Bitcoin, everything is not as easy as with US dollars, for example. The problem is that if you want to play in a casino with Bitcoin, you must understand – it’s not just a currency, it’s a crypto currency, and a lot of online exchanging services work only with regular currencies. There are a lot of reasons – for example, when  everything is clear with “ordinary” money – you either keep cash in your hands or have a bank account, which, if you omit the conventions, stores and transfers this cash for you. With the Bitcoins, everything is somewhat different.

In fact, Bitcoin is the file wallet.dat, which is the repository for your “coins”. You can keep it as in a “cold store”, i.e. not connected to the network, or on something with which you can dispose of by using special programs. That’s why some casinos does not allow players to use Bitcoins on their websites.

Make sure, that if you are ready to deposit money to casino in Bitcoins you got a Bitcoin wallet. It can be an application installed on your computer or Smartphone or third-party services, which will do it for you on your own servers. It makes mobile gaming much faster and easier, a lot of casinos nowadays provide mobile applications for their games, and so you can deposit money and play on your mobile in a blink of an eye.

Conclusion

It should be noted that Bitcoin is by no means the only crypto currency, but the most popular and expensive at the moment. In addition, there is Namecoin, Ripple, etc. But in terms of online casinos, you can deposit or withdraw money only in a Bitcoin. It is very safe and extremely popular currency among IT workers and webmasters.

People, who understand, what Bitcoin is, always use it for online purchases and depositing casinos. If you are looking for one of such casinos – check out our list below, you’ll find the most interesting Bitcoin online casino bonuses for first deposit and a lot more. Show less