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Features of Real Money Gambling with Bitcoin

By October 20, 2020 No Comments

Gambling is one of the most famous entertainment activities around the world. Casino games give an adrenaline rush that is hard to get anywhere else. When you play with real money, you stand a chance to win big. Online casino gaming has been gaining popularity as it allows people to play at any time or place. A lot of people are skeptical about playing online for real money. This is why many online casinos offer no deposit bonuses where players can bet without having to make a deposit. You can browse this site about real money gambling and start to make money as you play in your favorite casino games.

Casinos give new players a free real cash bonus when they play for real money, this means that you get a specified percentage of your deposit in free money. The more you deposit, the more you will get as a bonus. There is also a wagering requirement on the deposit bonus. Any winnings made from the bonus are only available after wagering a certain amount.

Online casinos offer many different modes of payment ranging from bank and credit cards to virtual currency. Many players are wary while playing because providing their information online especially financial information puts them at risk of theft from hackers. It also exposes them to invasions of privacy. It is for this reason that developers are constantly trying to create safer and more convenient means.

Using bitcoin for real money gambling

Bitcoin is a type of currency that has no reliance on banks and has no corresponding cash. It is a decentralized currency used by tons of people and businesses around the world. When used in transactions, they have faster processing and lower fees based on their non-reliance to banks and other investment companies.

The advantages of using bitcoin include:

  • Safety: it is easily the safest payment method. The transactions are digital and highly encrypted. They do not give connection to personal names or any private information that could be traced to you. Verifications are carried out during the entire process. Casino transactions through bitcoin are untraceable and completely secure. This makes them one of the best ways to pay for real money gaming through the web or mobile.
  • It is cheap: there are no transaction fees when using Bitcoin. Any earnings if not converted to cash currency are not taxed. This is because Bitcoin is decentralized and there is therefore no regulating authority to tax it. You can therefore use the earnings from gaming in Bitcoin form in other sites as it is accepted in a lot of sites.
  • It is fast and convenient: Bitcoin transactions are completed within minutes giving you a seamless gaming experience. It is available through mobile and is therefore very convenient.

Experts group casinos that accept bitcoin in two categories:

  • Those that only accept bitcoin: they do not have to convert the bitcoin to standard currency and the player does not lose money in exchange rates. The transactions are processed really fast and there are usually no fees.

They also provide lower table limits since there is a bitcoin denomination that is smaller than USD. Anonymity her is always guaranteed. Most casinos that are bitcoin exclusive ask for the bare minimum on personal data and information. They also offer slightly better odds than those that have standard currency.

  • Those that accept bitcoin and other standard currencies- these are more structured and provide a wider selection of games. They have licenses, game testing and regulations as they deal with regulated currency.

It is up to the player to choose what kind of Casinos they prefer. No matter which kind they settle for, they are guaranteed access to lots of casino deals.

Getting started on real money gambling with Bitcoin

To get started gambling with Bitcoin, you need to acquire the Bitcoin. The first step is to set up or purchase a Bitcoin wallet. The wallet is essentially like a bank account because that is where the Bitcoin is stored. Bitcoin has no government regulation and customers should be careful when acquiring their wallets as there are no guarantees and there is no recourse if bitcoins are lost or stolen.

When you have the wallet, you then want to put some Bitcoin in it through one of three ways: Mine the bitcoin, this is the hardest way as it is really technical and requires heavy equipment. You may buy the bitcoin with traditional currency. This is fairly easy as you may buy it from someone you know, an online marketplace or even from specialist bitcoin ATMs. You may also receive it as payment for goods sold or services rendered. Due to its growing popularity, it is increasingly being used to transact.

Once you have some bitcoin, the next step is to establish online casinos that provide for bitcoin as a payment method and set up an account. To deposit the bitcoin into your selected account you will:

  • Go to the cashier section on the website and select Bitcoin as your deposit method. You will be provided with a web address for your account.
  • You will input this address in your wallet in the ‘send Bitcoin’ tab. Enter the amount to send and confirm the transaction.
  • The funds are available to use in a few minutes.

Once the funds are available you then proceed to play in the normal way until you are ready to withdraw your winnings. To do this:

  •  go to the cashier section once again and select Bitcoin as your withdrawal method.
  • Select the amount you want to transfer out of your account. You will need to get the address from your wallet which you enter in the casino.
  • Once entered, click withdraw to begin the withdrawal. This may take a few hours.

Risks associated with using Bitcoin in real money gambling

There are a few risks associated with using bitcoin to gamble online. Bitcoin is not user friendly. Its mainly been a preserve of the tech-savvy. This is changing however as the casinos are working on more user-friendly interface. Since it exists outside government regulation, it poses greater risk than banks and other currency. Bitcoin is volatile. The value can fluctuate wildly causing you loss. There are also only a limited number of places you can use bitcoin, mostly on the web. It is a relatively new technology and no one is sure about what is going to happen with it. The best philosophy with bitcoin is ‘buyer beware’.