The financial world is so confusing that very few can claim to understand it fully, and now, with digital currency around, it has become more confusing than ever. Gamblers might have come across the term Bitcoin several times, in spite of which they might have several unanswered questions.
What is Bitcoin?
Launched in 2009, Bitcoin is now the biggest and most widely known and traded cryptocurrency or digital money in the world, completely virtual in nature and independent of any government or country.
Bitcoins are generated through “mining,” which takes place when several computers use Bitcoin software. However, as the number of computers running Bitcoin software increases, the number of bitcoins generated will reduce. The last bitcoin is expected to be generated in 2140, bringing the total number of bitcoins in circulation to lesser than 21 million. Today, there are around 12.4 million bitcoins circulating around the world.
What are Bitcoin Casinos?
Bitcoin casinos are online casinos that accept bitcoins. Players can make bitcoin deposits, request bitcoin withdrawals, and use bitcoins to wager on casino games. There are a few bitcoin-only casinos in the industry although most of them have other payment options too.
How do Bitcoin Casinos Work?
Bitcoin casinos work just like any other online casino.
Firstly, players have to register an account by filling in a simple online registration form.
Secondly, players must download and install the casino gaming software. If the casino includes an instant-play version, they can play directly from their browsers without having to download any software.
The third and most important step is to make a bitcoin deposit. For instance, if players want to deposit $100, they must visit a bitcoin exchange and purchase bitcoins worth $100. They must then request the casino to give them a bitcoin receiver address to which they must send the bitcoins. The casino converts the bitcoins into casino credits as soon as it receives them.
If players wish to withdraw their winnings, they must first request a payout from the casino’s cashier. The casino will send the bitcoins to players’ bitcoin depositing address. As soon as the transfer is complete, players will receive a confirmation email.
Advantages of Playing at Bitcoin Casinos
The advantages of playing at bitcoin casinos are many. Banking is incredibly safe and secure as deposits and withdrawals are almost instantaneous. Players do not have to submit their sensitive financial information such as credit card data or photocopies of documents to play for real money. They can create an account at a bitcoin casino using just their email address.
Bitcoin casinos operate on sophisticated gaming software. They are licensed, regulated, and provide top-notch customer care. They offer hundreds of exciting games and pamper players with bonuses and offers.