Bitcoin has created an indelible mark in the financial market and almost every sector of the economy. With it, people can now send and receive money worldwide, buy gadgets, and carry out transactions.
However, it has also left an impact on casinos too. Now, casino players can play their favorite casino games in bitcoin casinos and enjoy the many benefits that come with it. Here, you will find the benefits of playing in these casinos, and how you should go about it in South Africa.
Bitcoin at Online Casinos
Bitcoin casinos are one of the newest trends in the online casino industry. The casinos are increasingly becoming popular.
As the currency becomes more and more popular, many online casinos are using bitcoins as one of their payment methods.
What are Bitcoin Casinos?
Bitcoin casinos are those casinos that allow players to deposit funds or withdraw winnings in bitcoins. In what is seen as a departure from the traditional currencies, Bitcoin does not have a third party.
The currency does not have a central bank, and it functions through a peer-to-peer marketplace. This means that the currency can only be sent from one user to another. Bitcoins are transferred via a series of between 27 to 34 numbers known as a bitcoin address.
A bitcoin casino can either have bitcoins as the only supported currency. Also, it may have several other currencies on top of bitcoins. Those that have bitcoins as one of their several supported currencies are known as hybrid casinos.
Most hybrid live casinos allow players to deposit and withdraw in bitcoins. However, they tend to convert bitcoin deposits into a traditional currency.
How to Get Bitcoins?
Bitcoins can be bought from reputable currency trading platforms such as BTC-e, Bitstamp, or Kraken. To purchase bitcoins from any of such platforms, the buyer can use any of the payment methods supported on the platform.
Bank transfers such as SEPA, wire, and ACH are the most popular methods. However, they are not the only methods as some platforms allow traders to use other methods. Some of these include regional payment vouchers, credit cards, or e-wallets.
The transactions are usually instant, and players need to pay a small exchange fee to complete the trade.
How to Deposit into Your Casino Account?
Bitcoin deposits require the player to have a bitcoin address, which they get once they have signed up. Players don’t have to incur any deposit charges as bitcoin transactions are usually free of charge, and they also happen instantly. All the player needs to do is wait for the transaction confirmation to be completed by the so-called black-chain. This is a process that lasts less than one hour.
Many bitcoin casinos run promotions and bonuses targeted at benefiting bitcoin users. These promotions are accessible on the casino’s promotion page. Hence, it is always good to be on the lookout. The promotions vary from one bitcoin casino to another, and if well used, they can translate to winnings.
How to Cash out Your Winnings?
To cash out winnings, the player will need to send their bitcoins to their trading platform and put them up for sale. Once the bitcoins are purchased, the player can withdraw the money using a bank transfer or any other method of their choice.
However, since bitcoin prices keep on changing, a player may want to wait until when it is opportune for them to sell. In such a case, they can simply download their own bitcoin wallet and safely store their coins in there. The wallet is password-protected.
Benefits Of Bitcoin Casinos?
More casino players now prefer to play at bitcoin casinos because of the array of benefits that such casinos bring.
You Have Full Control of Your Funds
There is no freezing of the player’s funds as Bitcoin allows players to fully control their funds. This is because Bitcoin does not deal with third parties like banks, which are known to withhold funds sometimes.
Yes, withholding of funds is a rare phenomenon in countries where online gambling is regulated, but it is a major concern in unregulated markets.
You Stay Anonymous
Information security is very essential for online casino players. While there are casinos that will ask for the player’s personal details like name and address, bitcoin casinos prefer letting their players operate anonymously by not asking for such information.
The only information players may be required to share with the casino is an email address, and this happens only when the players are trying to recover a password.
They are Transparent
The coming of Bitcoins as a means of legal tender in the gambling industry has eliminated many shady deals and tricks that can give the house an edge. Bitcoins provide a clear and transparent platform for making sure that the odds are real and apparent to gamblers, making the process more believable.
They are Secure and Safe
There is no need to be afraid of the theft of your personal information with Bitcoin. Most of the time, gamblers just need to credit their wallet and then start the process of gambling. Also, Bitcoin eradicates the laborious chore of filling in your details. This is something that usually consumes a lot of time.
They are Inexpensive
Online casino players like services that can allow them to save money and Bitcoin allows them to do that by offering free payment processing.
Most casinos charge a processing fee when players are transacting in traditional currencies, and this is something that players don’t like. In countries like the US where online gambling is not regulated, the charges may go up to 10 percent of the player’s winnings.
The use of Bitcoins for gambling eliminates unnecessary charges and transactional fees. In some cases, this fee is zero, making it even more desirable. Also, Bitcoin is not regulated by any financial institution, and this is responsible for its cheapness.
They are More Comfortable
Most cryptos make use of Bitcoins. It is accessible from every part of the world. This is an added advantage because some jurisdictions have constrained betting entirely. Thus, citizens in those jurisdictions cannot access a trustworthy betting casino.
They Provide More Value
Like all financial instruments out there, the forces that control the availability are demand and supply forces. Because it is becoming more popular, more and more people are adopting it as a legal tender, which means increased value!
Games at Bitcoin Casinos
Like traditional online casinos, bitcoin casinos offer a wide range of games to choose from, including tables and slots. Bitcoin games are probably fair, and help players stay anonymous.